Metro Bank shares fall further amid boardroom bust-up July 8, 2019 Shares in Metro Bank closed down more than 3.5 per cent today amid reports of rising tensions in the boardroom. Read more: Metro Bank and Network Rail bosses voted among most popular by staff Top executives at the high street bank have reportedly been pushing chairman Vernon Hill to resign from the board amid torrid [...]
Court told of Treasury’s ‘pervasive’ impact on controversial RBS unit GRG July 8, 2019 The government’s influence over a disgraced wing of RBS in the years following the financial crisis was “pervasive”, a court was told today. An internal bank memo from June 2010 raises concerns about the Treasury’s involvement in the global restructuring unit (GRG) of RBS. The GRG has been accused of driving small businesses into the ground as [...]
Deutsche Bank wields the axe in London as traders sent home July 8, 2019 Traders were sent packing from Deutsche Bank’s London office today as the German lender shuttered its entire share-dealing department. Read more: City jobs at risk as Deutsche Bank prepares to slash 18,000 roles globally Numerous bankers were given until 11am to vacate their offices, while bosses held conference calls to inform different teams about their [...]
London fintech Soldo scoops up $61m in funding July 8, 2019 London-based business banking fintech firm Soldo has today closed a $61m (£48.7m) series B funding round, led by Battery Ventures. Battery joined the round as a new investor alongside Dawn Capital, and existing investors Accel and Connect Ventures. The venture capital firms have previously backed the likes of iZettle, Facebook and Slack. Soldo, which provides [...]
City jobs at risk as Deutsche Bank slashes 18,000 roles globally July 7, 2019 Thousands of jobs are at risk in Canada after Deutsche Bank announced it will slash 18,000 roles globally in an attempt to stem its 10-year decline. Read more: Deutsche Bank investment chief quits ahead of shakeup Germany’s biggest lender will shut down its global share-trading business and significantly cut back its investment [...]
Former Goldman Sachs chief Michael Sherwood to join UK fintech Revolut July 6, 2019 The former boss of Goldman Sachs European operations, Michael Sherwood, is set to join the board of UK fintech company Revolut. Sherwood, who is one of the most prominent bank executives in the City, will be announced in a non-executive directorship next week, according to Sky News. Read more: Revolut tops 100 startups of 2019 [...]
Deutsche Bank investment chief quits ahead of shakeup July 5, 2019 Garth Ritchie, the head of Deutsche Bank’s investment banking arm, is leaving the German lender after 20 years, the bank said today. Read more: Deutsche bank poised to announce huge job losses on Monday The move comes as Deutsche prepares to significantly cut back its investment banking activities and axe 20,000 jobs across its global [...]
Deutsche Bank poised to announce huge job losses on Monday July 5, 2019 Deutsche Bank is poised to announce as many 20,000 job losses on Monday, according to reports, so long as its restructuring plan is adopted during meetings over the weekend. Read more: Deutsche Bank restructuring to cost up to €5.6bn Chief executive Christopher Sewing’s turnaround plans for Germany’s biggest lender are set to come to a [...]
The peer-to-peer industry isn’t doing enough to protect investors July 4, 2019 The abundance of peer-to-peer lenders offering high yielding loans has been getting the attention of regulators. Many peer-to-peer lenders target unsophisticated retail investors, who can invest as little as £100. And yet, there is a relatively high cost to on-board small investors, because platforms have to handle customer calls, and anti-money laundering requirements. There have [...]
Deutsche Bank restructuring to cost ‘up to €5.6bn’ July 3, 2019 The cost of a radical shake-up at Deutsche Bank could reportedly total €5.6bn (£5bn), as the German lender presses ahead with a sweeping turnaround plan that is likely to hit its investment banking division. A vast overhaul of the business is likely to cost several billion euros, sources told Reuters and the FT, as it [...]
