An industry-specific Brexit deal, rather than a holistic one, could cause more harm than good, says shadow City minister October 18, 2016 The City could wind up shooting itself in the foot by pushing for sector-specific Brexit deals, the shadow City minister has told City A.M. Jonathan Reynolds said he "didn't favour sector-by-sector negotiations". He noted that, because other EU capitals were keen to take London's financial services crown, an industry specific deal, rather than a holistic one, [...]
Goldman Sachs glitters as it beats analyst expectations October 18, 2016 Goldman Sachs shares have risen in pre-market open trading, after its latest quarterly earnings left analyst expectations in the dust. The figures The US banking giant reported net earnings of $2.1bn (£1.7bn) for its third quarter of 2016, an increase of 47 per cent based on $1.4bn the year before and an increase of 15 per [...]
Attempt to revamp retail banking was “feeble”, Treasury committee hears October 18, 2016 Recent efforts to improve banking for customers have been weak, the man at the helm of a leading consumer interest body has said today. Speaking in front of the Treasury Select Committee today, Peter Vicary-Smith, chief executive of Which?, slammed the Competition and Markets Authority's (CMA) recent report into the retail banking sector as "feeble", remarking it [...]
Three things to look for when Goldman Sachs announces its third quarter results today October 18, 2016 Goldman Sachs is the next US banking giant due to reveal how it's performed during the third quarter of 2016, announcing results before the bell today. Here are three things to keep an eye out for: Legal costs It doesn't take more than a passing glance at a newspaper to know banks aren't exactly strangers to [...]
Everything you’ve ever wanted to know about the Article 50 case (but were too afraid to ask) October 17, 2016 The Strand has been busier than usual this week, as lawyers and members of the public alike flock to the Royal Courts of Justice to watch the Article 50 argument play out. Here's what you need to know about the case, what it means for Brexit and what happens next: What has happened in court so [...]
Finance boss facing jail time for sexual assaults at Heron Tower HQ October 17, 2016 A finance boss is facing time in prison after being found guilty of sexually assaulting women at alcohol-fuelled office parties. Anthony Constantinou, 35 and boss of foreign exchange trading firm CWM, was found guilty on two counts of sexual assault last month, but the decision could not be reported until today for legal reasons. The court heard how he [...]
Frankfurt has opened its doors to Britain’s businesses following Brexit, and some firms look ready to take up the offer October 17, 2016 Germany's financial sector today revealed it has opened its doors to British bankers displaced by Brexit, and some businesses looked ready to take up the offer. The comments come as a number of key government figures are suggesting they might opt for a so-called hard Brexit, which could see London's financial centre left without access to [...]
Great expectations? Bank of America comfortably beats estimates for third quarter October 17, 2016 Shares in Bank of America nudged up in early trading today, after the lender reported earnings which sailed past expectations. The figures The US bank reported net income of $5bn (£4.1bn), up seven per cent from the prior year's $4.6bn. Meanwhile, earnings per share grew to $0.41, an increase of eight per cent from $0.38 and beating out [...]
