Boom time: Clear Bank founder Nick Ogden on his efforts to start a British banking revolution January 15, 2018 Even in the ancient world of City banking, 250 years is a long time. Yet that was how long the UK has had to wait for a new clearing bank until Nick Ogden launched Clear Bank out of the blue last year. A decades-long consolidation of clearing banks – which provide banking services to other [...]
London house prices dragged down by Zones 2 and 3 says Rightmove data January 15, 2018 The price of London homes coming to market fell sharply over the last year, as properties in Zones 2 and 3 slumped, according to new data to be published today. Homes brought to market in the capital are now an average of £21,000 cheaper, a 3.5 per cent fall over the last year, according to [...]
Consumer debt growth is not a new subprime bubble say FCA and Bank of England economists January 8, 2018 The recent surge in consumer lending to record levels will not be a rerun of the subprime borrowing bubble that crippled the world’s financial system in 2008, according to new research by City watchdogs. Credit growth is not being driven by the borrowers rated as most likely to default, according to a joint article published [...]
London’s tech scene pulls in record £2.5bn in 2017 venture capital bonanza January 5, 2018 London’s tech venture capital investment reached another all-time high in 2017 as firms raked in four times more cash than Paris, the nearest European rival. Venture capital investment into the UK’s tech sector reached an all-time high of £2.99bn, almost double the total invested in 2016, according to figures compiled by data firm Pitchbook for [...]
Deutsche Bank minimum capital requirements increased by European Central Bank January 4, 2018 The European Central Bank (ECB) has forced Deutsche Bank to up its capital holdings for 2018 slightly above the average for European lenders. Deutsche Bank must now maintain a common equity tier one (CET1) ratio of 10.65 per cent during 2018, up from the 9.52 per cent requirement in 2017, it announced today on its [...]
RBS nets £150m in sale of Lombard asset finance unit to Investec and Shawbrook January 3, 2018 Royal Bank of Scotland (RBS) has sold the offshore operations of its asset finance lender Lombard to Investec and Shawbrook. RBS will net around £150m from selling off its Channel Islands operations of the lender, which was founded in 1861. Investec and Shawbrook will split the Jersey and Guernsey assets division between them, although the [...]
Indian economy to overtake UK and France next year as march of Asian economies continues December 26, 2017 The surging Indian economy will overtake the UK and France during the course of 2018 to become the fifth largest in the world, according to forecasts published today. Continued booming growth in India will contribute towards a rapid reorientation of the world’s economy towards Asia over the next 15 years, according to the research by [...]
Ex-Barclays trader to pay almost £300,000 for Libor fixing December 19, 2017 A former Barclays trader who was jailed for his role in the rigging of the Libor bank rate must pay almost £300,000 in earnings deemed to be proceeds from the crime. Jay Merchant, who is currently serving five-and-a-half years in prison after being found guilty in July last year, must pay £275,890 in profits along [...]
London Stock Exchange wins battle against activist investor Sir Chris Hohn December 19, 2017 The board of the London Stock Exchange (LSE) Group has resoundingly beaten off an attempt by activist investor Sir Chris Hohn to remove its chairman, winning a shareholder vote held today after a bitter public row over the departure of ex-chief executive Xavier Rolet. Some 79 per cent of votes cast by LSE shareholders backed [...]
Bank spending on consultants jumps as fintech challenge and regulation keep lenders on their toes November 27, 2017 Banks across the world upped their spending on consultants by 8.4 per cent last year as they tried to navigate changing regulation and fight off the challenge from more nimble, newer competitors. Globally banks spent $13.6bn (£10.2bn) on consultants, a rise from the $12.5bn spent during the year before, according to data from Source Global [...]
