RBS warns of peer-to-peer lending and shadow banking risks September 12, 2018 Risks to the financial system are being pushed out of the regulated banking sector to less regulated areas, according to the chair of Royal Bank of Scotland (RBS). Sir Howard Davies highlighted peer-to-peer lenders and the shadow banking system as areas where systemic risks could build up in a speech today. Read more: RBS chief [...]
Gap between UK and US bankers’ bonuses widening as EU rules bite September 12, 2018 The gap between bankers’ bonuses in the UK and US is widening due to EU rules on bonus caps. Bankers in the UK have seen their bonus pool shrink nine per cent over the last three years, falling to the same level it was in 2008 at $19.6bn (£15bn). Read more: Hammond: BoE boss Carney [...]
Barclays takes on HSBC as it opens up mobile app to rival bank accounts September 12, 2018 Barclays is taking on HSBC as it opens up its app to rival banks accounts, it announced today. The high street bank will be the first to let customers bring current accounts from other providers into its mobile banking platform using Open Banking technology. The ability to aggregate accounts is already offered by HSBC's Connected Money, which uses so-called screen-scraping to access accounts at competitor [...]
Calling the shots: Celebs hit the phones in 9/11 tribute to traders September 11, 2018 It was the day the trading floor took on an extra edge of excitement. Alongside the dealers, movers and shakers earlier today, the desks of BGC featured personalities from the world of sport, showbiz and royalty, who tried their hand at making money, but this time for charity. In its annual tribute to more than [...]
JPMorgan to set up “significant” wealth management business in Luxembourg September 11, 2018 JPMorgan has announced plans to establish a wealth management business in Luxembourg as part of a corporate restructuring. The company will also merge its Luxembourg bank with its London-based bank into one legal entity – to be completed early next year, the US bank has announced. It described the restructuring plan as “long-planned”. Read more: [...]
A decade on, hubris is the lesson to learn from the tragedy of Lehman Brothers September 11, 2018 A decade ago this week, the demise of Lehman Brothers marked the height of the financial crisis. At the time, I was an economist at one of the UK’s largest financial institutions, which gave me abundant insights into the psychological biases at play, both in that institution and in the companies that it supported. Many [...]
ING CFO steps down in wake of money laundering scandal September 11, 2018 ING’s chief financial officer is leaving the company over a money laundering scandal that cost the bank €775m (£698.15m). Koos Timmermans will step down from the Dutch bank in light of the bank’s failure to prevent widespread money laundering through its Netherlands division, for which Timmermans was ultimately responsible for a number of years. Read [...]
UBS launches new debt product for ethical investors that sticks to UN principles September 10, 2018 UBS has launched a new World Bank-backed debt product aimed at ethical investors. The Swiss bank has partnered with corporate governance research company Sustainalytics to introduce the global sustainability signatories index, which is composed of 100 companies that have signed up to the United Nations (UN) global compact, a corporate sustainability initiative. Signatories of the [...]
CYBG’s £1.7bn takeover of Virgin Money approved by shareholders September 10, 2018 Shareholders have backed banking group CYBG's £1.7bn takeover of Virgin Money. CYBG, which owns Yorkshire Bank and Clydesdale Bank, and Virgin Money held general shareholder meetings this morning where three motions related to the deal were passed with an overwhelming majority. Read more: Virgin Media wins landmark legal case against council over land access All three resolutions were passed [...]
Asia supplants Europe as global banking landscape shifts post-financial crash September 10, 2018 The total assets held by Asian banks have grown nearly six-fold since the financial crisis, as Europe increasingly diminishes in the global banking landscape. The rise of Asian banks, particularly those in Japan and Chins, is underpinned by an overall asset expansion from $4 trillion (£3.1 trillion) to $23 trillion, analysis by law firm Linklaters [...]