Brexit post-mortem for the City: London’s ‘Golden Age’ is over, warns NatWest chair Howard Davies May 18, 2021 Canada’s will remain a global financial centre but may not see the ‘golden age’ again, according to NatWest bank chairman Howard Davies. “Almost five years after the Brexit referendum, and five months after Britain’s exit from the European Union, the future of London as a global financial centre seems secure,” the City [...]
Uncertain times, strong performance May 18, 2021 | Sponsored Watch Alex Crooke, Fund Manager of The Bankers Investment Trust, in the Trust TV studio as he looks back on an extraordinary year for global markets and discusses the particular challenges he faced. Alex will also outline his views on the optimal global asset allocation, the outlook for dividends in 2021 and beyond, his approach [...]
Santander UK customers hit by technical problems May 15, 2021 Santander customers in the UK are currently unable to withdraw money from the Spanish bank’s cash machines or access online services due to a technical problem. The lender, which has around 14m customers in Britain, said that the issue was affecting branch, telephone, online app and card services. “We’re aware of a technical issue affecting [...]
Sanjeev Gupta pulls funding for troubled Wyelands Bank May 14, 2021 Sanjeev Gupta’s Wyelands Bank is set to be sold or would-up after its accounts revealed that repayments on 80 per cent of its loan book were overdue. The move, reported by The Times, came after the Bank of England ordered Wyelands to repay £194m to its retail depositors in March. The bank said yesterday that [...]
Brexit transfers: Barclays, Goldman Sachs and Morgan Stanley move senior City dealmakers to the EU May 14, 2021 Investment giants Morgan Stanley, Goldman Sachs and Barclays have started to move a range of senior bankers from their offices in Canary Wharf and the City to financial hubs across the EU. Ongoing uncertainty over the UK’s access to the EU’s financial services market, combined with pandemic damage and pressure from local regulators, has led [...]
Too late for UK-EU ‘fish for finance deal, say Canada Corporation May 13, 2021 It is too late for the UK to strike a “fish for finance deal” with Brussels to ensure the City gets renewed access to the EU, according to a top Canada Corporation official. Nick Collier, managing director of Canada Corporation in Brussels, said at a Best for Britain event today [...]
City lobby pays off: New finserv compensation pot for consumers slashed by more than £200m May 13, 2021 The amount of money banks and other financial institutions will have to pay into an insurance pot to protect customers should one of them fail has been slashed from an earlier estimate, after they protested about the high levels. The Financial Services Compensation Scheme (FSCS) reduced the total levy by £206m from its January forecast. [...]
France wants to delay UK-EU Brexit financial services pact over fishing row May 12, 2021 France is aiming to block a post-Brexit financial services pact between the UK and the EU over a row about fishing rights. The UK and EU announced in March that it had drafted a regulatory co-operation agreement, known as a Memorandum of Understanding, on financial services, however it is yet to be signed or made [...]
Commerzbank raises outlook as it posts surprise first quarter profit May 12, 2021 Commerzbank raised its revenue outlook this morning as it surprised investors by posting a profit after a period of strong trading commissions. The German bank said its better-than-expected performance came down to higher net commission income from securities trading. It posted a net profit of €113m in the three months to 31 March, against a [...]
JP Morgan’s UK staff set to return to office from next month May 11, 2021 JP Morgan has told its UK staff that more of them will return to the office from next month as restrictions start to ease. The American bank told staff to prepare for a “consistent schedule” which combines both remote and office working but offices will operate at maximum 50 per cent of capacity, according to [...]
