Changing times: Market leaders and investor groups call for shorter working day on trading floors November 7, 2019 The daily bustle on Europe’s high-octane trading floors should be cut short by more than an hour in a bid to improve mental health and diversity, two of the financial industry’s most influential bodies have urged this morning. The London Stock Exchange (LSE) has said it will begin a formal consultation looking at working hours [...]
Co-op bank losses widen in wake of PPI costs and fierce mortgage market November 7, 2019 The Co-operative Bank has reported widening losses during the third quarter of this year, as it became the latest in a long line of lenders to take a financial hit from the payment protection insurance (PPI) scandal. The British bank reported losses before tax of £118.6m during the nine months to 30 September, deepening from [...]
The FCA is proposing a radical change to the UK’s regulation system November 7, 2019 With the recent headline-grabbing noise coming from Westminster, few paid much attention to the key announcements coming out of the Financial Conduct Authority (FCA). Senior figures from the regulator have been giving some of the most significant speeches about the future of financial services in years. But are the right audiences listening to this talk [...]
Law firm tries to muscle in on £1bn forex cartel claim November 6, 2019 US claimant law firm Hausfeld is trying to muscle in on a £1bn group action against a raft of banks who were found to have rigged the foreign exchange markets. The Competition Appeals Tribunal (CAT) heard today that Hausfeld is set to bring a claim by the end of November. The CAT was sitting for [...]
Why the Bank of England should keep interest rates on hold November 6, 2019 The Bank of England must leave interest rates on hold tomorrow and resist the urge to tinker until Britain’s economy is out of the General Election and Brexit fog, City PM’s panel of expert economists has said. Read more: Sajid Javid delays appointment of new Bank of England governor Much has changed in British politics [...]
Monzo’s ‘hot coral’ colour trademark attempt rejected November 6, 2019 Online bank Monzo’s attempt to trademark its distinct “hot coral” colour has been rejected. The fast-growing fintech firm’s application to register the bright signature colour as its own was turned down by the intellectual property office. The move, first reported by Financial News, was an attempt to protect the brand’s image against a number of [...]
SocGen profit slumps amid major restructuring November 6, 2019 Societe Generale has posted a steep drop in profit for the third quarter of this year, missing analyst expectations amid a major restructuring effort. The bank reported net profit of €854m (£734m) for the three month period, dropping almost 35 per cent when compared to the same quarter last year. Analysts expected a net income [...]
Santander takes majority stake in Ebury for £350m November 4, 2019 Santander has snapped up a majority stake in UK-based fintech firm Ebury for £350m. The Spanish bank’s acquisition of a 50.1 per cent holding in the firm comes as part of a wider effort to target more growth from SMEs. Read more: Debate – will Uber’s move into banking succeed or fail? Ebury, which operates [...]
DEBATE: Will Uber’s move into banking succeed or fail? November 4, 2019 Can Uber graduate from taxi rank to taxi bank after announcing its move into financial services? YES, says Andrew Mitchell, vice president at JCB. Uber’s drivers are its bedrock. And growing driver service and revenue options without earth-shattering outlays is shrewd indeed. As such, Uber Money is a logical step to maximise its digital-lifestyle standing [...]
Labour mulls climate change finance crackdown as election looms November 3, 2019 The Labour party is considering measures to crack down on firms which invest in fossil fuels which include making the Bank of England (BoE) change its policy operations to avoid carbon bias. In an announcement which has raised concerns about “skewing” the BoE’s focus, Labour said it was also considering forcing banks to publish the [...]
