No pressure, Janet: Spotlight falls on the Fed as US central bank chief Yellen faces questions from Congress February 10, 2016 The financial world’s attention will fall on Janet Yellen today as the Federal Reserve chief faces a grilling by Congress, in the middle of a week of chaos on global trading floors. Shares throughout the world tumbled for a third straight session yesterday, while European banks lost another four per cent of their value. Financial [...]
Barclays poaches new chief operating officer Paul Compton from JP Morgan Chase February 9, 2016 Barclays has poached Paul Compton from JP Morgan Chase to act as its new group chief operating officer. The banking giant said Compton, currently chief administrative officer at JP Morgan, will start the newly-configured role in May. In a statement today it added Compton will be responsible for operations and technology, structural reform, cost transformation, major [...]
FTSE 100 index closes lower as miners and banks slide February 9, 2016 The FTSE 100 index extended its losses on Tuesday after having traded with some volatility over the course of the day. The UK's blue chip index fell 0.88 per cent to 5,632.19 points as banks and miners continued to tumble. “It’s becoming a ‘get yer hard hat on’ situation with bank stocks coming down left and right [...]
To fuel the pensions revolution, we need to put passion into pensions – and that means opening them up to social investing February 9, 2016 The humble nudge has worked. With around six million people now automatically enrolled into their first pension, we have reason to be hopeful that the UK is now saving for its future. However, it’s much too early to declare mission accomplished. We’re still waiting for the large number of smaller companies to enrol their employees into schemes, and they [...]
Bank shares were smashed again today as investors lost confidence in the face of long term low interest rates February 9, 2016 It’s been another day of carnage for European banks, as share prices continue to slide beyond lows recorded even at the height of the global financial crisis. The biggest loser in the UK was emerging market focused bank Standard Chartered, with shares finishing down by 5.5 per cent. Close behind was Barclays with shares ending down by [...]
Lehman Brothers returns as whisky brand launched by British entrepreneur James Evans February 9, 2016 Lehman Brothers is back – but not as you remember it. A British entrepreneur has launched a whisky brand playfully themed around the pre-crash banking culture as depicted in films like Wolf of Wall Street. “With cleverness, bullishness, excess, power and glory in every drop, these are whiskies for the new masters of the universe – [...]
Banking data to become open by the end of the year as industry and regulators work on ambitious banking standards and open API plans February 9, 2016 Banking could be made simpler for customers – from comparing mortgages to switching accounts – with ambitious plans for banks and regulators to streamline the sharing of data as soon as the end of the year that would establish the UK as a world leader in financial technology and banking innovation. A group of leading experts appointed by the Treasury [...]
Hold onto your hats: Stocks pare losses in the US but the S&P 500, Nasdaq and Dow Jones still sink February 8, 2016 US markets pared losses but still finished lower this evening, after a stormy start to the week for global markets sent investors fleeing for shelter in safe havens such as gold and government bonds. The Nasdaq, which at one point dipped three per cent, settled 1.8 per cent lower. Meanwhile, the S&P 500 finished the day 1.4 per [...]
Deutsche Bank seeks to quell investor fears as it assures it can make debt repayments due in April February 8, 2016 Deutsche Bank moved to calm investors this evening, after it said it will have no problem making bond payments due in April. The bank, whose shares fell 9.5 per cent to €13.82 during trading in Frankfurt today, said its payment capacity was approximately €1bn, which it said was "sufficient to pay additional tier one (AT1) coupons of approximately €350m [...]
Shrove Tuesday 2016: Where to watch City boys and girls competing in Pancake Day races February 8, 2016 The financial world is spoilt for choice for pancake races to watch today. Whether your interest lies in political manoeuvres or battling banks, there’s something for everyone. For those who like their pancakes served with pomp and circumstance, the City’s livery companies will be racing each other at a more traditional Pancake Day event in [...]