Goldman Sachs ‘to pay $2bn fine’ in US Justice Department 1MDB probe October 20, 2020 Goldman Sachs has reportedly struck a deal with the US Department of Justice to pay more than $2bn (£1.54bn) over its role in the Malaysian 1MDB scandal. The agreement will let Goldman Sachs dodge a criminal conviction, Bloomberg reported. The news outlet said the fine may be announced within days. The deal would bring to [...]
More important for US to be right than first on digital currency, says Fed’s Powell October 19, 2020 It is more important for the US to get the development of a cross-border digital currency (CBDC) right than to be first, Federal Reserve chair Jerome Powell said. Speaking to a panel discussion hosted by the International Monetary Fund, Powell said it was vital for the Fed to assess the impact of such a currency [...]
Best part of working from home? Tracksuits, snacks and extra sleep, say Brits October 19, 2020 Not having to wear work clothes and being able to take breaks whenever they want are among employees’ favourite working from home perks, a new survey showed.
Flybe to fly again next year after administrators agree sale to Cyrus Capital October 19, 2020 Collapsed regional airline Flybe will take to the skies again next year after its administrators agreed for it to be sold to a firm controlled by hedge fund Cyrus Capital. Administrators from EY said they had agreed to a sale of Flybe’s business and assets, including the brand, intellectual property, stock and equipment, to Thyme [...]
Euronext fixes technical glitch that halted morning trading October 19, 2020 Exchange operator Euronext said trading is set to resume after it fixed a technical glitch that halted all transactions in Amsterdam, Brussels, Lisbon and Paris for over three hours. Euronext halted trading in all its cash and derivatives products due to a technical issue this morning. The outage hit trading in cash equities, derivative products and [...]
Mergers can improve banks’ profitability, says ECB vice president October 19, 2020 The vice president of the European Central Bank has called for further consolidation by eurozone banks to improve lenders’ profitability during the Covid-19 crisis. Banks in Spain and other EU countries have come under pressure to consolidate as the sector faces rising bad loans and rock bottom interest rates due to the coronavirus pandemic. “Removing [...]
Sabadell to speed up cost cutting at TSB, chief executive says October 19, 2020 TSB-owner Banco Sabadell is planning to speed up cost-cutting measures at the British lender, the Spanish lender’s chief executive said. A cost reduction plan at TSB that was initially set to take three years will now be implemented over two years, said Jaime Guardiola. TSB announced plans to axe a third of its branches last [...]
Jes Staley set ‘to stay on at Barclays for two more years’ October 19, 2020 Jes Staley is reportedly set to stay on as chief executive of Barclays, despite the lender coming under pressure to replace the controversial American. The bank is not expected to announce any succession plans when it reports third quarter earnings on Friday despite activist investor Edward Bramson recently renewing his attack on Staley, The Telegraph [...]
FTSE 100 closes deep in the red amid new coronavirus lockdowns October 15, 2020 London markets plunge on increased social restrictions, with travel and leisure firms dragging FTSE 100 lower
Treasury Committee demands update on bank signature forgery allegations October 15, 2020 An influential committee of MPs have demanded an update from the City watchdog and National Crime Agency on their investigation into allegations of widespread signature forgery at British banks. The Treasury Select Committee first asked the Financial Conduct Authority and NCA to investigate allegations that banks used forged signatures on an industrial scale, leading to [...]
