Outgoing Lloyds Bank CEO to be made Credit Suisse chairman December 1, 2020 Credit Suisse has named outgoing Lloyds Banking Group chief executive officer António Horta-Osório as its next chairman. The change will bring the nearly decade-long tenure of outgoing chairman Urs Rohner to a close. “António Horta-Osório shall succeed Urs Rohner who will step down in 2021 as previously announced upon reaching the statutory term of 12 [...]
Tory MPs urge PM to sanction UK banks in Hong Kong for China cooperation December 1, 2020 Boris Johnson should threaten to sanction UK financial services firms operating in Hong Kong to push back against Beijing’s draconian security laws, according to a new report from top Tory backbenchers. A report from Westminster’s China Research Group, which is led by Conservative MPs Tom Tugendhat and Neil O’Brien, says the UK should sanction banks [...]
Lloyds names HSBC’s Charlie Nunn as next chief executive November 30, 2020 Lloyds Banking Group has named HSBC head of wealth and personal banking Charlie Nunn as its next chief executive. Nunn will replace Antonio Horta-Osorio who said in July that he would step down next year once a successor was appointed. The new chief executive will be paid a salary of £1,125,000 and a fixed share [...]
Dutch bank ABN Amro to cut 3,000 jobs November 30, 2020 Dutch bank ABN Amro will cut almost 3,000 jobs by 2024, as it looks to bring down costs by €700m to €4.7bn per year. In an update before its annual investors day, the bank also said it would aim for a core capital adequacy ratio of at least 13%, and consider share buybacks if the [...]
Without an eye on social value, Europe risks losing the global fintech race November 30, 2020 Europe has been left behind in Big Tech. The scene is overwhelmingly dominated by US companies, with China potentially coming up from the rear. The question is whether Europe has the potential to avoid the same fate in digital finance — a sector that is likely to play a big role in future economic development. [...]
BoE’s Haldane sees inflation risks as economies bounce back November 29, 2020 Bank of England chief economist Andy Haldane said inflation could rise by more than expected as progress on Covid-19 vaccines and huge amounts of stimulus raised the chances of a swift economic bounce-back. “As the economic recovery gathers pace next year, it will be important central banks remain squarely focussed on their core medium-term price stability mandates,” Haldane said in a speech [...]
HSBC mulls exit from US retail banking November 29, 2020 HSBC is considering a total exit from retail banking in the US after narrowing the options for how to improve performance at its struggling North America business. Senior management at HSBC aim to present the plan to the bank’s board in the coming weeks, as HSBC seeks to move resources from the US and toward [...]
Starling says IPO ‘in our sights’ amid reported big-bank interest November 28, 2020 Challenger bank Starling has said it has its sights set on an IPO after a report said City giants Lloyds and JP Morgan were interested in the company. JP Morgan has talked about snapping up Starling, while Lloyds is interested in its technology, The Times reported. However, Starling today said: “An IPO is still in [...]
Spanish banks say adios to merger talks November 27, 2020 Banco Bilbao Vizcaya Argentaria (BBVA) and Banco de Sabadell have ended potential merger talks without having reached a deal. “Banco Sabadell informs that the board of directors has decided to terminate the above mentioned discussions, because the parties have not achieved an agreement on the exchange ratio of both entities,” Sabadell said in a statement. [...]
ECB says banks still vulnerable to corporate coronavirus debt November 25, 2020 The Eurozone’s banks are likely to have to put aside more cash to pay for loan losses as the recovery from the coronavirus crisis enters a new stage, the European Central Bank (ECB) has said. “Bank profitability is expected to remain weak. Provisions have increased but look optimistic in some cases,” said Luis de Guindos, [...]