Almost half of law firms are looking to merge or acquire in the next year, as they seek out ways to tap into specialist knowledge September 20, 2016 Just shy of half (43 per cent) of law firms are looking to acquire or merge with other businesses over the course of the next year, as they fend off increased competition from boutique offerings, figures out today have found. By comparison, when Smith & Williamson asked the same question last year in its annual survey of [...]
Why big banks have lost their way, according to the boss of Arbuthnot Latham September 20, 2016 Banking's biggest players have forgotten how to fine tune their wealth offerings, creating opportunities for some of the sector's smaller firms, according to the boss of one long-established private bank. Speaking to City A.M., Ian Henderson, chief executive of Arbuthnot Latham, said his bank's strategy was "around continuing to nibble away at customers either disenfranchised or unhappy with [...]
Passporting for financial hubs works both ways, watchdog numbers show September 20, 2016 Thousands of UK financial firms are currently facing uncertainty over access to the Single Market, but figures out today have underscored that passporting is a two-way street. Of the 13,484 firms using passporting which were accounted for in a letter from new Financial Conduct Authority chief executive Andrew Bailey to the Treasury Select Committee, 8,008 are using inbound passports, [...]
The price isn’t right: Santander talks to buy Williams & Glyn grind to a halt September 20, 2016 Santander has called it quits on talks to buy Williams & Glyn from Royal Bank of Scotland. Last month, it was revealed that Santander UK had put forward a bid to buy Williams & Glyn, which has a 300-strong branch network, although it was also reported at that time that the deal was tentative and [...]
Wells Fargo share price slides as chief exec gets a grilling from the Senate’s banking committee September 20, 2016 Wells Fargo's share price has started to slide as chief executive John Stumpf sits down for an uncomfortable chat with the US Senate's banking committee. The bank has come under fire in recent days after it was revealed its staff signed customers up for products without their consent. Earlier this month, Wells Fargo was hit with [...]
Deutsche Bank share price dips as latest plans to reduce risk and bolster capital position revealed September 20, 2016 Shares in Deutsche Bank are trading down today after it was revealed the German giant was considering converting billions of dollars of corporate loans into marketable securities. If the deal goes through as planned, it will help the bank to boost its capital ratio as well as manage some of its risk. Although the plans have come to [...]
HM Revenue & Customs (HMRC) rakes in £3bn by getting people to cough up early in investigations September 5, 2016 The taxman has bagged itself billions under recently introduced rules which allow it to force those currently under investigation to hand over the disputed tax in advance, it has been revealed today. Since the Accelerated Payment Notices (APN) rules were introduced in 2014, HM Revenue & Customs (HMRC) has issued 60,000 such notices to bring in £3bn earlier than [...]
Taxman sets up last chance saloon for those with hidden wealth offshore September 5, 2016 HM Revenue & Customs (HMRC) has today launched an online disclosure facility, aimed at those with outstanding tax liabilities from offshore wealth. The Worldwide Disclosure Facility (WDF), which was announced in the 2015 Budget, will offer no special deals to those who come forward but will be the last chance for people to come clean before a [...]
SocGen sells Tower Hill office to Hong Kong-listed property developer September 5, 2016 Societe Generale has sold its Tower Hill premises to a Hong Kong-listed property developer, SRE Group. The sale for around £84.5m in cash of the nine-storey office building and linked five-storey car park was formally agreed last Friday but was not reported until today. According to the fine print of the deal, the sale of the building will complete [...]
Challenger bank Aldermore gets broker backing but larger players forecast a rough ride September 5, 2016 NULL
