Libor charges brought in the US against two former Deutsche Bank traders June 3, 2016 Two former Deutsche Bank workers were indicted in the US yesterday evening on allegations of manipulating US dollar linked Libor. Matthew Connolly, 51, of New Jersey, and Gavin Black, 46, of London, have been accused of taking part in a scheme to rig the benchmark rate so that it better suited their own or their former employer's trading positions. The [...]
These are six ways banking is about to change, according to former Barclays boss Antony Jenkins June 2, 2016 Antony Jenkins thinks that banking is having an "Uber" moment, undergoing a transformation that will leave the sector looking entirely unrecognisable. Jenkins, who is currently chairman of Business in the Community and was previously group chief executive of Barclays, imparted his wisdom at an event hosted by the Institute of Chartered Accountants in England and Wales this evening, remarking "there [...]
How fair is pay in the banking sector? June 2, 2016 When it comes to bankers’ pay, fairness is very much in the eye of the beholder. Looking in, the public struggle to accept bankers’ bulging pay packages. From within, bankers are seldom satisfied, largely because of a lack of transparency fostered by the banks. Unlike for other areas of financial services, such as carried interest for those [...]
UBS bankers get two hours of personal time every week in bid to improve work-life balance June 1, 2016 Bankers and work-life balance don't go hand in hand – but UBS is trying to change that. Over 6,000 people working at UBS' investment banking division globally are set to get two hours of "personal time" every week as part of the bank's "take two" initiative. The scheme, that was started by investment bank president Andrea [...]
Goldman Sachs reportedly cuts dozens of investment banking jobs June 1, 2016 Goldman Sachs has reportedly cut dozens of investment banking jobs across its global locations over the past number of weeks. Affected roles included managing directors, executive directors and vice presidents in the mergers and debt and equity capital markets teams, according to a Bloomberg report. The job cuts affected offices in London, New York and Hong [...]
Private equity giants storm into MBNA credit card auction June 1, 2016 The auction of credit card giant MBNA is getting crowded as three of the world's biggest private equity firms prepare bids. Cerberus, Cinven, and TPG are considering bidding for MBNA, potentially putting them up against high street banks Lloyds Banking Group and Virgin Money who emerged as likely suitors last week. MBNA has a 11 per cent [...]
City watchdog dishes out £2.4m fine to CT Capital for historic failures to handle its PPI complaints process June 1, 2016 CT Capital has today been slapped with a £2.4m fine by the City watchdog for historic failings in its Payment Protection Insurance (PPI) complaint handling procedures. The Financial Conduct Authority (FCA) issued the £2,360,900 fine in relation to the mishandling of PPI complaints between May 2011 and November 2013, which resulted in customers missing out on redress repayments they were [...]
HSBC to axe dozens of senior posts in its investment banking division May 31, 2016 HSBC is set to axe dozens of senior posts in its investment banking division. A total of 10 senior executives at HSBC's global banking and markets division in London are expected to lose their jobs as early as this week, sources told Reuters. The round of cuts come after Europe's biggest bank appointed former Goldman Sachs executive Matthew Westerman as [...]
New polymer banknotes could cost businesses £236m to implement May 31, 2016 New polymer banknotes being introduced by the Bank of England (BoE) in September this year will cost businesses a staggering £236m to implement, research by an independent payments consultancy has found. CMSpi claims that the process of switching to polymer banknotes will leave businesses with a hefty bill, thanks to the costs of upgrading and replacing cash-handling [...]
SMEs show increasing demand for alternative finance as high street banks disappoint May 31, 2016 Small and medium-sized enterprises (SMEs) are showing increased frustration with high street banks, a new survey suggests. Some 16 per cent of 400 SME business owners seeking finance said they had been turned down by a mainstream lender, up from 11 per cent in 2015. And 31 per cent said their inability to secure finance [...]