UK missed out on £110bn of services exports after Brexit referendum, say wonks June 1, 2021 The UK has lost out on more than £110bn of services exports as a result of the 2016 Brexit referendum, according to a new study from Birmingham’s Aston University. Academics said services exports were £113bn lower between 2016 and 2019 than they would have been if the UK had not voted to leave the EU. [...]
Nationwide to cull 150 mortgage advisers in online shift May 30, 2021 Nationwide will axe up to 150 of its mortgage advisers, as the lender shifts to holding online consultations with borrowers instead of than face-to-face meetings. Many of the 150 mortgage consultants are expected to accept voluntary redundancy, the Mail on Sunday first reported. Nationwide now carries out more than half of its mortgage consultations through [...]
Exclusive: Meet the former UBS and JPMorgan heavyweights shaking up private banking May 28, 2021 As the economy is slowly switching into recovery gear, activity in the City and beyond is starting to pick up again. That is also the case for Vestrata, a relatively new fintech player that is taking the wealth management and private banking space by storm by bring machine learning and automated risk metrics into the [...]
Brexit: ECB to crack down on ‘desk mapping’ in London to drive more bankers and capital to the EU May 27, 2021 The European Central Bank is ramping up efforts to push more management and capital out of the City and Canary Wharf, into the EU. The central banking authority plans to scrutinise and crack down on so-called ‘desk mapping’ – or ‘back-to-back booking’ – to determine whether banks’ key staff, capital and book trades used by [...]
Hong Kong HSBC and Citibank bankers threatened with prison if they deal with billionaire Jimmy Lai’s accounts May 27, 2021 Hong Kong HSBC and Citibank branches have been sent letters by the city’s security chief over billionaire media tycoon Jimmy Lai’s accounts – threatening up to seven years in prison, according to Reuters. The media moguls’ assets, including his stake in publisher Next Digital and local bank accounts, have come under fire in recent weeks [...]
HSBC quits US retail banking as it turns attention to Asia May 27, 2021 HSBC is withdrawing from the US retail banking market and selling parts of the loss-making business as it shifts its focus to Asia. The bank has long been trying to shrink its presence in some North American and European markets because it has struggled to compete with larger domestic players. In February HSBC unveiled a [...]
BoE policymaker urges regulators to probe $10bn Archegos collapse May 26, 2021 A Bank of England’s policymaker has urged that financial regulators today should have a cross-border inquiry into how the collapse of US investment fund Archegos cost banks more than $10bn. Anil Kashyap, a BoE financial policy committee member, also warned that new European Union bank capital rules could have “tragic” outcomes if abused. Archegos collapse [...]
Using The Power of One to build public trust May 26, 2021 | City Talk Bill MacLeod CA, member of the ICAS Ethics Board, talks about putting ICAS’ The Power of One into practice and why it’s important for chartered accountants (CAs) to put ethics at the heart of their professional responsibilities. Bill was the Ethics Partner and Partner Responsible for Independence at PwC until his retirement in 2020. Since his retirement he has become a [...]
Adios, Amigo? Sub-prime lender shares collapse in half after court blow May 25, 2021 Subprime lender Amigo Loans has suffered a major blow after a High Court judge knocked down plans to cap compensation payments for historic complaints. A High Court judge ruled in favour of the Financial Conduct Authority who argued that the scheme would place a “disproportionate burden on customers, as opposed to shareholders and bondholders.” The [...]
Deutsche Bank to move another 100 jobs out of London in post-Brexit overhaul May 25, 2021 Deutsche Bank is moving 100 jobs out of London and relocating the roles to the EU and Asia as the lender overhauls its corporate bank in the aftermath of Brexit. Germany’s biggest lender is making a quarter of the division’s 400 staff redundant, with their roles moved to Dublin, Berlin, Frankfurt and cities across Asia, [...]
