EU government debt agencies begin removing London from bank contracts ahead of Brexit December 21, 2018 EU government debt agencies have begun the process of switching contracts from London branches of banks to divisions in the bloc ahead of Brexit. Several countries have started changing their “primary dealers” – banks used by governments to manage their borrowing – away from London. Officials from five countries told Reuters this process had already [...]
SFO tells former Barclays trader convicted of Euribor rigging to pay £77,000 confiscation order December 20, 2018 A former Barclays trader who was found guilty of manipulating the Euribor interest rate benchmark has been ordered to pay more than £77,000 or have an extra three years added to his sentence. The Serious Fraud Office (SFO), which brought its case against Philippe Moryoussef in 2015, has ordered the former trader to pay a confiscation order [...]
Barclays fined $15m by US authorities over whistleblower unmasking scandal December 18, 2018 US authorities have slapped Barclays with a $15m (£11.87m) fine over its attempts to unmask a whistleblower two years ago, led by chief executive Jes Stanley. A New York Department of Financial Services (NYDFS) investigation found Staley personally told the bank’s head of security to try to identify the author of two whistleblowing letters in [...]
Royal Bank of Scotland lines up female interim chief financial officer for permanent role, reports December 18, 2018 Royal Bank of Scotland (RBS) reportedly is on the cusp of shaking up the male-dominated boardrooms of the country’s biggest banks by naming interim chief financial officer (CFO) Katie Murray as its permanent head of finance. The bank is waiting for approval by banking watchdog the Prudential Regulation Authority (PRA) before naming Murray as CFO, [...]
Government ramps up planning for ‘no-deal’ Brexit December 18, 2018 The government is to implement its no-deal plans "in full" after cabinet agreed it should be the top priority in light of the uncertainty surrounding Theresa May's deal. Downing Street confirmed that cabinet ministers' respective departments would be expected to make no-deal planning their main priority, with departments such as the Home Office and the Department for Environment, [...]
From tech to Trump – here’s what prompted the big market moves of 2018 December 18, 2018 From Brexit to trade wars, nothing has been plain-sailing about 2018. It’s been a year of peaks and troughs across all major markets, so let’s have a look at the big moves of the past 12 months. Tech in turmoil This was the year when the tech giants raced to become the first ever $1 [...]
City hedge fund giant Crispin Odey backs emerging fintech startup Jumo December 13, 2018 City veteran and hedge fund titan Crispin Odey has backed UK-based fintech startup Jumo with a $12.5m (£9.9m) funding injection through his firm Odey Asset Management. The investment today marks the final close of Jumo’s most recent funding round, which raised $52m from Goldman Sachs as its lead investor. Other participants included the French Development [...]
No confidence: This is how Tory MPs plan to vote in tonight’s crucial contest over Theresa May’s future as Prime Minister December 12, 2018 The number of MPs who have declared themselves either in support of or against the leadership of Prime Minister Theresa May is growing. Here's who has said what so far. A vote of no confidence was triggered this morning, after more than 48 MPs sent in letters to Sir Graham Brady who controls the process. The [...]
Beat your demons: Barclays lets account holders block their worst spending habits December 11, 2018 Barclays has become the first high street bank to allow customers to “turn off” certain types of spending in a bid to give those with addiction better control over their money. Customers can now block payments to retailers including gambling websites, betting shops and pubs using a button in the bank's mobile app. Barclays developed [...]
Just Group soars on favourable new Bank capital rules December 10, 2018 Shares in pensions provider Just Group rose as much as 27 per cent this morning, following the release of the Bank of England’s final decision on equity release mortgages (ERMs), which the company welcomed as offering “greater clarity” for its future operations. Both Just and Barclays analysts said new rules released by the Bank’s Prudential [...]