Hard Brexit risks ‘manageable’ says Irish central bank official January 17, 2019 The risks of a “cliff edge” Brexit to the stability of the Irish financial system are manageable and the majority of its “most significant” firms are already executing contingency plans, the Central Bank of Ireland deputy governor Ed Sibley said today. Sibley said: “I am satisfied that from a financial stability perspective the most material [...]
In a cashless society, what will we do when our colleagues turn up rattling the collection tin? January 17, 2019 Periodically, a senior economist will suggest that as a society we could abolish cash. As an idea, it unites left and right in immediate dismay. On the one hand, it would strike a blow against individual liberty, giving retailers, banks, and possibly governments the potential to track your every transaction. On the other, it would [...]
Paid tha Cost to Be da Boss: Snoop Dogg invests in Swedish fintech unicorn Klarna January 17, 2019 Rapper Snoop Dogg has invested in $2.5bn (£1.94bn) Swedish fintech company Klarna, it emerged today. The rapper, famed for hits such as Gin & Juice, From tha Chuuuch to da Palace and Ain't Nuthin but a G Thang, has more lately reinvented himself as an investor, playing a role in specialist cannabis venture capital firm [...]
Goldman Sachs chief executive apologises to Malaysian people over 1MDB scandal January 16, 2019 Goldman Sachs chief executive David Solomon has apologised to the Malaysian people for former banker Tim Leissner’s role in the 1MDB sovereign wealth fund scam. Last year US prosecutors charged two former bankers with the theft of billions of dollars from IMDB and Leissner pleaded guilty to conspiracy to launder money and agreed to pay [...]
Goldman Sachs shares soar after bank defies market turbulence to beat revenue forecasts January 16, 2019 Goldman Sachs shares have soared after the US bank defied market conditions to deliver stronger-than-expected earnings in the fourth quarter. The bank posted revenue of $8.1bn (£6.3bn) in the three months to the end of December, higher than forecasts of $7.5bn and slightly up on the same period in 2017. Shares in the New York-based [...]
Blackrock investigates hoax letter to chief executives over climate change January 16, 2019 Blackrock is investigating a hoax letter published this morning, claiming to be from chief executive Larry Fink, that warned companies that the world’s largest investment firm would divest unless they took action against climate change. The letter, which was posted on a spoof Blackrock website as the company reported its financial results, said the investor [...]
London fintech startup Jaja Finance picks up £5m with a boost from Celeres January 16, 2019 Credit card fintech startup Jaja Finance has today confirmed the final close of its £3.5m crowdfunding round, boosted by an additional £1.5m from Celeres Investments. The £5m intake adds to an earlier £4.4m raised in seed funding last year, backed by Blystad Group and Pollen Street Capital among others. More than 1,000 private investors took [...]
Santander cancels appointment of Orcel over compensation January 15, 2019 Banco Santander stunned the banking world this evening by announcing the reversal of its decision to appoint Andrea Orcel as its new chief executive because of the cost of compensating him for leaving his previous role. The bank had announced the high profile appointment of Orcel, former head of investment banking at UBS, in September. [...]
MPs fear FCA proposals on overdraft rules could end free banking January 15, 2019 The head of the UK’s financial watchdog told MPs this morning that he is “very alert” to the possibility that proposed rules to tackle charges for unplanned overdrafts could raise the cost of planned consumer borrowing. MPs raised concerns that changes to overdraft rules could negatively impact the availability of free banking as banks would [...]
JP Morgan disappoints as Wall Street’s dire December claims another scalp January 15, 2019 US bank JP Morgan saw its bond trading revenue plunge 18 per cent at the end of last year as Wall Street’s dire December claimed another major scalp. The bank – a bellwether for the financial industry – said “challenging market conditions” caused revenue declines in credit trading, rates and commodities, as it published results [...]