Standard Chartered profits surge as loan-loss provisions fall sharply August 3, 2021 Standard Chartered posted a better-than-expected 57 per cent jump in first-half pre-tax profits as it followed fellow banking giants in releasing a wave of capital set aside in anticipation of a surge in Covid-related customer defaults. Pre-tax profit for Standard Chartered, which has a strong presence in Asia, Africa and the Middle East, rose to [...]
Buy now, fail later? Banks struggle to cash in on Klarna’s success March 27, 2024 Natwest recently confirmed it would axe its buy-now pay-later scheme. Industry experts suggest the move could be a sign of things to come as traditional lenders struggle to gain a foothold in the market.
Former Barclays trio face Qatar trial at Old Bailey October 6, 2019 Three former Barclays executives charged with fraud in connection with Qatar’s part in the bank’s emergency cash injection during the financial crisis face trial tomorrow. The highly-anticipated trial, which is set to last into 2020, will look into how the British bank secured billions from Qatari investors and avoided a taxpayer-funded bailout in 2008. The [...]
Commercial landlords threaten to sue government over eviction ban extension June 20, 2021 A raft of commercial landlords are considering launching legal action against the government after it extended its business eviction ban until March 2022. The British Property Federation, a lobby group for commercial landlords, is looking at all legal options as there is now an estimated £6bn in unpaid rents throughout Covid-19. Chief secretary of the [...]
London markets deflate following interest rate hike February 4, 2022 London markets have contracted a day after the Bank of England pushed ahead with interest rate hikes at successive meetings for the first time since 2004.
Deutsche Bank Libor whistleblower awarded record $200m payout October 22, 2021 US watchdog the Commodity Futures Trading Commission (CFTC) has awarded a record almost $200m to a former Deutsche Bank employee who raised the alarm about Libor-rigging, in the biggest-ever US whistleblower payout. The regulator said the payment had been made for “specific, credible and timely original information” that “significantly contributed” to an already “open investigation” [...]
Whitehall needs stronger independent regulator, says former top civil servant November 8, 2021 The UK Civil Service is an unaccountable “closed shop” and there needs to be stronger independent regulation of Whitehall, according to a former top mandarin. Lord Nick Macpherson, former permanent secretary at the Treasury, said there needs to be a “dramatic overhaul of the appointments system” to end the era of “personal patronage” in Whitehall. [...]
Haydn Hammond – when bankers go crypto November 8, 2021 Crypto AM writer Jillian Godsil interviews banker-turned-crypto enthusiast Haydn Hammond.
City Moves: Who’s switching jobs in the Square Mile today? January 25, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Baton Systems Fintech firmBaton Systems has hired a Barclays Investment Bank veteran as its first-ever chief operating officer (COO), who will help scale the business. David Ornstein, who departed the London-based bank after 13 years, has also held roles [...]
Higher interest rates and rebounding loan demand to boost UK banks February 10, 2022 A higher interest rate environment and a rebound in loan demand is set to boost Britain’s biggest lenders. UK banks’ net interest margins will widen on the Bank of England and the world’s biggest central banks launching a rate hike cycle this year to tame inflation, analysts are betting. Final quarter earnings for UK banks [...]