City Moves for 27 April 2015 | Who’s switching jobs April 26, 2015 Nexus Underwriting Management Group Stuart Rouse has been appointed chief operating officer and chief financial officer (CFO) at the underwriting firm. He has previously served as CFO of Fusion Insurance, CFO of Towergate Underwriting, chief operating officer of Towergate Financial, CFO of Aspen’s managing agency and its insurance division, and latterly group chief operating officer [...]
CBI factory figures to show rebound during strong April – London Report April 26, 2015 THE CONFEDERATION of British Industry (CBI) is expected to release relatively healthy factory activity data today. The CBI’s total orders balance is predicted to have rebounded in April, after dipping to a five-month low of zero per cent in March, as a result of a substantial drop in export orders. Separate manufacturing data from purchasing [...]
Deutsche Bank wields axe after £1.7bn fine: Staff fired over Libor fixing scandal but top bosses stay April 23, 2015 Deutsche Bank was ordered to fire another seven staff yesterday for manipulating Libor submissions between 2005 and 2010 – but no top bosses have resigned over the scandal. The $2.5bn (£1.7bn) fine is far bigger than any previously levied on other banks, in part because Deutsche’s staff misled regulators and tried to cover up [...]
Barclays’ bosses warn investors of pain ahead as Libor scandal fines and legal bills roll in April 23, 2015 Huge fines and legal bills are on the way, Barclays’ outgoing chairman Sir David Walker warned shareholders at yesterday’s annual general meeting. Walker joined the bank almost three years ago in the wake of the Libor scandal, aiming to clean it up. While he said he has made great strides in that direction, the City [...]
Qataris clinch Claridges from Barclay brothers April 23, 2015 The Barclay brothers have sold off their stake in three of London’s five-star hotels, including Claridges. Sir Frederick and Sir David Barclay are reported to have sold their 64 per cent interest to Qatar’s Constellation Hotels, a business controlled by the country’s sovereign wealth fund. The sale was made for an undisclosed sum.
Deutsche Bank Libor fine: Seven crazy things traders said about Libor that cost the bank billions April 23, 2015 Deutsche Bank has been fined billions of pounds over misconduct in relation to fixing inter-bank lending rates Libor, Euribor and Tibor. Transcripts released by the New York Department of Financial Services (NTSDFS) reveal the banter between traders on setting the rates. Here are seven crazy conversations had by traders (emphasis ours). 1. The geezer On [...]
FinTech payment startups least likely to get acquired by banks April 23, 2015 Financial technology startups shaking up the payments industry are least likely to be acquired by established banks, despite the increasing efforts by financial institutions to become more innovative. The most likely end-game for a successful startup developing innovative new ways for making payments in the rocketing FinTech sector is being acquired by a major technology firm such [...]
Banks forced to compete hard for current accounts April 22, 2015 Britons have been shaken out of their traditional apathy towards their banks, as the switching scheme has successfully encouraged them to shop around, new data shows today. The seven-day switching service was used by 1.14m people to change current accounts, the Payments Council said, up seven per cent on the year. And the proportion who [...]
Merrill Lynch hit by £13.3m fine for reporting failure April 22, 2015 THE CITY watchdog hit investment bank Merrill Lynch International with an extra-large fine yesterday, expressing frustration that the US institution had failed to get its act together after previous penalties. Merrill Lynch was fined £13.3m for incorrectly reporting 35m transactions and failing to report another 121,387 between November 2007 and November 2014. The bank was [...]
Deutsche Bank sets aside €1.5bn as Libor fine looms April 22, 2015 Giant German lender Deutsche Bank last night said it is putting aside €1.5bn (£1.1bn) to pay for litigation costs incurred in the first quarter of the year. But despite the extraordinary charge, the bank still expects to report a profit for the three-month period, on the back of “near-record revenues.” The figure is thought to [...]