Bank of England officials are talking Brexit with City bosses February 12, 2017 Bank of England officials have been meeting with various senior City figures, with wishlists for Brexit high on the list of talking points. Many across the financial sector have warned a bad Brexit deal with no suitable substitute for passporting, the complex set of rights currently used by UK firms to access EEA markets, and no [...]
Barclays mulls plans to freeze chief executive Jes Staley’s £8m a year pay as investors reach breaking point over bumper deals February 12, 2017 Barclays is considering freezing its chief executive's maximum pay at £8m for the next three years, in a bid to dodge fallout from a potential shareholder spring. According to Sky News, which first reported the story, the chair of the bank's remuneration committee has briefed leading investors on plans to keep salary and incentives for Jes Staley, who [...]
RBS on track for ninth straight year of losses, as struggling bank pressed to close branches and cut jobs in digital push February 12, 2017 Royal Bank of Scotland looks set to announce a multi-billion pound loss for 2016, its ninth straight year wallowing in the red, while it is also being pushed to cut branches as customers flee to digital banking. The 73 per cent state owned bank, which will reveal its annual results on 24 February, racked up losses attributable [...]
Treasury Committee chair tells City watchdog to spill the beans on RBS’ GRG February 10, 2017 The chair of the influential Treasury Committee is today calling on the City watchdog to reveal more details from its review into Royal Bank of Scotland's Global Restructuring Group (GRG). The bank was accused of purposely pushing small businesses into GRG, and effectively driving them into the ground for its own gain. Last November, the Financial [...]
Stress tests could be watered down in Dodd-Frank shake up February 9, 2017 The days of US stress tests for banks in their current guise could be numbered as Donald Trump and his team dismantle the Dodd-Frank rules. The President signed an executive order earlier this month to review the 2010 Dodd-Frank financial regulations. Now, a leaked memo from House Financial Services Committee chairman Jeb Hensarling, which has been seen by [...]
Commerzbank profits tumble for 2016 as restructuring costs stack up February 9, 2017 Commerzbank announced today that 2016 had taken a nasty chunk out of its bottom line, as restructuring costs and low interest rates took their toll. The figures The German bank revealed net profits attributable to shareholders for its full year of €279m (£237.6m), down 74.3 per cent from €1.1bn the year before. Profits for the fourth quarter [...]
Italian bank UniCredit just confirmed it is €11.8bn in the red for 2016 February 9, 2017 UniCredit confirmed today it racked up losses worth billions of euros during a difficult 2016. The figures Italy's largest bank reported a net loss of €11.8bn (£10bn) for its 2016 full year, a significant drop from the €1.7bn net profit it reported for 2015. Meanwhile, losses in the fourth quarter plummeted to €13.6bn, down from a profit of €153m the year [...]
Societe Generale reported income inches down in 2016, but retail banking is booming thanks to digital push February 9, 2017 Societe Generale announced a knock to its bottom line for 2016 this morning, although its retail banking business has bolstered its figures. The figures The French bank revealed reported group net income for the full year of €3.9bn (£3.3bn), down 3.2 per cent from €4bn the year before. Reported net income for the fourth quarter, meanwhile, slipped to €390m, down [...]
Goldman Sachs is shifting a London hedge fund team to New York February 9, 2017 A Goldman Sachs hedge fund currently based in London is closing its doors and shifting to New York, it has been reported. According to the BBC, eight bankers working in the Goldman Sachs Investment Partners (GSIP) team are affected by the move. It is understood they have either been told their jobs are moving across [...]
