EU financial services chief warns of long road ahead for UK-EU equivalence deal February 12, 2021 The EU’s financial services chief has warned the UK that “there cannot be equivalence and wide divergence” in financial regulation as the battle over the City’s future relationship with the bloc heats up. Mairead McGuinness also confirmed fears held by many in the City that the EU would demand to know the UK’s future regulatory [...]
Commerzbank embarks on revamp as loss deepens to record level February 11, 2021 Germany’s second biggest bank reported a record $3.3bn fourth-quarter loss on Thursday as it continued to absorb the fallout of the Covid-19 pandemic. Shares in Commerzbank fell nearly 6 per cent in mid-morning trade. Commerzbank said it would swiftly introduce plans to cut 10,000 jobs and close hundreds of branches in a bid to strive [...]
Ex-FCA chief Woolard nabs leadership role at EY February 11, 2021 Chris Woolard, the former interim chief executive at city regulator the Financial Conduct Authority (FCA), has nabbed a leadership role at EY. Woolard will join the Big Four firm in April to lead its EMEIA financial services regulatory capabilities, and chair the EY Global Financial Services Regulatory Network. He will replace John Liver, who currently [...]
Bank of England’s Alex Brazier steps down from Financial Policy Committee February 10, 2021 The Bank of England’s executive director for financial stability strategy is stepping down to take a career break. Alex Brazier has worked at the bank for two decades and served as former Governor Mervyn King’s principal private secretary. “Throughout my career, I’ve been very lucky to have worked with such an incredibly talented group of [...]
BoE’s Bailey: EU demanding more of London than other partners February 10, 2021 The Bank of England Governor has hit out at the EU for expecting more of London than its other partners when it comes to a post-Brexit financial services agreement. In his Mansion House speech, Andrew Bailey said Brussels’ demands were far higher than when the bloc negotiated with Canada, the US, Australia and others. “The [...]
Exclusive: Brexit hit to London may top £9.5bn a year without EU financial services deal February 10, 2021 As the heart of the UK's service sector economy, London is in line to lose up to £9.9bn a year if a post-Brexit deal on financial services doesn't protect the City, new research out this morning finds.
BoE rules out big capital reduction for insurers after Brexit February 10, 2021 The Bank of England has told insurers not to expect any big reductions in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a £1.7bn bill for Covid-19 claims. Solvency II rules, inherited from Britain’s membership of the EU, are under review, amid calls from insurers and lawmakers [...]
Pound sterling touches three-year high against US dollar at $1.38 on vaccine success February 10, 2021 GBP hit a three-year high against the US dollar this morning, with vaccine optimism boostong pound sterling
Before the Bell: Focus on Andrew Bailey speech later today February 10, 2021 It was quiet in the markets yesterday as the overall outlook did not change. The same stories were circulating: vaccine rollouts and the prospect of additional stimulus from the US. Late last week, it was revealed the Democrats decided to try and implement the proposed $1.9 trillion spending package without receiving approval from the Republicans [...]
Burnley and Asda are unlikely warnings of debt-driven troubles February 10, 2021 It has been a week of mixed messages. Not just on the release from lockdown, but on the economy. The Bank of England indicated that banks have been given six months to prepare for negative interest rates. The Monetary Policy Committee was quick to clarify that this did not mean that they would necessarily cut [...]