Barclays and Credit Suisse strike deals with US regulators over allegations that they misled investments in dark pools January 31, 2016 Two well-known names in banking have struck deals worth millions of dollars with US regulators over allegations they misled investors. The US Securities and Exchange Commission (SEC) today announced that Barclays and Credit Suisse have reached settlements on separate cases regarding accusations over dark pool investments. The banks have agreed to pay $154.3m (£108.3m) between them. Barclays has agreed to pay $70m, split [...]
Morrisons adds fuel to the supermarket price war with another round of price cuts January 31, 2016 Morrisons has added fuel to the price war after announcing a further round of cuts in an effort to win back customers and revive sales. The Yorkshire-based supermarket said it will slash the price of 1,072 items, with an average price cut of 19 per cent on fruit and vegetables. The price of a kilo of Morrisons onions, for example, [...]
Credit Suisse results: Swiss banking expected to post a loss as it gets ready for billions of pounds in goodwill write-down January 31, 2016 Swiss banking giant Credit Suisse is expected to reveal a loss later this week as it gets ready to write down billions of pounds worth of assets. The bank’s chief financial officer David Mathers said last year that he expected a 6.3bn Swiss franc (£4.3bn) impairment charge in the fourth quarter in relation to the company’s [...]
Challenger bank Secure Trust is weighing up a bid for RBS business Williams & Glyn January 31, 2016 Challenger bank Secure Trust is considering making a bid for Williams & Glyn, the banking business that Royal Bank of Scotland (RBS) is required to sell off by the end of next year. City A.M. understands that Secure Trust, an AIM-listed retail and commercial bank, is looking at Williams & Glyn, which RBS is getting [...]
HSBC freezes hiring and pay across the entire business to cut costs January 31, 2016 HSBC is imposing a global hiring and pay freeze for 2016 in an effort to cut costs. The bank sent an email to staff on Friday outlining the changes, according to a source close to the bank. HSBC, which is Europe's largest lender, is in the middle of a major cost-cutting drive, with management looking to save up [...]
BP, Shell, BG Group: Investors brace for “messy quarter” as oil firms report results January 30, 2016 Analysts have warned investors should ready themselves for a "messy" set of fourth quarter results from some of the world's biggest oil companies, with BP due to kick off oil earnings season next week. BP is reporting its results on Tuesday. It will be followed by Royal Dutch Shell and BG Group, however, much of its outlook has already been outlined [...]
Swiss probe finds Malaysian 1MDB state fund could be missing $4bn January 30, 2016 Swiss prosecutors have said that their investigation into a Malaysian state fund has unearthed a shortfall to the tune of $4bn (£2.8bn). The office of Swiss Attorney General Michael Lauber said it's formally asked Malaysia to help with its probe into possible violations of Swiss laws regarding the 1Malaysia Development Berhad (1MDB). "The monies believed to have [...]
Former Conservative chancellor Lord Lawson calls for corporate tax reform in the wake of Google row January 30, 2016 A former Conservative chancellor has urged the government to ditch corporation tax which he says has "had its day", weighing in on an increasingly heated row over tech giant Google's arrangement in the UK. Lord Lawson, who was part of the Thatcher government from 1983 to 1989, said that the government should instead tax a company's sales. "It is [...]
Treasury Select Committee chairman Andrew Tyrie pours scorn on HSBC after cyberattack January 29, 2016 Another day, another HSBC outage: the bank confirmed today it had been hit by a Denial of Service (DDoS) attack, which took out online banking operations for most of the day. Now Treasury Select Committee chairman Andrew Tyrie has waded in with a comment that sounds distinctly like "I told you so". “Only last week [...]
Uber has cut its prices by 15 per cent in New York City January 29, 2016 Controversial cab-hailing app Uber has cut its prices by 15 per cent in New York. The New York Post reported that the company, which is facing competition from an increasing number of similar offerings in NYC and across the world, was planning on dropping its base rate to $1.75 per mile (£1.23), from £2.15 at the moment. [...]