Swiss bank UBS hits highest profits in over five years across all regions July 20, 2021 Swiss bank UBS posted net profits north of $2bn today, as handling assets for the ultra-wealthy proves to be a money-maker for world’s largest wealth manager. Net profits saw a 63 per cent jump in the second-quarter, which exceeded analyst forecasts by more than half a billion dollars. “The momentum is on our side. We [...]
Swiss bank UBS to settle US charges over volatility-tied compliance failures July 19, 2021 Swiss bank UBS’s brokerage branch is set to dish out $8m to settle charges made by the US’ securities regulator over compliance failures. The compliance issues related to the sales of a volatility-linked, exchange-traded product, the regulator confirmed today. The Swiss bank was charged by the US Securities and Exchange Commission (SEC) for failing to [...]
HSBC reopens all branches and offices in England from today July 19, 2021 HSBC said this morning it has reopened all of its bank branches and offices in England today as the government lifts the remainder of Covid-19 restrictions. HSBC will also increase its building capacity to around 50 per cent of staff over the next few months. “I know many colleagues will be hugely excited to get [...]
Upsurge in FCA voluntary resignations costs watchdog over £7m July 16, 2021 The cost of the Financial Conduct Authority’s “voluntary resignation programme” has surged to over £7m compared to just £200,000 last year. The watchdog’s figures, published in its annual report for the year to April, showed the jump, in the number of staff who took advantage of its “Mutually Agreed Resignation Scheme” (MARS) in the year [...]
‘Stable-coins’: Japan to join race to regulate digital currency July 16, 2021 Japan is gearing up its efforts to regulate digital currencies internationally, according to reports, as other economic powers race to push out their own, ‘more stable’, tech-based currency. It is a sign that the Japanese government, alongside other G7 states, fear that the growing popularity of digital currency could rattle current financial systems beyond repair, [...]
Mounting inflation could trigger early end to BoE’s bond buying July 15, 2021 An external member of the Bank of England’s monetary policy committee has warned that surging inflation could prompt the central bank to end its bond buying programme early. Michael Saunders said in a speech on Thursday: “if activity and inflation indicators remain in line with recent trends… options might include curtailing the current asset purchase [...]
Morgan Stanley beats expectations as investment banking income climbs July 15, 2021 US bank Morgan Stanley smashed analysts’ expectations for second quarter earnings and revenue, driven by record levels of capital market activity boosting its investment banking business. Revenue at the banking giant came in at $14.8bn, much higher than the $13.98bn estimate. Earnings per share hit $1.85, topping analysts’ estimates of $1.65. Read more: JPMorgan profits [...]
Inflation to soar to four per cent, warns BoE deputy governor July 15, 2021 The deputy governor of the Bank of England has warned that inflation could soar as high as four per cent, double the Bank’s target. Sir Dave Ramsden said in a speech on Wednesday that he “wouldn’t be surprised to see the whole inflation rate potentially rising as high as four per cent for a period [...]
UK banks expect a rush of defaults in coming months July 15, 2021 UK banks expect defaults to rise over the coming months as households struggle to service debt taken on to cope with the financial pressures of the Covid crisis, new figures released today reveal. According to the Bank of England’s latest Credit Conditions Survey, banks expect default rates on unsecured lending – or credit card lending [...]
FCA outlines plans to spot fraud and ‘poor behaviour’ faster after LCF debacle July 15, 2021 The Financial Conduct Authority (FCA) said this morning it plans to invest £120m in improving its data capabilities over the next three years to crack down on fraud and misconduct. The UK’s financial watchdog outlined plans to overhaul its practices and vowed to be faster at spotting fraud and poor behaviour by banks. These include [...]
