Andrew Bailey says ‘no deal’ was done between government and BoE on post-Brexit rules shake-up January 16, 2023 Andrew Bailey, the governor of the Bank of England, said today there was no backhand deal done between the central bank and the government over a post-Brexit shake up of the UK’s financial rules regime. Responding to questions from MPs during a Treasury Committee meeting today, Bailey, 63, said the Bank “did not trade Solvency [...]
Barclays’ staff shortages force it to turn away new business January 16, 2023 Barclays has been turning away companies with more than one director apply for new bank accounts as staff shortages have left the lender unable to complete anything but the most basic background checks. Barclays has struggled to open new business accounts for more than four months, and will probably continue to reject companies with more [...]
Saving: Reforms needed to extend benefits of UK tax breaks beyond wealthier ‘top 10 per cent’ January 16, 2023 A shake-up of incentives to help people save is needed to help more households build resilience against financial shocks, according to a think tank. The struggle to save is a particular problem for low to middle-income households, with those in the bottom half of the income distribution typically having £3,000 of savings per adult, the [...]
Credit Suisse preparing to cut 10 per cent of European investment bankers – report January 15, 2023 Credit Suisse is preparing to lay off more than 10 per cent of its European investment bankers after issuing redundancies to hundreds of staff last month. The Swiss bank is planning to make widespread layoffs, as it pushes forwards with plans to sack thousands of workers, the Financial Times reported. Credit Suisse declined to comment [...]
Cashed-up banks ready to buy UK fintech firms on the cheap in 2023, says VC chief January 15, 2023 The UK’s fintech sector will see a wave of acquisitions this year as cashed-up banks and investment firms will swoop in to buy struggling firms on the cheap, a top venture capital chief has predicted. Tim Levene, chief of London-listed venture vehicle Augmentum Fintech, said that banks had failed to properly digitally transform over the [...]
Why UK banks are not going to cause another financial crisis January 15, 2023 UK banks are better prepared to withstand a jump in home loan defaults, cooling fears of a repeat of the financial crisis, analysts have told City PM Strict affordability rules implemented after the 2008 banking crash have strengthened lenders’ loan books, meaning they are well insulated from a potential rise in defaults caused by last [...]
Exclusive: The WhatsApp scandal in banking and its place in the City January 15, 2023 The unprecedented fine from the SEC, exacted on 16 Wall Street banking giants in 2022, caused ripples on both sides of the pond last year. The collective $1.8bn in punishments doled out to a group consisting of names such as Barclays, Citigroup, Goldman Sachs, and Morgan Stanley, was executed as staff were found to have discussed deals [...]
Exclusive: CybSafe’s CEO on tackling VC pattern matching as a black business founder January 14, 2023 When CybSafe CEO Oz Alashe MBE raised his Series B funding round last year, the ambitious London entrepreneur was one of only ten black British founders to have ever done so, or so he was told. While Alashe has not been able to validate that claim, it gives an insight into the stark reality of [...]
Goldman Sachs’ new fintech unit racked up staggering £2.5bn loss since 2020 January 13, 2023 Goldman Sachs’s new fintech unit, Platform Solutions, lost $3bn (£2.5bn) since 2020 according to earnings reports republished by the bank on Friday. Platform Solutions – a new unit housing fintech and many of Goldman’s consumer banking products such as the Apple Card and Greensky – was announced as part of restructuring plans in October. To [...]
Blackrock’s profit and AUM down but world’s largest fund manager reports net inflows of $146bn January 13, 2023 Blackrock reported an 18 per cent drop in its fourth-quarter profit blaming an ‘operating environment unlike anything we’ve seen in decades’. The world’s largest fund manager still managed to net increase inflows, which totalled $146bn during the three months ending 31 December. Blackrock’s net income income fell 23 per cent to $1.3bn (£1.1bn) from $1.6bn [...]
