Societe Generale reported income inches down in 2016, but retail banking is booming thanks to digital push February 9, 2017 Societe Generale announced a knock to its bottom line for 2016 this morning, although its retail banking business has bolstered its figures. The figures The French bank revealed reported group net income for the full year of €3.9bn (£3.3bn), down 3.2 per cent from €4bn the year before. Reported net income for the fourth quarter, meanwhile, slipped to €390m, down [...]
Bank of Tokyo-Mitsubishi UFJ and MUFG Securities fined £26m by PRA for not being open February 9, 2017 Financial regulators have imposed £26m of fines on the Bank of Tokyo-Mitsubishi UFJ (BTMU) and MUFG Securities for not cooperating with investigations. The Prudential Regulation Authority (PRA) said the two companies had failed to be “open and cooperative” with the UK financial services regulator after an enforcement action by US authorities. BTMU and MUFG, which [...]
Goldman Sachs is shifting a London hedge fund team to New York February 9, 2017 A Goldman Sachs hedge fund currently based in London is closing its doors and shifting to New York, it has been reported. According to the BBC, eight bankers working in the Goldman Sachs Investment Partners (GSIP) team are affected by the move. It is understood they have either been told their jobs are moving across [...]
Trio of ex-Barclays bankers convicted of Libor rigging due to face confiscation hearing tomorrow February 8, 2017 Three ex-Barclays bankers previously found guilty of Libor-rigging offences are scheduled for confiscation hearings in a London court tomorrow. Jonathan Mathew, Jay Merchant and Alex Pabon were convicted and handed jail sentences last summer in the third case brought to court as part of the Serious Fraud Office's ongoing Libor investigation. Former submitter Mathew is currently serving a [...]
Why Monte dei Paschi shares might get kicked from the blue-chip index tomorrow February 8, 2017 Monte dei Paschi di Siena's management board need to decide tomorrow whether it is going to reinstate its shares in the near future, or risk being kicked from Milan's blue-chip index. Shares in the troubled Italian lender have been suspended for trading since last December, when a private sector rescue plan, designed to pump €5bn (£4.3bn) into the [...]
When fintechs and banks go speed dating February 8, 2017 While the seemingly age-old debate about whether fintech startups will kill banks still rages on, FinovateEurope demonstrates why that question is now largely redundant – things have moved on. The 80 startups on stage at the two day event in the heart of the City are pitching the banks, insurers and City institutions in attendance more [...]
MPs add to calls for fairer overdraft charges February 8, 2017 MPs have today added to calls to urgently review overdraft charges, placing a cap on the amount lenders can levy if needs be. Rachel Reeves, the Labour MP who brought this morning's Westminster Hall debate, described some of the current levels of overdraft charges as "disproportionate with the offence you have committed", adding: "I don't [...]
We built it, they didn’t come: TSB to shut branches as more people bank online February 8, 2017 TSB is closing the doors on 29 of its branches, as people increasingly favour banking online. The challenger bank, which was spun out from Lloyds before being snapped up by Spanish Sabadell in 2015, said today some of its least popular locations are now serving fewer than 200 customers per week, pushing it to make the decision to [...]
Dipped into your overdraft recently? You might have been better off with a payday loan February 8, 2017 Bad news for anybody who has gone into their overdraft recently – you might have been better off with a payday loan. Research published today by consumer group Which? found charges from the big high street lenders could cost as much as 180 per cent of the amount borrowed. Customers needing as little as £100 could find [...]
Berenberg reports highest earnings in its 427-year history, as the bank cements its place on the investment scene February 7, 2017 Berenberg began today on a high, announcing its highest annual earnings to date in its 427-year history. The figures The world's second-oldest bank reported net profits had risen to €161m (£139m), up 56 per cent compared with €104m the year before and marking the second year in a row its bottom line has set a new record. Meanwhile, gross income grew [...]
