Regulators say firms ‘must not wait’ to move away from Libor July 15, 2019 Two of finance’s most powerful regulators yesterday told the sector to speed up its move away from contracts linked to the scandal-hit Libor benchmark. Read more: Bank of England calls ‘last orders’ on Libor New York Federal Reserve president John Williams said financial institutions “must not wait” to stop using the lending benchmark in a [...]
And we’re off: Citigroup starts Wall Street earnings season with rise in profit July 15, 2019 Citigroup kicked off Wall Street’s earnings season today by trumping market expectations, reporting a rise in profits and revenues during the second quarter of 2019. America’s third largest bank posted profit of $4.79bn (£3.82bn), or $1.95 per share, during the three month period, rising 20 per cent and beating $1.80 per share estimates given by [...]
Code-breaker Alan Turing revealed as new face of £50 banknote July 15, 2019 Scientist Alan Turing will feature on the new £50 note design, Bank of England governor Mark Carney announced this morning. Turing, the “father of computer science and artificial intelligence, was chosen from 989 characters nominated by the public during a six-week period. Read more: Why a British scientist will appear on the next £50 note [...]
Revolut ‘to appoint Martin Gilbert as chairman in next few weeks’ July 14, 2019 Revolut is reportedly gearing up to appoint Martin Gilbert as its first ever chairman in a bid to strengthen governance and improve investor sentiment ahead of an upcoming fundraising. Gilbert, a former co-chief executive of Standard Life Aberdeen (SLA), was first confirmed as an adviser to chief Nikolay Storonsky in March. Read more: Revolut fights [...]
Merrill Lynch forecast: Bank of England to cut rates twice in next year July 12, 2019 The Bank of England could slash interest rates twice over the course of the next 12 months, economists at the Bank of America Merrill Lynch have predicted. In a note published today the US multinational investment bank has said it expects Threadneedle Street to cut rates by 25 basis points in November this year and [...]
Deutsche Bank pays out £156m as it settles Vestia derivative case July 12, 2019 Troubled German lender Deutsche Bank has paid out €175m (£156m) in a settlement with Holland’s largest public housing corporation, Vestia. The Dutch group is to drop its legal case at the High Court after revealing on its website today that Duetsche Bank would financially settle the long-running row. Read more: Deutsche Bank – saved in [...]
Bank of England could cut interest rates to near zero in no-deal Brexit July 12, 2019 Interest rates could be cut to almost zero if Britain leaves the European Union without a deal, a top official at the Bank of England said today. Gertjan Vlieghe, a member of the Bank’s rate-setting monetary policy committee (MPC), told an audience in London today that Threadneedle Street might have to slash rates to nearly [...]
Deutsche Bank: saved in the nick of time? July 11, 2019 Will this be seen as the week when the Deutsche Bank supertanker started to turn, or began to list? The scale of the restructuring announced by chief executive Christian Sewing was certainly dramatic, but it left many in the City asking why the bank had waited so long before attempting to change course. Traders in the [...]
German fintech challenger bank N26 launches in the US July 11, 2019 German fintech giant N26 has today launched its services in the US, making it the second major European digital bank to cross the pond. Starting today in a staged rollout, the 100,000 customers on N26’s US waiting list will be invited to open an account and have full access to the bank’s app and debit card. [...]
US Department of Justice probes Deutsche Bank links with 1MDB July 11, 2019 Deutsche Bank is reportedly being investigated by the US Department of Justice over whether it violated anti-money laundering laws in its work with scandal-hit Malaysian state fund 1MDB. US officials are understood to be probing the German lender over its ties with the 1MDB investment vehicle between the years of 2009 and 2014, when billions [...]