Deutsche Boerse offices raided in German tax probe August 27, 2019 Deutsche Boerse, the operator for Frankfurt’s stock exchange, has been searched as part of an investigation into a German tax fraud scandal. Public prosecutors have combed through the premises of Deutsche Boerse’s subsidiary Clearstream over a share-trading fraud case in which the German government was allegedly tricked into paying billions of euros in tax rebates. [...]
Natwest and RBS websites crash: Customers struggle to access online banking after outage August 27, 2019 Natwest and RBS banks have still not recovered from major technical issues that have knocked over their websites today. The websites crashed at around 9am and have still not recovered, prompting a deluge of customer complaints on Twitter as people struggled to access their bank accounts. Read more: Natwest apologises after another banking outage The [...]
Deutsche Bank fined $16m over US corruption charges August 23, 2019 Deutsche Bank settled for more than $16m with US authorities yesterday amid charges it had hired the relatives of foreign officials to win business. The Securities and Exchange Commission (SEC) said that it had fined the bank for hiring poorly qualified people just to get close to their decision-making relatives. Under the settlement’s terms Deutsche [...]
RBS and Santander rapped over PPI reminders August 23, 2019 Santander and the Ryal Bank of Scotland apologised to customers today as the UK’s competition watchdog scolded them for not properly reminding PPI customers they were able to cancel their plan. The Competition and Markets Authority (CMA) said it will force the two banks to appoint independent auditors to scour through their payment protection insurance [...]
HSBC urges peace amid Hong Kong clashes August 22, 2019 HSBC and Standard Chartered have weighed into the turmoil in Hong Kong today after calling for a peaceful resolution following several months of mass demonstrations. Both banking giants have taken out newspaper adverts in Hong Kong to urge an end to the violent clashes between police and protesters, which were sparked earlier this summer by [...]
Burford executive accused of exchanging documents for sex tape in lawsuit August 22, 2019 A senior executive at Burford Capital has been accused of unlawfully trading “sensitive” documentas for a sex tape in a $91m (£75m) lawsuit in the High Court. The lawsuit marks the latest battle for the troubled litigation funder, which was subject to a short attack by US firm Muddy Waters earlier this month. Daniel Hall, [...]
Deutsche Bank clamps down on hiring amid €7.4bn restructuring August 21, 2019 Deutsche Bank is tightening its procedures for new hires as it undergoes a major restructuring and headcount reductions. According to an internal memo seen by news agency Reuters, any new hires would need specific approval from the bank’s chief executive Christian Sewing, his deputy Karl von Rohr and finance boss James von Moltke. Read more: [...]
US Fed minutes show bankers debated cutting interest rates more aggressively August 21, 2019 The US Federal Reserve debated cutting interest rates more aggressively at its last meeting amid concerns about a global economic slowdown and trade tensions. The Fed cut rates by 25 basis points at its 30-31 July meeting, with minutes published today showing central bankers were keen to avoid the appearance of being on the path [...]
Bank of East Asia profits slump as concerns mount over Hong Kong protests and US-China trade war August 21, 2019 One of Hong Kong’s largest banking groups posted a sharp drop in profits today as it struck a cautious tone following months of protests in the region and a global economic slowdown from the US-China trade war. Bank of East Asia (BEA), which is based in Hong Kong, reported a 75 per cent drop in [...]
OneSavings and Charter Court post higher loan books as merger draws near August 21, 2019 OneSavings Bank and Charter Court Financial have both reported higher loan books for the first half of this year as they gear up for a £1.6bn tie-up aimed at creating a leading specialist lender. Shares in both groups tumbled by roughly five per cent in morning trading, as lower net margins and Brexit-related uncertainty in [...]
