Sorry, Southern rail commuters, your boss can still ask you to keep coming into the office December 19, 2016 Commuters who rely on Southern rail to get to and from the office will understand the pain of trying to keep calm and carry on during strike action. The rail services are being affected by a conductors' strike, orchestrated by the Rail, Maritime and Transport (RMT) union, today, tomorrow and from 31 December to 2 January. RMT [...]
Lawyers advise banks they can sue the EU if it won’t grant a Brexit transition period December 19, 2016 Top lawyers are advising banks in the UK they might be able to sue the European Union if a transition deal is not offered as part of the Brexit package. Several across the financial sector have raised concerns they will be faced with a cliff edge situation once the UK divorces itself from the EU, [...]
Prime Minister Theresa May says UK could continue paying into the EU budget and sticks to guns on Brexit timetable December 19, 2016 The Prime Minister has today indicated the UK could keep paying into the EU budget post-Brexit, provided government feels it is getting good value for money. Responding to a question in parliament from opposition leader Jeremy Corbyn about payments into the EU, Theresa May said it was the government's intention "that those funds will continue [...]
Deutsche Bank mega fine could be sorted by Wednesday December 19, 2016 Deutsche Bank could enter 2017 with one less item to tick off its to-do list, as it has emerged that a potential mega fine from the US Department of Justice (DoJ) could be settled on Wednesday. In September, it was revealed the German banking giant was facing a penalty of $14bn (£11.3bn) for mis-selling mortgage-backed securities. [...]
It’s not you, it’s us: Why Barclays is preparing to break up with 7,000 clients December 19, 2016 Barclays is preparing to tell 7,000 low-return clients to either boost their trading or move to another bank in a continued effort to reshape its offering to keep pace with tighter capital rules. The bank is aiming to get at least a 10 per cent return on capital from its markets clients and has recently launched a [...]
Anti-money laundering rules need a rethink to protect ailing correspondent banking sector, says Financial Stability Board December 19, 2016 The international body responsible for keeping an eye on financial stability has today warned anti-money laundering rules need a rethink to help support a significant but shrinking sub-sector of the banking industry. In its latest progress report on the decline in correspondent banking – essentially the middlemen who can provide services, such as wire transfers or on [...]
Brewin Dolphin snaps up asset manager Duncan Lawrie for £28m December 19, 2016 FTSE 250-listed investment manager Brewin Dolphin has snapped up a UK private client investment management business for £28m. Duncan Lawrie Asset Management (DLAM) has around 1,000 client relationships and manages funds of £735m, Brewin Dolphin said this morning. On a pro-forma basis Brewin Dolphin's total group funds under management will increase to £36.1bn. The acquisition was financed [...]
Business secretary Greg Clark says Nissan letter could be published December 14, 2016 The business secretary has today said he would be open to publishing a letter he sent to car manufacturer Nissan. When asked by the Business Committee if he would share the letter with its members, Greg Clark said he planned to release the letter once certain aspects which currently made it commercially confidential had passed. [...]
David Davis reveals Brexit plans will not be ready to be published until February at the earliest December 14, 2016 The Brexit secretary has today revealed his department's plans for the impending Brexit negotiations will not be published until February at the earliest. Speaking in front of the Exiting the European Union Committee, David Davis said he intended to publish the plans as soon as possible but added it certainly would not be before the end of [...]
