Poor tax scrutiny has enabled abuse and fraud, MPs warn July 26, 2023 Poor scrutiny of the “complex” tax system has led to relief abuse and even fraud, an influential finance committee of MPs have warned. The Treasury Committee is calling for a systematic review into the cost of over a thousand forms of tax relief which they say are “complex, un-costed and exploited” in a new report. [...]
Paragon Bank attracts billions of pounds in new deposits as savers seek better rates July 25, 2023 FTSE 250 challenger Paragon Bank has attracted billions in new deposits over the past year, as customers seek better rates on their savings. Paragon said its retail savings balance stood at over £12.3bn by the end of June, up 21.6 per cent on the same period last year. It noted these deposits were “predominantly fixed [...]
Investment research review plots a positive path forward July 20, 2023 Lord Holmes details an expert review of the state of investment research he believes will open greater opportunities for London.
US Fed fines Deutsche Bank $186m over failure to improve money laundering checks July 20, 2023 The Federal Reserve said on Wednesday it fined Deutsche Bank and its U.S. affiliates $186m for failing to sufficiently address money laundering control problems and other shortcomings previously flagged by the U.S. central bank. The new penalty for lingering issues marks the latest blow for the German lender, which has struggled for years to get on [...]
Banks to avoid surge in delinquency even as average interest rate on credit card hits highest level this millennium July 19, 2023 The average rate of interest on UK credit cards hit their highest level in nearly 30 years last month, but experts suggested there would not be a surge in delinquencies. According to Bank of England data, the average rate of interest on a credit card surpassed 23 per cent in June for the first time [...]
Goldman Sachs’ profit tanks on dealmaking slump and costs tied to consumer arm July 19, 2023 Goldman Sachs’s profit tanked in the second quarter as the investment banking giant continued to struggle with the downturn in M&A activity while booking rising costs. Profit in the second quarter fell to $1.1bn, 62 per cent lower than last year while revenue fell eight per cent. The drop was primarily driven by a decline [...]
Morgan Stanley profits fall on dealmaking slump while rising rates lift Bank of America July 18, 2023 The continued lull in dealmaking hit Morgan Stanley’s profit despite a strong performance from its wealth management arm, while rising rates lifted Bank of America. Income at Morgan Stanley, which specialises in investment banking, slipped to $2.2bn in the second quarter, down from $2.5bn the year before but in line with analyst expectations. This fall [...]
Goldman Sachs has a ‘culture of bullying’ according to ex recruitment chief July 17, 2023 Goldman Sachs has been accused of having a “culture of bullying” by a former recruitment executive in the latest example of banks taking flack for their intense work culture. According to The Daily Telegraph, Ian Dodd, who worked for the American banking giant in London between 2018 and 2021, claimed that staff often sobbed through [...]
Savings rates: Banks recognise they need ‘to do more’ after meeting with regulator July 7, 2023 Bank bosses admitted to the regulator that they needed to “do more” to help customers access the best deals on savings products. In a statement after yesterday’s meeting, the regulator said “those in the room recognised that they needed to do more to help their consumers access the best rates.” Savings rates have lagged the [...]
Government urged to take global lead on digitised capital markets to boost UK’s competitiveness July 6, 2023 The government should take the lead in encouraging the digitisation of the UK’s capital markets to boost the City’s competitiveness, UK Finance has argued. In a new report released today by Oliver Wyman and UK Finance, the government has been urged to take a bold approach to ‘tokenisation’ or risk losing investment to other parts [...]