Deutsche Bank and Credit Suisse share prices rise after multi-billion pound settlements with US Department of Justice December 23, 2016 Deutsche Bank and Credit Suisse's share prices have risen this morning after the two lenders agreed to multi-billion dollar settlements with the US Department of Justice (DoJ). Deutsche Bank announced it had reached a $7.2bn (£5.8bn) agreement in principle with the US authorities early this morning over the sale and pooling of mortgage-backed securities in the run-up [...]
US sues Barclays bank and two former executives for mortgage securities fraud December 23, 2016 The US department of justice has sued Barclays and two former executives on civil charges of fraud relating to the sale of mortgage-backed securities during the run-up to the 2008-9 financial crisis. Several major US banks, including JP Morgan Chase and Bank of America have already paid millions of dollars to settle similar claims. Deutsche Bank [...]
Bitcoin market cap smashes through $14bn barrier: Equivalent to the average market cap of a FTSE 100 firm December 22, 2016 Bitcoin prices today leapt by five per cent, breaking records for the overall value of the digital currency in existence and taking its price to the highest level for three years. Around 12.5 new Bitcoins come into circulation every 10 minutes. And this meant today the today market capitalisation of bitcoins broke through the $14bn [...]
Editor’s 2016 review: It’s been a year of momentous political change, but there’s every reason to look to the future December 22, 2016 Attempting to reflect such an extraordinary year with just a handful of our own front pages was always going to be difficult, but I thought we’d give it a go. The front page of City A.M. is (to borrow a phrase from our marketing department) the front door of our brand. The choice of splash, [...]
RBS and Barclays among cartels of banks fined by Swiss watchdog for rate rigging December 21, 2016 The Swiss Competition Commission (Comco) has today fined a group of international banks 99m Swiss francs (£78m) over their involvement in four separate cartels, including some aimed at manipulating Libor. The largest element of the fine went to a group of four banks which Comco claims acted in a cartel to fix Euribor for various lengths of time [...]
Fracking: Reactions to High Court giving Third Energy the go-ahead to frack in Yorkshire December 20, 2016 Anti-fracking campaigners lost a legal bid to halt fracking in Yorkshire today, after the High Court gave a green light to developer Third Energy. The energy firm started the application process for a shale gas fracking permit in 2014, which was granted by North Yorkshire County Council in May this year. Here are some of [...]
Exclusive: West Ham transfer boost as club signs up forex and payments provider TransferMate December 20, 2016 West Ham will today announce a deal with global payments company TransferMate that the club believes will give them a significant advantage when buying and selling players. The multi-year agreement sees TransferMate become West Ham’s exclusive foreign currency provider, meaning the club can expect to benefit from better exchange rates and lower bank fees in [...]
City Moves for 20 December 2016 | Who’s switching jobs December 20, 2016 Intermediate Capital Group Intermediate Capital Group (ICG), the specialist asset manager, has appointed Brian Marshall as managing director of business and product development for its US capital markets business. His responsibilities will include capital formation, developing and managing investor relationships, and contributing to the development of new products. Brian will interact extensively with ICG’s global [...]
It’s not you, it’s us: Why Barclays is preparing to break up with 7,000 clients December 19, 2016 Barclays is preparing to tell 7,000 low-return clients to either boost their trading or move to another bank in a continued effort to reshape its offering to keep pace with tighter capital rules. The bank is aiming to get at least a 10 per cent return on capital from its markets clients and has recently launched a [...]
UK banks still vulnerable to a “toxic cocktail” of taxpayer bailout risks says Treasury Select Committee chair December 19, 2016 The UK’s banks are still vulnerable to a “toxic cocktail” of risks for which the taxpayer may have to foot the bill, according to the head of the Treasury Select Committee (TSC). TSC chair and Conservative MP Andrew Tyrie is launching a new inquiry into the sector, stating that the public has a right to know [...]