Metro Bank eyes profits, as statutory losses shrink for third quarter October 26, 2016 Metro Bank is now a stone's throw from turning a quarterly accounting profit, but the boss of the challenger is more pleased about the bank's customer growth. The figures The up-and-coming lender announced statutory losses of £0.4m for the three months to September, a significant improvement on losses of £5.9m in the quarter before and £10.7m [...]
VW’s $15bn settlement signed off by US courts October 25, 2016 A US judge has today signed off Volkswagen's $15bn (£12.3bn) settlement stemming from the emissions-rigging scandal. The car manufacturer last year confessed to fitting vehicles with devices designed to cheat emissions tests, prompting numerous investigations and legal actions across the world. The settlement, which was agreed in principle in June, will see just under half a million owners of two-litre [...]
London’s fintech status to get a global boost with a government-backed showcase October 25, 2016 The best and brightest of London's fintech scene will be given centre stage by the government next spring, as the Treasury today revealed plans for an annual fintech conference. Set to launch next April, the exhibition will give UK fintech firms the chance to present their business to international investors. "Backing Britain's world leading financial services industry [...]
Clydesdale tables bid for RBS’ Williams & Glyn outfit October 25, 2016 Clydesdale has put in a bid to snap up Royal Bank of Scotland's Williams & Glyn outfit. RBS has been told to divest of its interest in the brand and its 300-strong branch network by the end of 2017 to comply with the terms of its £45bn state bailout deal, but there have been several concerns, including [...]
Bob Diamond’s Atlas Mara hit by currency swings October 25, 2016 Foreign exchange swings have wiped millions from the reported profits of Atlas Mara during the first nine months of the year alone, the company announced today. The figures The financial services company, which was co-founded by Bob Diamond and is focused on banking in Africa, reported in its unaudited results for the year to September that profit before tax [...]
Government to ditch £15.7bn worth of Bradford and Bingley mortgage assets October 25, 2016 The government confirmed today it has kicked off the process of selling £15.7bn worth of Bradford and Bingley mortgage assets. The sale, which will be conducted by UK Asset Resolution Limited (UKAR), will allow Bradford and Bingley to repay money it owes to the Financial Services Compensation Scheme, which will, in turn, repay a corresponding loan to the Treasury. [...]
Deutsche Bank share price dips on reports mega $14bn fine settlement has been delayed October 25, 2016 Deutsche Bank's shares dropped again today, as investors digest reports that the bank's settlement of a potential mega fine has been delayed. The German lender's share price is currently down 2.3 per cent at €13.00, having been on a rollercoaster ride ever since it was announced the US Department of Justice (DoJ) could hit it with a fine for as [...]
Libor charges are about evidence, not people, says fraud squad boss David Green October 25, 2016 The fraud squad boss today hit back at criticism his agency, which is currently investigating the Libor scandal, had busied itself with relatively junior bankers when it should be going after the bigger fish. David Green, director of the Serious Fraud Office (SFO), told the Justice Select Committee he and his team were obliged as prosecutors to go where [...]
Box-ticking watchdogs accused of allowing UK to sleepwalk into another financial crisis October 25, 2016 The UK risks stumbling into another financial crisis, a report out today warns, slamming the watchdogs for being more fixated with ticking boxes than bolstering important regulation. The report from Cass Business School for New City Agenda noted that, while the Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) had responded to the 2008 [...]
Does not compute: IT to play critical role in determining banks’ Brexit timelines October 24, 2016 NULL
