Deutsche Bank chairman denies merger talks after turbulent year, claims turnaround already bearing fruit December 30, 2018 Crisis-stricken Deutsche Bank is strong and is already benefiting from a turnaround plan, according to chairman Paul Achleitner. The loss making German bank’s boss was quick to play down rumours that the bank needed state aid, or that a merger was on the cars in an interview published this morning. Achleitner told German language newspaper [...]
Credit Suisse on track to boost equity returns, chairman says December 22, 2018 Credit Suisse remains on track to boost equity returns to at least ten per cent in 2019, the Swiss lender’s chairman Urs Rohner has said. Rohner, who has been chairman since 2011, said cost cutting and closing down the bank’s strategic resolution unit – which has weighed down its performance – would help lift the [...]
Barclays snubs Bramson after activist investor moves for seat on the bank’s board December 22, 2018 Barclays has snubbed Ed Bramson after the activist investor moved for a seat on the bank’s board. Bramson floated the idea of his investment vehicle Sherborne Investors being given a seat on the board at a meeting a few weeks ago, according to Sky News. But the lender told Bramson, who has called for the [...]
Hedge fund manager CQS hire former LSE chief Xavier Rolet as new CEO December 21, 2018 Hedge fund management firm CQS has appointed former London Stock Exchange chief Xavier Rolet as its new CEO. Rolet, 59, will begin his new role at CQS in the new year, allowing the company's founder Sir Michael Hintze, 65, to focus on running money as a senior investment officer. The London-based manager has grown by almost $4bn to $18.1bn [...]
Malaysia seeks $7.5bn from Goldman Sachs in 1MDB reparations December 21, 2018 Malaysia is reportedly seeking $7.5bn (£5.9bn) in reparations from Goldman Sachs over its dealings in the ongoing scandal surrounding the country's state investment fund 1MDB. A criminal investigation is currently scrutinising three bond offerings raised by Goldman Sachs and others for 1MDB to a total of $6.5bn (£5.2bn). Malaysian authorities on Monday published a charge sheet [...]
Danske Bank ends torrid year with second profit warning sending shares to five year lows December 21, 2018 Scandal-hit Danske Bank has ended a difficult year with a second profit warning, sending shares to five-year lows. The Danish bank, embroiled in an alleged €200bn (£180bn) money laundering scandal, cut its 2018 profit forecast this morning for a second time. It now expects a net profit of around Kr15bn (£1.8bn) in 2018, down from [...]
EU government debt agencies begin removing London from bank contracts ahead of Brexit December 21, 2018 EU government debt agencies have begun the process of switching contracts from London branches of banks to divisions in the bloc ahead of Brexit. Several countries have started changing their “primary dealers” – banks used by governments to manage their borrowing – away from London. Officials from five countries told Reuters this process had already [...]
EU competition watchdog warns four banks over bond trading cartel December 20, 2018 The European Commission has warned four banks they may have breached EU competition rules, as the watchdog investigates an alleged bond trading cartel. Employees at the banks allegedly colluded in online chatrooms to distort competition in US dollar denominated bonds in the secondary market over a six year period. The investigation relates to conduct by individual [...]
Britain risks ‘sleepwalking’ towards Swedish-style cashless society December 19, 2018 An unplanned rush towards a cashless society would risk excluding millions of vulnerable people, especially the elderly and those living in rural areas. Ten years ago, cash was used for six out of every ten payments, but the number of cash payments are now down to one in three. If cash use continues to go down [...]
Singapore bans ex-Goldman Sachs banker Tim Leissner for life after 1MDB scandal December 19, 2018 Singapore has banned a former Goldman Sachs director from the country’s securities industry for life after he admitted to criminal charges connected to the 1MDB scandal. Tim Leissner was banned by authorities for 10 years in 2017 but has been hit with a lifetime ban after he pleaded guilty in the US to conspiracy to [...]