HSBC ‘to cut 300 jobs’ in overhaul of UK commercial banking October 21, 2020 HSBC has reportedly launched a restructuring of its commercial banking business in the UK that will lead to around 300 job cuts. The cuts are part of a wider strategy overhaul announced by the banking giant earlier this year as it seeks to slash costs and reinvigorate its business in the face of global economic [...]
UK to increase sentence for market abuse in post-Brexit financial regulation October 21, 2020 The UK is planning to increase the maximum prison sentence for market abuse from seven to 10 years, as the government sets out a roadmap for financial regulation after the end of the Brexit transition period. The government is also proposing introducing “more proportionate” regulation of investment firms and giving the City watchdog greater powers [...]
BoE deputy says the ‘time is not right’ for negative interest rates October 21, 2020 High levels of economic uncertainty and a bruised banking system mean now is not the time to experiment with negative interest rates, a deputy governor of the Bank of England has said. Sir Dave Ramsden today struck a more cautious tone on the novel monetary policy than his colleague Gertjan Vlieghe did yesterday. Vlieghe said [...]
Monte dei Paschi ex-boss and former chairman sentenced to jail and ordered to pay damages to bank’s savers October 20, 2020 Former Monte dei Paschi chairman Alessandro Profumo, former CEO Fabrizio Viola were accused of not correctly booking two derivative transactions between 2012 and 2015.
UBS profit soars 99 per cent on trading boom October 20, 2020 UBS reaped the benefits of the rebound in global markets in the third quarter, with its investment banking arm helping the overall business achieve a 99 per cent jump in profit. The Swiss lender’s wealth management arm – which has been a focus of departing chief executive Sergio Ermotti – also expanded despite the coronavirus [...]
Goldman Sachs ‘to pay $2bn fine’ in US Justice Department 1MDB probe October 20, 2020 Goldman Sachs has reportedly struck a deal with the US Department of Justice to pay more than $2bn (£1.54bn) over its role in the Malaysian 1MDB scandal. The agreement will let Goldman Sachs dodge a criminal conviction, Bloomberg reported. The news outlet said the fine may be announced within days. The deal would bring to [...]
Co-op Bank appoints finance boss as sixth chief executive in a decade October 20, 2020 The Co-op bank has named finance boss Nick Slape as its new chief after Andrew Bester announced his departure just two years into the role. Slape, who will step up as chief executive on 31 October, will be the bank’s sixth boss in a decade after years of controversy. His appointment comes after the shock [...]
The Banking Dilemma: Do we really want Big Tech to control our financial data? October 20, 2020 “If something is a tool, it is genuinely just sitting there, waiting patiently. If something is not a tool it’s demanding things from you… seducing… manipulating; it wants things from you.” This damning indictment of social media platforms is one of many from industry insiders featured in the latest must-watch Netflix documentary, The Social Dilemma. [...]
Exclusive: Covid support almost equal to all bank lending last year October 19, 2020 The amount of money UK businesses borrowed through the government’s coronavirus support schemes is almost equal to all bank lending for the same period last year, new figures show. Covid-related lending schemes have provided £98.2bn in credit to businesses compared to the £100.5bn that was lent during the same five-month period last year, according to [...]
Mergers can improve banks’ profitability, says ECB vice president October 19, 2020 The vice president of the European Central Bank has called for further consolidation by eurozone banks to improve lenders’ profitability during the Covid-19 crisis. Banks in Spain and other EU countries have come under pressure to consolidate as the sector faces rising bad loans and rock bottom interest rates due to the coronavirus pandemic. “Removing [...]