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 [...]
Regulators should measure ‘burden’ of decisions after legislative overhaul, industry says July 5, 2023 Finance groups have called for regulators to report on a new range of metrics to ensure they are meeting their statutory obligations. After the Financial Services and Markets Bill passed into law last week, regulators will have hugely increased responsibility for adapting and amending onshored EU regulations. As part of the Bill, regulators will have [...]
Headcount at six largest UK banks ticks up for first time since pandemic July 5, 2023 The number of employees at the six largest UK banks increased slightly last year, the first increase since the pandemic. According to statistics in the Banker’s Top 1,000 World Banks report, the six largest UK lenders – HSBC, Barclays, Lloyds, Standard Chartered, Natwest and Nationwide – increased their headcount by 0.6 per cent last year. [...]
MPs to probe if SMEs can get cash they need – or if the government should step in July 3, 2023 The Treasury Committee has launched a new inquiry into the problems small and medium-sized enterprises (SMEs) face in accessing financing. Over the next couple of months the cross-party group of MPs will explore issues in the industry and how regulation and government can respond. Harriett Baldwin, chair of the Committee said: “Small businesses are the [...]