Barclays fraud allegations implicate Qatar, says trial judge January 31, 2019 The jury in the trial of four former Barclays executives charged with conspiracy to commit fraud have been told that Qatari entities would be implicated if the prosecution’s case proves correct. Justice Robert Jay warned of the potential repercussions of the case, in which the ex-bank bosses stand accused of making secret payments to Qatar [...]
Deutsche Bank shares slump on reports of possible merger with rival Commerzbank January 31, 2019 Deutsche Bank shares have tumbled on reports the crisis-stricken German lender could be set for a merger with rival Commerzbank by the middle of this year. The deal is being brokered by the German government and would only go ahead if the bank’s restructuring fails to meet targets, Bloomberg first reported. The bank is set to [...]
Metro Bank admits accounting error was found by Bank of England, sending shares to record lows January 31, 2019 Metro Bank shares have slid to record lows after the company admitted an accounting error it reported last week was actually uncovered by the Bank of England. Chief executive Craig Donaldson had insisted the mistakes, in the way it classified loans, were found by the bank’s own staff through an internal review. Read more: Metro Bank [...]
Barclays gets go-ahead to shift £160bn of assets to Dublin amid Brexit uncertainty January 30, 2019 Barclays has been given the green light to transfer £160bn of assets to its Irish business as the bank “cannot wait any longer” to implement its no-deal Brexit strategy amid ongoing political uncertainty. A High Court judgement revealed that the bank is pushing forward with its Brexit contingency plan to transfer all of its European [...]
Barclays boss feared payments to Qataris could be seen as a ‘bung’ January 30, 2019 A Barclays boss feared that fees paid by the bank to Qatari investors might be see as a “bung”, a court was told today. Richard Boath, one of four former Barclays executives charged with conspiracy to commit fraud, told investigators two advisory services agreements (ASAs) that form the crux of the Serious Fraud Office’s (SFO) [...]
Metro Bank shares plunge after warning on UK operating environment January 30, 2019 Shares in Metro Bank fell more than 10 per cent this morning after the challenger bank felt the ripple effect of Banco Santander’s cautionary comments on the UK market. In its full-year results this morning Banco Santander said the UK’s operating environment is “competitive and uncertain”, dragging down the share price of Metro Bank which [...]
Santander UK profits slump 14 per cent in “uncertain” environment for banks January 30, 2019 Santander UK profits slumped 14 per cent last year as the bank struggled with cost pressures and an “uncertain operating environment.” The UK arm of the Spanish-owned bank cited competitive incomes pressures and higher regulatory costs for the year-on-year downturn. Profits fell by £247m to £1.57bn in 2018 and the bank’s “loyal retail customers” stood [...]
More customers leave TSB than any other bank, data shows January 30, 2019 More customers abandoned TSB in the third quarter of last year than any other bank, according to the latest data, while Nationwide gained the most new accounts. TSB, which suffered two major IT outages in 2018, saw net losses of 16,142, followed by Natwest which lost 12,514 accounts overall. A total of 40, 656 customers moved their [...]
John Phizackerley receives minimum pay out after TP Icap sacking January 30, 2019 Former TP Icap chief executive John Phizackerley was given the minimum legal and contractual allowance after he was sacked from the broker last year. The broker paid £310,000 in lieu of salary over a six month notice period and £11,245 in lieu of contractual benefits after Phizackerley was fired as director of the company in [...]
Clydesdale Bank owner suffers massive investor backlash over directors’ pay deal January 30, 2019 Clydesdale Bank has been hit by a huge investor rebellion over executive pay. More than a third of shareholders in Clydesdale and Yorkshire banks’ parent company CYBG voted against a pay deal for top bosses. The company, which recently acquired Virgin Money for £1.7bn, said it recognised “the large number of votes opposing the resolution,” and [...]