Commerzbank to continue cost-cutting after quarterly loss February 13, 2020 Commerzbank said today it was looking to make further cuts to costs after reporting a smaller-than-expected loss for the fourth quarter. The German lender, which is in the process of restructuring following a failed attempt to merge with Deutsche Bank, posted a €54m (£45m) quarterly loss. Chief executive Martin Zielke said he was growing optimistic [...]
Bittersweet farewell for Tidjane Thiam as Credit Suisse profits soar February 13, 2020 Credit Suisse has reported its highest annual profits in almost a decade, just days after chief executive Tidjane Thiam was ousted in the wake of a lurid spying scandal that erupted last year. The figures Credit Suisse’s pre-tax profit rose 40 per cent to 4.7bn Swiss francs (£3.7bn) for 2019, the highest figure since 2010. [...]
Cum-ex: The mammoth European financial crime scandal comes to London February 13, 2020 Denmark has a long history of exports across the North Sea. The Vikings, Bacon, Lego, hygge, the Schmeichels, and now, mammoth fraud trials. The Danish taxman is pursuing a $1.9bn (£1.5bn) fraud claim through the UK courts against British businessman Sanjay Shah and more than 70 other individuals and companies. The huge High Court case [...]
Extinction Rebellion to target Barclays, PwC and News Corp in new wave of protests February 12, 2020 Climate change activist group Extinction Rebellion said today it would target the financial industry in a new wave of protests this year. The group’s co-founder said Barclays Bank, Big Four accountancy firm PwC and media group News Corp would be among the targets of direction action. Gail Bradbrook told Reuters that “the economic system is [...]
Brexit: UK ‘optimistic’ on EU green light for derivatives trading February 12, 2020 The UK is “cautiously optimistic” it will get the EU’s permission for the City’s clearing houses to continue to process trillions of pounds of derivatives for EU customers after Brexit, Bank of England deputy governor Sam Woods said today. The London Stock Exchange’s LCH unit holds positions worth £57 trillion on behalf of clients in [...]
Sainsbury’s Bank chairman Roger Davis steps down February 12, 2020 Sainsbury’s Bank has started a search for a new chair after Roger Davis told the board he intends to step down from the role. Davis has chaired the bank’s board for almost seven years. Sainsbury’s said the search to find Davis’s replacement had begun and that further announcements regarding the timings of his retirement and [...]
German digital bank N26 quits UK ‘due to Brexit’ February 11, 2020 German digital bank N26 has announced it is pulling out of the UK, saying it will no longer be able to operate in Britain with its European banking licence. The Monzo and Revolut rival, which is valued at $3.5bn after raising $670m in total, said all UK accounts will be shut down by 15 April [...]
Bank of England’s Mark Carney says infrastructure investment needed to boost growth February 11, 2020 Bank of England governor Mark Carney has said more public investment in infrastructure and higher corporate spending is needed to boost the UK’s struggling economy. Speaking to the House of Lords’ economic committee, Carney also said he expects interest rates to remain low for the foreseeable future as structural factors such as weak productivity weigh [...]
Deutsche Bank taps US tech giants to help with overhaul efforts February 11, 2020 Deutsche Bank has reportedly invited bids from Google, Microsoft and Amazon to overhaul its outdated technology networks as part of a wider turnaround effort by the German lender. Deutsche approached the US tech giants as part of a €13bn (£11bn) technology investment it has planned up to 2022 as it seeks to recover from years [...]
Deutsche Bank’s plans to simplify corporate structure win regulatory backing February 11, 2020 Deutsche Bank’s plan to simplify its complex corporate structure in Germany has won the backing of local and European regulators, in a boost for boss Christian Sewing’s turnaround plan for the German lender. Under the plans, Deutsche will eliminate the separate legal entity that houses its domestic detail operations, known as Deutsche Bank Privat- und [...]
