Now the IMF has called on Deutsche Bank to do more to reassure investors October 5, 2016 Officials from the International Monetary Fund (IMF) have today called on troubled German lender Deutsche Bank to do more to reassure investors. Speaking at a press conference today, Peter Dattels, deputy director of the monetary and capital markets department at the IMF, said Deutsche Bank needed to "continue to adjust to convince investors that its business model is viable going [...]
Long overdue report on RBS turnaround unit finally lands on watchdog’s desk October 5, 2016 The City watchdog has revealed it has received a long-awaited final report into RBS' old business turnaround unit. The Financial Conduct Authority (FCA) had initially been expected to publish review outcomes into RBS' now defunct Global Restructuring Group (GRG) by the end of 2015. However, the report, which is being compiled by "independent skilled persons" Promontory Financial Group [...]
Fitch piles on to Wells Fargo’s woes with outlook downgrade to negative October 5, 2016 Fitch added to Wells Fargo's worries late last night when it downgraded its ratings' outlook from stable to negative. The bank has recently been under the spotlight for all the wrong reasons, after it came to light that 2m accounts had been opened without customers' knowledge, with the lender's intense focus on cross-selling being to blame [...]
City watchdog fines Aviva companies £8.2m for failing to police outsourcers looking after client money October 5, 2016 The City regulator has today slapped two Aviva businesses with a £8.2m penalty. The Financial Conduct Authority (FCA) fined Aviva Pension Trustees UK and Aviva Wrap UK for failing to properly oversee work it had outsourced in relation to protecting client assets. In particular, the FCA asserts that these failings were a breach of the Client Assets Sourcebook [...]
A hard Brexit could cost up to 75,000 jobs October 5, 2016 Leading think tank TheCityUK has warned that a so-called "hard Brexit" would cost thousands of jobs. A report published today by Oliver Wyman on behalf of TheCityUK estimates that, if the UK only secures a low degree of access to the Single Market, it could cost between 65,000 and 75,000 jobs, plus up to £38bn in [...]
Why your investments might be promising something too good to be true October 4, 2016 Investors usually wouldn't turn their nose up at a bumper dividend payout, but research out today has warned many FTSE 100 companies might be promising more than they can deliver. Nearly half (48) of FTSE 100 firms have planned for dividends which are more than two times their forecast earnings for 2016, which AJ Bell [...]
Man accused of Jo Cox murder refuses to enter pleas October 4, 2016 A not guilty plea has been recorded on behalf the man accused of the killing of Labour MP Jo Cox. Thomas Mair, 53, appeared in the court via a video link from Belmarsh prison and did not respond when asked for his plea on four charges relating to Cox's death in the Old Bailey this morning, [...]
Deutsche Bank share price yo-yoing as investors await fine news October 4, 2016 Deutsche Bank's shares clipped a two-week high earlier this morning before dipping back down, as investors anxiously await news on a potential mega-settlement with the US Department of Justice (DoJ). The bank's shares are currently trading up 0.7 per cent at €11.64. However, at one point this morning, they reached €11.98, perhaps helped by JP Morgan boss Jamie Dimon [...]
