DEBATE: Do Jerome Powell’s recent comments suggest that Trump is influencing the Fed’s policy? December 3, 2018 Do Jerome Powell’s recent comments suggest that Trump is influencing the Fed’s policy? YES, says Andy Scott, an associate director at JCRA. Since Powell assumed the role from Janet Yellen in February, the US labour market has continued to strengthen, and the economy has grown at the fastest pace in four years. As a result, Powell’s [...]
Deutsche Bank boss dismisses takeover talk following Panama Papers raids December 2, 2018 The boss of Deutsche Bank said the beleaguered German lender is not at risk of a takeover, after its shares hit a record low on Friday following a two-day police raid prompted by money-laundering allegations. Christian Sewing said he saw no “indication” of a possible merger, following speculation that Deutsche could be looking at a [...]
City broker TP ICAP lines up Man Group director Richard Berliand as new chairman December 1, 2018 Man Group director Richard Berliand is close to joining interdealer broker TP ICAP as the company's new chairman as it looks to regain investors' trust following the chief executive's ousting. Berliand has held big trading roles at JPMorgan and is ICAP's first choice to replace current chairman Rupert Robson. The move is likely to be announced before Christmas and could even [...]
Digital bank Monzo ‘to allow customers to go overdrawn’ to buy shares in £20m crowdfunding round November 30, 2018 Challenger bank Monzo will reportedly allow customers to borrow money to buy shares in its most recent fundraising round. The prospectus for the digital bank’s anticipated £20m crowdfunding lets account holders use their £1,000 overdraft to buy shares, but as shares are not openly traded they cannot then be sold to pay off overdrafts, according [...]
Banking challenger Chetwood builds the world’s first dynamic loan as fintech startups look on November 30, 2018 Welsh banking challenger Chetwood Financial has today unveiled the world’s first so-called dynamic loan, where the interest rate falls as borrowers improve their credit score. Built in collaboration with credit rating firm Clearscore and launched under its brand Livelend, the loan uses technology to monitor a customer’s credit score and reduce its rate at three-month [...]
DEBATE: After one lender launched a six-times-salary deal, are we headed towards a mortgage timebomb? November 30, 2018 After one lender launched a six-times-salary deal, are we headed towards a mortgage timebomb? Andrew Hagger, personal finance expert at MoneyComms, says YES. A shortage in UK housing supply means that property prices continue to increase, albeit at a slower rate in recent months. This means that lenders must stretch their lending criteria in order to [...]
UK banks can pat themselves on the back, but the system is still feeling the stress November 30, 2018 Breathe a sigh of relief: once again, all financial institutions have passed the Bank of England’s annual stress tests. But look beneath the surface, and suddenly the various allowances made this week start to undermine the good news. First, if the impact of the new accounting standard IFRS 9 that came into force in January was [...]
Raid on Deutsche Bank’s Frankfurt offices enters second day as shares fall November 30, 2018 A raid on Deutsche Bank’s Frankfurt offices has entered its second day, German prosecutors said this morning, sending shares down by almost three per cent. The operation is targeting two staff members who are alleged to have set up off-shore firms for clients to launder money from criminality. According to a statement from German prosecutors, [...]
Deutsche Bank’s offices raided by police in Panama papers probe November 29, 2018 Deutsche Bank’s Frankfurt offices have been raided by German police this morning in a suspected money laundering investigation. More than 170 police took part in the operation which was targeting two staff members who are alleged to have set up off-shore firms for clients to launder money from criminality. Noch ist unklar, warum ein Großaufgebot [...]
Revolut to launch in Japan and Singapore, as US expansion experiences further delays November 29, 2018 Fintech startup Revolut has received authorisation from regulators in Japan and Singapore, operating under a licence similar to its UK business through partnerships with local banks. The banking app hopes to launch in the Asia Pacific region in the first quarter of next year, with over 50,000 users already on its waiting list. The news comes [...]