Goldman Sachs plans EU trading venue in Paris as Brexit nerves grow November 24, 2020 Banking giant Goldman Sachs is set to launch a European stock-trading destination in Paris in an effort to make sure transactions in EU equities can continue smoothly even if there is no post-Brexit agreement.
Time for a new chapter in the City’s special relationship with America November 23, 2020 Over the years, we in the UK have often stressed the “special” nature of our relationship with the US. While this is usually considered in the context of foreign policy, with regards to bilateral financial service trade, it has certainly developed into something truly special — and something we should be grateful for as Thanksgiving [...]
JP Morgan pushes ahead with UK digital bank plans November 22, 2020 US investment bank JP Morgan has reportedly promoted one of its top London employees to spearhead the launch of its digital consumer platform in the UK. It has appointed Sanoke Viswavathan, previously chief administrative officer of technology and operations in its corporate and investment division, as the chief executive of its challenger bank. The company [...]
Treasury rebuffs calls from City banks for help chasing bad debts from Covid loans November 20, 2020 Treasury rebuffs calls from City banks for help chasing bad debts from Covid loans
Starling becomes first challenger to make a profit November 20, 2020 Starling has become the first of the challenger banks to break even as its rivals record mounting losses, with plans to expand across Europe. Positioned as challengers, digital banks Monzo, Starling and Revolut have faced criticism from investors and the Bank of England for failing to deliver profit. But in a trading update today, Starling [...]
Nationwide profits resilient despite coronavirus hit November 20, 2020 Building society Nationwide reported a resilient performance in the first half year with profits stable, despite a £139m impairment charge. The lender reported a 17 per cent rise in pretax profit from £309m to £361m, despite a £139m provision for loans that may not be repaid due to the pandemic. Net lending for the six [...]
MPs launch inquiry with eye to bolstering City after Brexit November 20, 2020 MPs have launched a major new inquiry aimed at strengthening the role of Canada as a global financial hub after Britain leaves the EU’s trading arrangements in January. The Treasury Committee of MPs said it will dig into how financial services regulations should be set and scrutinised by lawmakers, and how regulators [...]
Brexit: ECB demands UK banks to move City staff to Europe despite Covid November 18, 2020 The European Central Bank (ECB) has said in no uncertain terms that it expects UK-based lenders to move staff and assets to the Eurozone if they want to keep serving the bloc’s clients after the Brexit transition period. The Bank, which regulates the Eurozone financial system, told banks they could not use coronavirus as an [...]
Standing up for the recovery: an interview with Lloyds Banking Group’s London ambassador November 18, 2020 | Sponsored Ed Thurman has a different perspective – literally – from most people on banking and how the country can recover from the pandemic. Firstly, he holds two very different senior positions at Lloyds Banking Group: managing director for global transaction banking and ‘ambassador for London’. Secondly, he is 6ft7in tall and has spent most of [...]
BoE’s Andy Haldane: Digital currencies could cut risk and boost lending November 18, 2020 Digital currencies could reduce risk in the financial system and aid monetary policy with interest rates close to rock bottom, Bank of England chief economist Andy Haldane has said. Haldane also told The City UK’s annual conference that new technological infrastructure should be considered to help small and medium-sized businesses better access finance after years [...]
