Goldman Sachs accused of covering up sexual misconduct allegation October 27, 2020 Goldman Sachs attempted to cover up allegations of workplace sexual misconduct by its head of litigation and fired a female lawyer for raising concerns over his behaviour, a lawsuit filed in New York claims. Marla Crawford, a former associate general counsel at the bank, alleged she was discriminated against and fired after complaining about the [...]
HSBC to overhaul business model as ultra-low interest rates hit profit October 27, 2020 HSBC is planning a coronavirus-induced overhaul of its business model, seeking to shift its main source of income from interest rate to fee-based businesses. Europe’s biggest lender will also accelerate a sweeping cost-cutting programme, despite reporting better-than-expected results for the third quarter. Read more: HSBC ‘to cut 300 jobs’ in overhaul of UK commercial banking [...]
Santander rebounds from historic loss as loan repayments pick up October 27, 2020 Santander returned to profit in the third quarter following a historic loss, upgrading its full-year forecasts as customers began to recover from the initial impact of Covid-19. Net profit at the Spanish lender trebled in the third quarter to €1.75bn compared to 2019, when Santander was hit by a large writedown in the value of [...]
Banks hike mortgage interest rates amid boom in applicants October 24, 2020 Banks are reportedly hiking mortgage interest rates in order to deter prospective buyers as they struggle to meet a spike in demand for home loans amid a buoyant housing market. Lenders are turning away mortgage business as the ability to process applications has been slowed by home-working during the coronavirus pandemic. The housing market has [...]
Open finance: exploring open banking’s natural evolution October 23, 2020 | City Talk Laziness. Lack of time. The all-too-frequent challenge of speaking to a helpful person by phone. There are many reasons why consumers and businesses don’t shop around and switch products and suppliers. Failing to keep abreast of the best mortgage rates? Rolling onto the same insurance every year without looking for better deals? If so, open finance – a development coming [...]
Jes Staley confirms intention to stay on as Barclays beats expectations October 23, 2020 Jes Staley has signalled his intention to remain at the helm of Barclays after the bank reported better-than-expected results in the third quarter. In a call with reporters Staley said he would like to lead the bank for two more years, after Barclays today reported a return to profit for its consumer division. Between July [...]
Finance not fish: The trade deal with Japan focuses on what matters for the City October 23, 2020 Trade talks with the EU remain uncertain, with negotiations focused on issues like fishing that have little bearing for the City. But in the meantime, Japan has given “global Britain” — and particularly the City — something to celebrate. This week’s signing of the UK-Japan free trade agreement secures the UK’s smooth transition from the [...]
Deal or no deal, reports of London’s death are greatly exaggerated October 23, 2020 London has for many years enjoyed the reputation as the world’s leading financial centre. Only New York has ever come close to challenging the capital’s crown — and since 2015 London has generally topped all the rankings. In that time, though, every paean to London’s preeminence has carried the gloomy caveat: “until Brexit”. The received [...]
Goldman Sachs to pay $3bn to settle charges over role in 1MDB scandal October 22, 2020 Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) to settle a probe into its role in Malaysia’s 1MDB corruption scandal, drawing a line under a saga that has dogged the bank for years. The settlement resolves a probe led by US authorities into the bank’s role in underwriting three bond offerings in 2012 and [...]
Deutsche Bank ‘in talks to sell IT unit’ as cost-cutting continues October 22, 2020 Deutsche Bank is reportedly in talks to sell a IT services unit to Tata Consulting Services (TCS), one of Asia’s biggest software exporters, as the lender continues a cost-cutting programme. Talks about the sale of Bonn-based Postbank Systems to TCS are expected to result in a deal for the division by the end of the [...]