Swiss investment bank Julius Baer targets £77m of cuts as profit growth slows February 4, 2019 Swiss bank Julius Baer launched a SFr 100m (£76.6m) cost-cutting programme today as profit growth slowed last year. The figures Switzerland’s third largest bank saw net profit for the full year 2018 grow four per cent to SFr 735m, compared to a 14 per cent growth rate in 2017, missing a Reuters poll of analyst [...]
The bonus is on you: Santander’s recent saga highlights the problems with deferred rewards February 4, 2019 Star investment banker Andrea Orcel was about to take the top job at Santander. And then he wasn’t. It turns out that the bank hadn’t quite realised how expensive Orcel would be, resulting in an unprecedented U-turn, as the board announced that Santander wouldn’t be hiring him after all. While Jose Antonio Alvarez will continue [...]
HSBC, Goldman and Lord Fink back City fintech firm Bud February 4, 2019 Fintech startup Bud has closed a $20m (£15.3m) funding round from investors such as HSBC, Goldman Sachs and former Man Group boss Lord Stanley Fink. Other investors included Investec’s INVC fund, ANZ Bank, the corporate venture arm of Banco Sabadell and 9 Yards, the venture capital firm which lists former chancellor George Osborne among its [...]
JP Morgan takes minority stake in London startup Smart Pension February 4, 2019 Banking behemoth JP Morgan has made a strategic investment in workplace pensions startup Smart Pension, the firm will announce today, as part of a fresh equity funding round. The size of the round was undisclosed, however Smart Pension said it had raised around £50m to date. JP Morgan took a minority equity stake as part of [...]
Starling Bank courts Irish banking licence as it launches euro accounts February 4, 2019 London digital challenger bank Starling is today kicking off preparations to apply for an Irish banking licence, as it launches support for euro currency accounts this week. Offered to its users based in the UK, the euro account will be available alongside Starling’s existing pound account in order for customers to hold, send and receive euros with [...]
Revealed: The 10 fintech startups in Barclays’ 2019 Techstars accelerator February 1, 2019 It's that time of year again: Barclays has unveiled the 10 startups that have made the cut for its annual fintech accelerator programme, powered by venture capital giant Techstars. Now in its sixth year, the 13-week programme puts the young companies through an intensive training course with access to mentorship from Barclays and industry experts, and [...]
Deutsche Bank returns to annual profit but fourth quarter loss disappoints investors February 1, 2019 Deutsche Bank returned to full-year profit in 2018 for the first time in four years but fourth quarter losses further spooked investors, sending shares down. Germany’s biggest lender reported annual profit of €341m (£299m), an improvement on the €735m losses of 2017 but well below average analyst forecasts of €422m. In the fourth quarter, the [...]
TSB to pay former boss £800,000 this year despite IT meltdown bonus ban February 1, 2019 TSB’s former boss could be paid £800,000 this year after resigning in the wake of the bank’s IT meltdown, while other bankers miss out on last year’s bonuses. Paul Pester, who stepped down in September, will receive the previously agreed notice payments in monthly installments, the bank’s annual accounts showed today. Read more: TSB swings to [...]
Troubled Danske Bank’s profit slips in wake of money laundering scandal February 1, 2019 Danske Bank's profit slipped and it missed its expected dividend target for 2018 as it continues to grapple with a money laundering scandal that has rocked the company. Net profit for 2018 fell to 15bn (£1.76bn) Danish krone from 20.9bn Danish krone last year, its annual report revealed today. The bank proposed a dividend of 8.5 Danish [...]
TSB falls to £105m loss after IT disaster sparks customer exodus February 1, 2019 TSB has swung to a £105.4m loss for 2018 after its IT meltdown, it revealed today, but claimed it has emerged stronger from the experience. The bank also lost 80,000 customers compared to 50,000 the year before, it said, after the IT upgrade fiasco saw executives hauled in front of MPs before boss Paul Pester [...]
