Moody’s slashes outlook for eight UK banks to negative after Brexit June 28, 2016 Moody’s has dropped its outlook for eight UK banks and building societies after last week’s Brexit vote. The ratings agency has also changed its outlook for the UK banking system from stable to negative. Moody’s expects the result of the EU referendum to “reduce the profitability” of the banks. Read more: S&P and Fitch downgrade UK after [...]
Jury has now reached a verdict for three men charged with Libor-rigging offences June 28, 2016 The jury on the most recent Libor case to go to court in the UK has arrived at a verdict for three of the men charged, but is still deliberating on the other two defendants. Former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich and former Libor submitter Jonathan Mathew are all [...]
Mary Francis joins Barclays as a non-executive director June 28, 2016 A former senior independent director of Centrica has today been appointed a non-executive director at Barclays. Mary Francis, who is currently serving on the board at Swiss Re Group and has previously held non-executive positions at Aviva, Cable & Wireless Communications, the Bank of England and Alliance & Leicester, will join the board of the bank at [...]
Challenger bank Shawbrook’s shares plunge as it books £9m impairment charge on underwritten loans June 28, 2016 Challenger bank Shawbrook had more than 20 per cent shaved off its share price when markets opened this morning after it announced an additional impairment charge of around £9m in the second quarter. The charge is the result of "a number of loans" being underwritten in the company's Asset Finance division that did not meet lending [...]
Mervyn King says Treasury’s exaggerated Brexit claims backfired June 27, 2016 The former governor of the Bank of England yesterday slammed George Osborne and his Treasury team over their Brexit campaign. And Lord Mervyn King said they would now need to row back from exaggerated claims that left him “baffled”. “I think the government said things it is not easy to sustain or support. If the [...]
Not just a UK problem: European banking sector rocked by Brexit vote June 27, 2016 London is not the only city feeling the burn in the banking industry, as many other European cities are experiencing some fallout from the referendum result. Shares in Deutsche Bank and Credit Suisse slid to their lowest level ever earlier today, before closing down 6.2 per cent and 9.2 per cent respectively. Societe Generale closed down 8.4 per [...]
Financial services are more important than ever to the UK after Brexit – and we must fight to avoid permanent injury June 27, 2016 The British public has chosen to leave the EU. As a result, we are now more rather than less reliant on the major players in the UK economy, in particular financial services. The industry has been bracing itself for short-term economic and market volatility in reaction to this outcome. It’s going to be testing, but [...]
What you need to know about passporting June 27, 2016 Passporting, something previously little heard of by those outside the financial services industry, seems to have been a big source of panic post-Brexit vote. Sadiq Khan told City PM over the weekend that a loss of the provisions would be "a disaster", while London-headquartered HSBC warned back in February that it would consider moving as many as 1,000 [...]
Challenging times for challenger banks as shares plunge after Brexit June 27, 2016 Challenger banks are finding Brexit life challenging, their share prices suggest. While the likes of Barclays and Royal Bank of Scotland (RBS) have experienced falls of more than 18 per cent on Monday, some challenger banks have fared even worse. [custom id="161"] Shortly after 3pm on Monday, Shawbrook Group's shares were down 26 per cent [...]
Market mayhem: US stocks plunge at the open, dragged down by financials as Goldman Sachs’ share price falls to three year lows June 27, 2016 US stocks have tripped at the open, following mounting loses across Europe as the reality of last week's Brexit vote sets in. The major US markets have extended a sharp sell off from Friday as investors worry over the global implications of the UK's vote to leave the European Union, despite the best efforts of senior [...]
