Major UK banks are in advanced talks to move to Paris, the head of the French financial regulator reckons December 8, 2016 Some of the UK's largest lenders are in "advanced" talks to move to Paris, the head of France's financial regulator has said. In a move which could lead to scores of UK-based banking roles moving to the French capital, Benoit de Juvigny told the BBC's Newsnight "large international banks" were already in the process of doing due [...]
Plan B for Italian banks is like Fight Club: You don’t talk about it (except in Italy) December 8, 2016 Back in 2010, as the Greek crisis began, I was up in the mountains of Davos interviewing Joaquin Almunia, the then EU economics commissioner. Eight times I asked him: does the EU have a Plan B if Greece’s banks fail? After fudging an answer on the first four attempts, saying Plan A was surely going [...]
London still top destination for future hedgies December 8, 2016 London is set to remain a hedge fund hotspot in coming years after 21 of 50 up-and-coming hedge fund managers in Europe were found to be based in the UK capital. The research – from the Hedge Fund Journal (HFJ) in partnership with accountancy giant EY – features fresh names in the sector, most of [...]
Metro Bank’s new partnership proves the Post Office’s importance December 7, 2016 One of Britain's newer financial institutions has team up with one of Britain's oldest and revered high street networks. Metro Bank today announced its business customers will be able to use the Post Office's 11,600 branches to deposit cash and cheques as well as obtain change. The tie-up will help the challenger to keep up with increasing [...]
Numis boss glosses over sterling’s demise after posting record revenue growth December 7, 2016 Stockbroker Numis raked in the cash after posting its best ever revenue growth over the last year. Despite 2016's shock events one of Numis’ two co-chief executives said he was feeling positive about next year. “We’re expecting M&A activity to pick up next year, after a relatively flat period,” Ross Mitchinson, co-chief executive, told Morning Wire, adding, “Brexit [...]
The UK City watchdog’s so good at fintech it’s going to teach Hong Kong December 7, 2016 The UK's forward thinking City regulator is exporting its fintech expertise, partnering with authorities in Hong Kong to foster innovation in finance. The Financial Conduct Authority (FCA) and the Hong Kong Monetary Authority (HKMA) to share its knowledge and promote innovation between the two countries. It's the latest example of the UK collaborating with other [...]
Challenged becomes the challenger: An established asset lender just got a banking licence from the FCA December 7, 2016 Regulators today gave Aim-quoted lender Private & Commercial the green light to operate as a fully-fledged challenger. The Financial Conduct Authority (FCA) approved Private & Commercial's application for a banking licence, meaning it can open its doors to taking cash deposits. Read more: Digital challenger bank N26 has pulled back from its UK launch plans [...]
The EU competition watchdog just fined HSBC, Credit Agricole and JP Morgan Chase €485m over Euribor December 7, 2016 HSBC is one of three banks fined a total of €485m (£412.4m) over their participation in a Euribor rigging cartel, the European Commission's antitrust watchdog said today. HSBC will pay €33.6m over its month-long participation in the cartel, which rigged euro interest rate derivatives, while Credit Agricole will pay €114.7m and JP Morgan willl pay €337.2m, both [...]
Credit Suisse shares rise as chief exec Tidjane Thiam cuts costs and lowers profit targets December 7, 2016 Credit Suisse shares have risen more than six per cent in early trading after it announced more than 1bn Swiss francs (£785.4m) in extra cost cuts. It is just over a year since chief executive Tidjane Thiam set out his restructuring strategy for the bank to focus on markets in Switzerland and Asia and ditch investment banking for wealth management, [...]
Monte dei Paschi shares jump 10 per cent on bailout hopes December 7, 2016 Shares in Italian bank Monte dei Paschi di Siena soared more than 10 per cent today on rumours that the Italian government is preparing a rescue bid. According to reports, Italy will take a €2bn (£1.7bn) controlling stake in the country's third biggest bank. The surge in the bank's shares is a turnaround from the stock's [...]