Metro Bank’s Vernon Hill to step down despite saying he’d die in job July 23, 2019 Metro Bank is set to part ways with its controversial chairman and co-founder Vernon Hill just two weeks after he said he would “probably die” in the role. Read more: Metro Bank drafts in two senior directors The high-street lender will announce it is launching a search for a new chairman when it posts its [...]
Regulators delay introduction of new tougher rules on derivatives after industry pleas July 23, 2019 Global regulators have delayed the introduction of new rules that would require smaller fund managers to set aside cash to cover their derivatives transactions. The Basel Committee on Banking Supervision (BCBS) and the International Organisation of Securities Commissions (IOSCO) said today the new rules would be implemented from September 2021, a delay of a year. [...]
UBS posts best second quarter in almost a decade despite wealth management troubles July 23, 2019 UBS reported its strongest second-quarter set of results in almost 10 years this morning, trumping analyst estimates for net profit despite nursing losses in its flagship wealth management unit. While the Swiss group also echoed a number of its global financial peers by posting a fall in investment banking, retail and corporate banking helped push [...]
Santander to challenge Orcel in €100m legal battle over botched CEO plan July 23, 2019 Santander has vowed today to fight a high-stakes legal battle with Andrea Orcel after withdrawing its offer to appoint the banker as its new chief executive. The Spanish bank has said it will challenge a €100m (£90m) lawsuit from Orcel, the investment banker who was denied the role of chief executive just four months after [...]
Santander profits dive 18 per cent as UK mortgage margins squeezed July 23, 2019 Santander posted an 18 per cent plunge in second quarter profits due to one-off acquisition costs and rising pressure on mortgage margins in the UK. Read more: Santander ‘offered Andrea Orcel 52m euros’ in botched CEO plan The figures Profit before tax fell 18 per cent year on year to €1.39bn (£1.25bn) between April and [...]
Lloyds to pay £140m to settle Standard Life Aberdeen row July 22, 2019 Lloyds Bank is to pay Standard Life Aberdeen (SLA) around £140m in a settlement that could end their long-running dispute over an asset management contract. Read more: Standard Life Aberdeen wins dispute with Lloyds The Edinburgh-based investment company would keep control of £30bn of assets for three years as well as receiving the cash payment, [...]
Speculation mounts over potential job cuts at UniCredit July 22, 2019 Fears of a severe job cull at UniCredit emerged this evening, rocking Europe’s banking sector just weeks after rival Deutsche Bank swung the axe on its own staffing operations. Italy’s largest bank is understood to be weighing up a move to slash 10,000 jobs as part of a new cost-cutting strategy. Read more: Metro Bank [...]
Struggling Metro Bank drafts in two senior directors July 22, 2019 Under-fire lender Metro Bank has drafted in two new senior executives as the firm looks to revamp its reputation after a turbulent six months. The high street bank said this afternoon that it has appointed a new chief information officer and chief transformation officer following a major accountancy error that has rocked investor confidence. Read [...]
Equifax fined up to $700m for massive data breach July 22, 2019 Equifax has agreed to pay as much as $700m (£562m) as part of a settlement with the US regulator following a 2017 data breach that exposed the personal data of almost 150m people. The Federal Trade Commission (FTC) accused the credit rating agency of failing to secure personal information stored on its system. Read more: [...]
Who joins Lloyds Bank on this list of cheap UK shares to buy? July 22, 2019 | City Talk By Graeme Evans from interactive investor. Performance of UK-exposed stocks is at an eight-year low and this is the cheapest region around. Cheap-looking UK-focused stocks were in the spotlight as asset managers increasingly turn their attention to Europe in the face of darkening skies for global equities. The attraction of European equities was highlighted by UBS in an [...]