Interim Financial Conduct Authority (FCA) chief executive Tracey McDermott says she is worried British banks will “stop caring” and “begin to turn a blind eye to bad behaviour” March 13, 2016 The interim boss of the City watchdog has warned that it would be "very, very easy" for Britain's biggest banks to stop caring about standards of conduct and behaviour. "It would be very, very easy for change to be reversed," Financial Conduct Authority (FCA) acting chief executive Tracey McDermott said in an interview with the Sunday Times [...]
UK bank bonus rounds 2016: Boss’ bonuses hit as banks reward junior staff instead – while Citigroup awarded the best bonuses this year March 13, 2016 Looking for a job in banking? You could do a lot worse than heading to Citigroup, which awarded the biggest rise in bonuses this year, according to new research. In fact, Citi was the only bank to increase bonuses for mid-ranking managers, according to salary benchmarking site Emolument. The bank increased its VPs’ bonuses four per [...]
EU referendum: Housebuilders, mid-caps, banks and retail will be the sectors worst-hit by a Brexit, says UBS March 11, 2016 The Brexit debate continues apace – and now UBS Wealth Management has waded in on the argument, pointing out some of the sectors most at risk if the UK votes in favour of leaving the European Union. The good news is fears around Brexit have already been priced into the market, said Caroline Simmons, deputy [...]
Hacker’s typo foiled a billion dollar bank heist involving the Bangladesh central bank and the New York Fed March 11, 2016 A spelling mistake in an online bank transfer helped halt a nearly $1bn heist last month, sparing the Bangladesh central bank and the New York Fed from an embarrassing episode. But the unknown cyber criminals still managed to get away with a hefty $80m, meaning it was still one of the largest bank thefts in [...]
Deutsche Bank bonus pool shrinks to €2.4bn in 2015 after losses March 11, 2016 Deutsche Bank employees' bonus pool shrank to €2.4bn in 2015 after the bank was hit by the double whammy of massive losses and market volatility. The bank's annual report, published this morning, showed variable compensation fell from €2.7bn last year. Meanwhile, the number of full-time staff at the lender rose from 98,138 to 101,104 – [...]
European Central Bank boss Mario Draghi is not blind to the circling sharks March 11, 2016 There is a point in Team America, Trey Parker’s epic puppet parody, when UN inspector Hans Blix is trying to convince Kim Jong Il to let him conduct a thorough search for nuclear weapons. “Let me see your whole palace – or else!” says Blix, to which the North Korean despot replies: “Or else…what?” “Or [...]
Euro rebounds: Mario Draghi warns euro inflation will stay negative for “several months” and European Central Bank cuts deposit rate and expands quantitative easing March 10, 2016 European Central Bank (ECB) chief Mario Draghi has suggested inflation in the Eurozone will stay negative for "several months" – but added that the bank is "not short of ammunition" to bring it back up to target. At a press conference after the bank announced it was slashing key rates, Draghi said he expected inflation to pick up to 0.1 per cent in [...]
This is what ECB president Mario Draghi’s big TLTRO II reveal is doing to banking stocks including Deutsche Bank, UniCredit, Soc Gen and Sabadell March 10, 2016 European banking share prices soared on the back of Mario Draghi's big reveal this afternoon, with the likes of Deutsche Bank, UniCredit and Societe Generale leading the pack. The European Central Bank president cut its deposit rate to minus 0.4 per cent, from minus 0.5 per cent, as well as expanding its quantitative easing programme by €20bn to €80bn a [...]
Aldermore chief executive Phillip Monks says the challenger bank has “plenty of headroom” to grow after posting 88 per cent surge in profits March 10, 2016 Shares in Aldermore Group are down by more than one per cent this afternoon, after spiking earlier today on the news that the British challenger bank had reported a better-than-expected 88 per cent jump in profit for 2015. The bank's chief executive, Phillip Monks, told Morning Wire that while the share price moves were "perhaps a little [...]
Metro Bank share price up as unconditional trading begins on London Stock Exchange and Jefferies initiates coverage with a buy March 10, 2016 Shares in Metro Bank are trading above the price of the British challenger bank's initial public offering (IPO) today, the first day of unconditional trading for the stock on the main market of the London Stock Exchange (LSE). The stock is trading at 2,200p per share this morning, compared to an IPO price of 2,000p per [...]