UBS completes Credit Suisse takeover while imposing ‘red lines’ on its ex bankers June 12, 2023 UBS confirmed the acquisition of Credit Suisse on Monday as reports suggest Credit Suisse bankers will face tight restrictions on their activity. In an open letter published in the NZZ newspaper, UBS confirmed that “we have finalised the legal takeover of Credit Suisse.” Chief executive Sergio Ermotti and chair Colm Kelleher said “this is the [...]
HSBC launches ‘Innovation Banking’ division housing SVB’s former UK arm June 12, 2023 HSBC has revealed it will launch a new global “Innovation Banking” division today centred on the former UK arm of Silicon Valley Bank (SVB), which it rescued from collapse in March. SVB UK was snapped up for £1 in an eleventh hour deal by HSBC in March after being brought down by a run on [...]
Political pressure builds on banks to close gap between savings and mortgage rates June 12, 2023 Banks have been shortchanging customers for nearly a year with the average mortgage rates exceeding savings rates by over three per cent since last July. According to data from Moneyfacts, at the end of last week the average rate on offer for a two year mortgage was 5.87. The average rate on a savings account [...]
Ex-Barclays boss: Banks must adapt or face ‘slow decline’ under pressure from tech firms June 12, 2023 Ex-Barclays boss Antony Jenkins has warned established banks that they could be in a “world of very slow decline” if they failed to adapt to new technologies. Speaking to Morning Wire, Jenkins said “this industry is really on the brink of having to undergo radical transformation if it’s going to remain relevant to its customers.” [...]
Silicon Valley Bank UK set for London Tech Week charm offensive June 11, 2023 Four months ago, the name Silicon Valley Bank may have brought to mind sleepless nights and frantic calls for much of the tech industry - but now the bank is set to headline London Tech Week.
“In discussions”: What next for Crispin Odey’s City empire? June 10, 2023 Odey Asset Management has revealed it is in “active discussions” with its broker partners, after fresh misconduct allegations published against its founder led banks to review their relationship with the fund. It followed a report in the Financial Times (FT) – together with Tortoise Media – which included several allegations of sexual harassment or misconduct [...]
Why did HSBC withdraw mortgage deals for new borrowers? June 9, 2023 HSBC has temporarily withdrawn mortgage deals for new borrowers as the turbulence that has engulfed the UK mortgage market over the past few weeks continued. The bank removed products for new residential and buy-to-let products on Thursday, with new more expensive deals becoming available on Monday. HSBC had originally set a deadline of 5pm on [...]
UBS agrees £8bn loss protection deal paving way for completion of Credit Suisse tie-up June 9, 2023 UBS has agreed a loss protection deal with Swiss authorities worth CHF9bn (£8bn), paving the way for the merger of Switzerland’s largest banks next week. Under the arrangement announced today, UBS will bear the first CHF5bn of potential losses on a defined portion of Credit Suisse’s assets. The Swiss government will then cover the next [...]
SMEs are ready to ramp up investment despite concern over wider economy, new research finds June 8, 2023 Small and medium-sized enterprises (SMEs) are increasingly optimistic about their own future, despite concerns around the wider economy. According to Opinium data collected for Paragon Bank, 45 per cent of SMEs expect cashflow to improve over the next three months. Over the course of a year this figure jumps to 55 per cent. Over a [...]
Standard Chartered to cut around 100 jobs worldwide as bank seeks to cut costs by $1bn – reports June 8, 2023 Standard Chartered is laying off employees across Singapore, Hong Kong and London following a series of cuts across the sector in recent months. According to Bloomberg News, the bank could cut over 100 employees although it is yet to determine a final number. In Asia, roles have been cut in middle-office functions, like human resources [...]