Open finance: exploring open banking’s natural evolution October 23, 2020 | City Talk Laziness. Lack of time. The all-too-frequent challenge of speaking to a helpful person by phone. There are many reasons why consumers and businesses don’t shop around and switch products and suppliers. Failing to keep abreast of the best mortgage rates? Rolling onto the same insurance every year without looking for better deals? If so, open finance – a development coming [...]
Jes Staley confirms intention to stay on as Barclays beats expectations October 23, 2020 Jes Staley has signalled his intention to remain at the helm of Barclays after the bank reported better-than-expected results in the third quarter. In a call with reporters Staley said he would like to lead the bank for two more years, after Barclays today reported a return to profit for its consumer division. Between July [...]
Finance not fish: The trade deal with Japan focuses on what matters for the City October 23, 2020 Trade talks with the EU remain uncertain, with negotiations focused on issues like fishing that have little bearing for the City. But in the meantime, Japan has given “global Britain” — and particularly the City — something to celebrate. This week’s signing of the UK-Japan free trade agreement secures the UK’s smooth transition from the [...]
Deal or no deal, reports of London’s death are greatly exaggerated October 23, 2020 London has for many years enjoyed the reputation as the world’s leading financial centre. Only New York has ever come close to challenging the capital’s crown — and since 2015 London has generally topped all the rankings. In that time, though, every paean to London’s preeminence has carried the gloomy caveat: “until Brexit”. The received [...]
Goldman Sachs to pay $3bn to settle charges over role in 1MDB scandal October 22, 2020 Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) to settle a probe into its role in Malaysia’s 1MDB corruption scandal, drawing a line under a saga that has dogged the bank for years. The settlement resolves a probe led by US authorities into the bank’s role in underwriting three bond offerings in 2012 and [...]
Deutsche Bank ‘in talks to sell IT unit’ as cost-cutting continues October 22, 2020 Deutsche Bank is reportedly in talks to sell a IT services unit to Tata Consulting Services (TCS), one of Asia’s biggest software exporters, as the lender continues a cost-cutting programme. Talks about the sale of Bonn-based Postbank Systems to TCS are expected to result in a deal for the division by the end of the [...]
HSBC ‘to cut 300 jobs’ in overhaul of UK commercial banking October 21, 2020 HSBC has reportedly launched a restructuring of its commercial banking business in the UK that will lead to around 300 job cuts. The cuts are part of a wider strategy overhaul announced by the banking giant earlier this year as it seeks to slash costs and reinvigorate its business in the face of global economic [...]
UK to increase sentence for market abuse in post-Brexit financial regulation October 21, 2020 The UK is planning to increase the maximum prison sentence for market abuse from seven to 10 years, as the government sets out a roadmap for financial regulation after the end of the Brexit transition period. The government is also proposing introducing “more proportionate” regulation of investment firms and giving the City watchdog greater powers [...]
BoE deputy says the ‘time is not right’ for negative interest rates October 21, 2020 High levels of economic uncertainty and a bruised banking system mean now is not the time to experiment with negative interest rates, a deputy governor of the Bank of England has said. Sir Dave Ramsden today struck a more cautious tone on the novel monetary policy than his colleague Gertjan Vlieghe did yesterday. Vlieghe said [...]
Monte dei Paschi ex-boss and former chairman sentenced to jail and ordered to pay damages to bank’s savers October 20, 2020 Former Monte dei Paschi chairman Alessandro Profumo, former CEO Fabrizio Viola were accused of not correctly booking two derivative transactions between 2012 and 2015.
