Deutsche Bank posts best profit in a decade but warns 800 job cuts as cost cutting continues April 27, 2023 Deutsche Bank recorded its best profit in a decade as the bank recorded its 11th consecutive quarter of profit but signalled there would be more job cuts as it continues its restructuring efforts. Pretax profit climbed 12 per cent to €1.9bn (£1.68bn), up from €1.7bn (£1.5bn) last year with a strong performance from the corporate [...]
Bailey’s plan to raise deposit guarantees mean we’re gambling on banking risks April 26, 2023 Modern banking has been subject to massive interference from governments. This needs to stop: risks should be returned to those who choose to take them, that's how the market works, writes Jamie Whyte
Credit Suisse and Silicon Valley Bank collapses flood City with idled talent April 25, 2023 Credit Suisse and Silicon Valley Bank’s failures have flooded the City with idled bankers looking for new work, a new report out today reveals. Over 4,000 more workers in the UK’s financial services sector were looking for a new gig in the first three months of this year, according to recruiter Morgan McKinley. Available financial [...]
Is the CBI is “finished”? City grandee and AJ Bell chair Baroness Morrissey says so April 25, 2023 The crisis-hit CBI is “finished” after the organisation admitted it failed to sack workers who sexually harassed female colleagues, City boss Baroness Helena Morrissey has said. Firms have deserted the Confederation of British Industry (CBI) in their droves after two rape allegations and a series of claims of a toxic work culture surfaced, reported by [...]
Moneysupermarket sales lifted as Brits go deal hunting to protect finances April 18, 2023 A boom in consumers shopping around for better savings accounts has boosted sales for comparison site Moneysupermarket. The platform profited from people hunting down better deals throughout last year and saw revenues across its money division, which compares current and savings accounts, credit cards, and loans, jump by 37 per cent. The company said this was [...]
As The Perkcession Bites, What Workplace Benefits Are Important Now? April 17, 2023 With layoffs at Goldman Sachs, Morgan Stanley and Bank of New York Mellon racking up thousands of job cuts, those working in the financial services sector are understandably worried about contagion, and whether their own jobs will be safe. The collapse of Credit Suisse in March, and its subsequent rescue by rival UBS, as well [...]
‘A breath of fresh air’ vs ‘more to do’: What City grandees have to say about Sunak April 17, 2023 As Labour leader Sir Keir Starmer doesn’t tire of reminding voters: expertise beyond politics can be invaluable. For the current resident behind that most famous front door, it’s so far proved an advantage. Liz Truss’ accountancy background may not have aided her short-lived leadership bout, but – for the City’s boardrooms at least – her [...]
More tick-box regulations won’t save us from a financial crisis April 14, 2023 After the fall of both Silicon Valley Bank and Credit Suisse, the instinct will be to double down on new rules. Instead, banks need to learn to stabilise their risks, writes Mary O’Connor.
ECB official slams ‘opaque’ CDS market after Deutsche Bank’s share price drop March 28, 2023 A top official at the European Central Bank (ECB) has slammed the “opaque” nature of the credit default swap (CDS) market, after a sharp jump in prices of Deutsche Bank’s CDS caused the lender’s shares to plummet last Friday. Responding to a question about the sudden drop in Duetsche’s share price last week, Andrea Enria, [...]
Deutsche Bank shares recover as market nerves settle, for now March 27, 2023 Deutsche Bank’s share price gained 5.3 per cent during Monday morning’s trading after tanking on Friday as the cost of insuring the company’s debt against default soared. The banking sector has been extremely volatile since the collapse of Silicon Valley Bank (SVB) and the emergency acquisition of Credit Suisse by UBS, with many wondering which [...]