Jeremy Hunt to sign ‘milestone’ financial services agreement with EU June 27, 2023 Chancellor Jeremy Hunt will today sign a long-awaited deal with the European Union on improving regulatory cooperation for financial services, in a move that Hunt said will boost the City as a “global financial services hub”. Hunt and EU financial services commissioner Mairead McGuinness will sign a Memorandum of Understanding (MoU) at the European Commission [...]
Banks ditch sustainability as economic headwinds slows progress June 13, 2023 SUSTAINABILITY is falling down the list of priorities for many UK banks, after a new study found the number of banks stating sustainability was a key part of their business strategy had plummeted by 40 per cent in a year. Only 60 per cent of banking leaders in the UK say sustainability is an important [...]
UBS completes Credit Suisse takeover while imposing ‘red lines’ on its ex bankers June 12, 2023 UBS confirmed the acquisition of Credit Suisse on Monday as reports suggest Credit Suisse bankers will face tight restrictions on their activity. In an open letter published in the NZZ newspaper, UBS confirmed that “we have finalised the legal takeover of Credit Suisse.” Chief executive Sergio Ermotti and chair Colm Kelleher said “this is the [...]
UBS agrees £8bn loss protection deal paving way for completion of Credit Suisse tie-up June 9, 2023 UBS has agreed a loss protection deal with Swiss authorities worth CHF9bn (£8bn), paving the way for the merger of Switzerland’s largest banks next week. Under the arrangement announced today, UBS will bear the first CHF5bn of potential losses on a defined portion of Credit Suisse’s assets. The Swiss government will then cover the next [...]
Lifeline for Amigo? Shares in subprime lender rocket on potential investment from shareholder June 9, 2023 Shares in Amigo surged after it agreed an exclusivity agreement with shareholder and financier Michael Fleming, raising the possibility of a debt investment in the subprime lender. Exclusivity agreements mean borrowers can not obtain funds from any other source. Fleming’s period of exclusivity expires on 6 September this year. Its shares were trading over 200 [...]
SMEs are ready to ramp up investment despite concern over wider economy, new research finds June 8, 2023 Small and medium-sized enterprises (SMEs) are increasingly optimistic about their own future, despite concerns around the wider economy. According to Opinium data collected for Paragon Bank, 45 per cent of SMEs expect cashflow to improve over the next three months. Over the course of a year this figure jumps to 55 per cent. Over a [...]
JP Morgan leads rivals on AI recruitment as UK banks struggle to attract talent June 7, 2023 JP Morgan is leading the field in AI recruitment as banks around the world race to capitalise on the opportunities created by the new technology. According to a new report from consultancy Evident, JP Morgan is hiring twice as many AI-related jobs as its rivals. The Wall Street giant advertised 3,651 jobs in AI between [...]
Watchdog sets out new rules to reimburse APP fraud victims in ‘world first’ June 7, 2023 The Payment System Regulatory (PSR) has confirmed new rules that will force banks and payment companies to reimburse victims of authorised push payment (APP) fraud. Following consultation, the regulator has set out how mandatory reimbursement will work in practice. It said the new rules will prompt a “step change” in how firms approach fraud prevention. [...]
UK’s newest bank Griffin secures £11m in funding round as it plots expansion June 7, 2023 Griffin, the UK’s newest bank, has gathered £11m in a fundraising round just a few months after it secured its banking licence. The funding round was led by venture capital firm Mass Mutual Ventures, with existing investors Seedcamp and EQT Ventures participating in the fundraise. Griffin said the funds will go towards leaving the ‘mobilisation’ [...]
Challenger banks hunt for acquisitions as rising interest rates reveal opportunities June 7, 2023 Challenger banks are increasingly on the lookout for acquisition opportunities as rising interest rates reveal takeover opportunities in the sector. Nigel Terrington, chief executive of Paragon Bank, told City PM that they “continue to look for opportunities” having made four acquisitions in seven years. Terrington noted that “in environments like this, some lenders are not [...]
