Thierry d’Argent becomes SocGen’s top banker in London May 17, 2023 Societe Generale’s London head has been promoted and will be replaced by the aptly named Thierry d’Argent. The new boss, d’Argent, has been named SocGen group country head for the UK and Ireland and chief executive of the bank’s London branch. d’Argent began his career in 1988 at Oliver Wyman. He then joined Barings and [...]
UBS saw Credit Suisse deal as ‘not desirable’ – and could now take $17bn hit from it May 17, 2023 UBS estimates it will take a $17bn hit from the takeover of its long time rival Credit Suisse as regulatory filings reveal it never wanted the deal to take place. UBS estimates a negative impact of $13bn from fair value adjustments and $4bn in potential litigation and regulatory costs. UBS executives have previously warned that [...]
Use of community lenders rises as cost of living pressures see more refused loans elsewhere May 17, 2023 Community lenders saw a 22 per cent increase in customers in 2022 as the deteriorating economic environment helped exclude ever larger numbers from the traditional financial sector. According to new figures from Responsible Finance, community development finance institutions (CDFIs) increased total lending by 20 per cent in 2022 to £248m, reaching 94,744 customers. The majority [...]
UK banks lead peers in preparation for global Basel rules – but costs are mounting May 17, 2023 UK banks are leading their global rivals in the implementation of the latest update to international banking standards, according to new research. According to new EY research, all of the UK banks surveyed have put measures in place to comply with the new rules, known as the Basel III reforms. This compared to only 61 per [...]
Wells Fargo reaches £800m settlement with shareholders over recovery from scandals May 16, 2023 Wells Fargo has agreed to pay $1bn (£798m) to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers. A preliminary settlement of the proposed class action was filed late Monday night with the federal court in Manhattan, and requires a judge’s [...]
HSBC aims to grow its Asian business amid pressure from top shareholder Ping An May 15, 2023 HSBC has unveiled plans to bolster revenues in its Asia business amid mounting pressure from its top shareholder to improve performance across the region. The banking giant told investors it is aiming for revenues in Asia’s wealth business to grow by up to 9% in the next three to four years. It also wants to grow [...]
£233bn stuck in zero-interest accounts as pressure grows on banks to improve advice May 15, 2023 As banks come under fire for offering “measly” rates to savers, new figures reveal many are leaving hundreds of billions of pounds lying idle in zero-interest accounts. Some £233bn is being held in zero-interest accounts, according to Bank of England Data analysed by asset management firm Bowmore. This is up from the total held in [...]
Banks set to ramp up lending as UK economy dodges recession May 15, 2023 Banks are expected to ramp up their lending this year as the UK economy dodges the gloomiest recession predictions and the housing markets shows signs of some revival, according to a panel of top economists. Total UK bank loans are now expected to rise 1.2 per cent this year, a net increase of £29bn, upgraded [...]
Disney woes and health of banks edged Wall Street lower May 12, 2023 Wall Street edged lower on Thursday, weighed down by a sharp drop for the Walt Disney Company and flaring fears about the health of some US banks. The S&P 500 lost 7.02 points, or 0.2 per cent, to 4,130.62, with two out of every three stocks in the index falling. The Dow Jones Industrial Average [...]
Fintech calls for anti-fraud tax to tackle scamming epidemic May 11, 2023 Tide has argued the government should introduce an anti-fraud tax to fund the battle against fraud as the fintech firm criticised the lack of ambition in the recently released fraud strategy. Although Tide – which provides mobile banking services for SME businesses – welcomed the creation of a National Fraud Squad, it argued it was [...]
