Andrew Bailey stresses Bank of England focused on inflation fight rather than Credit Suisse and SVB fallout April 12, 2023 The recent run of chaos in the global financial system that has laid waste to Credit Suisse and Silicon Valley Bank (SVB) has not distracted the Bank of England from trying to tame inflation in the UK, the monetary authority’s chief said today. Speaking at an event at the International Monetary Fund’s spring meeting, Andrew [...]
Deutsche Bank ‘de-risking’ Russian IT operations April 12, 2023 Deutsche Bank is looking for ways to minimise business disruption as it reduces risks from its Russian technology operations in line with the law, Germany’s biggest lender said on Wednesday. The comments by a bank spokesperson followed a report in the Financial Times that the bank was winding down its remaining software technology operations in Moscow [...]
HSBC hires former SVB bankers to lead push into US ‘innovation economy’ April 12, 2023 HSBC has hired over 40 bankers who used to work at Silicon Valley Bank (SVB) as it establishes a new banking division focused on the “innovation economy” in the US. The new unit will sit in the bank’s commercial banking division and will focus on serving companies in technology and healthcare sectors. Many banks are [...]
De La Rue warns of ‘significant uncertainty’ as demand for cash dries up April 12, 2023 Storied banknote-maker De La Rue said profits would slump below expectations today and warned of a “significant degree of uncertainty” as it struggles to cope with a downturn in cash usage.
UK takeover bids tumbled amid banking crisis fears – as private equity firms smell bargains April 12, 2023 Takeover attempts in the UK tumbled sharply in the first three months of the year as fears of a global banking crisis roiled markets and spooked the City’s dealmakers.
IMF: Risks to financial stability have ‘increased rapidly’ but won’t threaten fight against inflation April 11, 2023 Risks to financial stability have “increased rapidly” since October last year but they were unlikely to be big enough to distract central banks from fighting inflation, the International Monetary Fund (IMF) said today. The global economic watchdog’s biannual financial stability report pointed to a range of different threats to financial stability following the turmoil in the banking [...]
“A dramatic tragedy”: Swiss parliament split on UBS takeover of Credit Suisse April 11, 2023 Swiss authorities defended the state-brokered merger of the country’s two largest banks, UBS and Credit Suisse, in an emergency parliamentary session called to scrutinise the decision. The Swiss President, Alain Berset, argued “the Federal Council was obliged to intervene to maintain stability both in Switzerland and internationally and to protect the economy.” “A failure of [...]
Flight to safety: Money market funds see 5,998 per cent inflow in first quarter April 11, 2023 Money market funds and short term money market products have seen a staggering 5,988 per cent increase in net flows in the first quarter, according to data from Hargreaves Lansdown Money market funds invest in high-quality, short-term debt, and they generally offer slightly higher returns than bank deposits. As interest rates have risen at their [...]
Why has an Enfield Barclays branch been given Grade 2 listed status? April 10, 2023 An “exuberant” Barclays branch in London, home to the world’s first automated teller machine (ATM), has been given heritage status as the number of ATMs around the country continues to decline. The bank branch, situated at 20 The Town, Enfield, was fitted with the world’s first ATM in 1967 by the actor and comedian [...]
Crisis-hit MJ Hudson offloads divisions to Apex – with suspended CFO leaving the business April 10, 2023 Asset management consultancy MJ Hudson, which has been embroiled in controversy for months after telling markets it no longer had confidence in its own accounts, has sold some of its divisions to the Bermuda-HQed financial services giant Apex. The deal was communicated to staff at the back end of last week, with a fractious all-hands [...]