JPMorgan Chase kicks off US earnings season with record annual profit January 14, 2020 JPMorgan Chase brought in a record annual profit in 2019, its fourth-quarter results showed today, outstripping analysts’ expectations as it kicked off the US earnings season in fine style. The US’s biggest bank was boosted by a marked increase in bond trading as the global economy was shaken by the trade war between Washington and [...]
UK development secretary launches Kenya’s first green bond January 13, 2020 The UK’s international development secretary Alok Sharma this morning launched east Africa’s first “green bond” on the Kenyan securities exchange – a product developed with the help of the City and British aid. The bond will help Acorn Housing raise local currency to build environmentally-friendly houses for students in Nairobi, Kenya’s capital. Read more: Mark [...]
Open banking ‘held back’ by lack of trust over data sharing January 13, 2020 Businesses have failed to reap the benefits of open banking due to a wariness about sharing financial data, a new report has revealed. Open banking, which enables sharing of financial information with other banks and finance providers, was introduced in the UK two years ago in a bid to boost consumers and small businesses. Read [...]
Bank of England rate-setter hints at cut January 12, 2020 A Bank of England policymaker has hinted he could vote for an interest rate cut at the end of this month, making him the third BoE figure to float the idea this week. Gertjan Vlieghe told the Financial Times that if data does not show the UK economy ticking up from its current subdued state, [...]
Bank of England’s Sam Woods warns of crackdown on the City January 12, 2020 Deputy Bank of England governor Sam Woods has warned the City that it could face a crackdown by regulators as they try to ensure the financial system remains safe a decade on since the financial crisis. Woods – who is chair of the BoE’s Prudential Regulation Authority (PRA) which oversees lenders and insurers – told [...]
TSB risk chief Iain Laing steps down after IT meltdown January 12, 2020 TSB’s chief risk officer Iain Laing has become the latest executive to part ways with the bank as it reels from the fallout of a massive IT meltdown. Laing will step down at the end of January after three years in the role and will be replaced by chief audit officer Carlos Paz, who joined [...]
Monzo co-founder quits fintech bank – to farm alpacas January 10, 2020 Monzo co-founder Paul Rippon has quit the UK challenger bank he helped begin so he can spend his time farming alpacas. Rippon, a veteran of the banking sector who has also worked at Starling Bank, will leave his role as deputy chief executive of Monzo “to go and enjoy life” with his alpacas. Read more: [...]
Total value of UK M&A deals rises by £15bn in 2019 January 9, 2020 The total value of mergers and acquisitions (M&A) deals completed by the UK financial services industry rose almost £15bn in 2019, even though the number of such deals dropped considerably. According to data from Big Four auditor EY, financial firms completed £39.8bn worth of deals last year, up from £24.9bn in 2018. Read more: Financial [...]
Banking watchdog outlines plan for single interest rate across cash savings accounts January 9, 2020 The financial watchdog has proposed an overhaul of cash savings products in the UK, a move it said would bump up interest payments to consumers by £260m a year. Under the plans by the Financial Conduct Authority (FCA), banks would have to set a single easy access interest rate (SEAR) across all easy access accounts. [...]
Banks suspend currency exchange after Travelex cyber attack January 8, 2020 High street banks Barclays, Lloyds and Royal Bank of Scotland are without foreign currency services after a cyber attack against forex giant Travelex. The banks, who get their foreign notes from Travelex, said supplies were running short after last week’s attack, in which hackers warned the firm that unless it paid $6m (£4.6m) they would [...]
