How low can the pound go? All your questions about the flash crash answered October 10, 2016 Currency markets opened yesterday evening after a turbulent end to last week for the pound. Sterling has slowly trundled steadily south since Britain’s decision to leave the EU. But last Friday sterling plummeted by six per cent in just two minutes during the early hours of the morning – it was dubbed a “flash crash”. Read [...]
Andrew Tyrie blasts banks as they come clean on overdraft fees September 6, 2016 Influential Tory backbencher Andrew Tyrie has blasted UK banks for their bewildering array of overdraft fees and charges and called for customers to be given more information about their accounts. Tyrie, who chairs the Treasury Select Committee (TSC), also criticised recent proposals from the Competition and Markets Authority (CMA) to encourage customers to switch bank accounts. [...]
Did Boris Johnson just move the currency markets? June 30, 2016 Traders have managed to keep a cool head today, despite the fallout from the UK's vote to leave the EU continuing to shock the political world, and many clamouring to link the two. The FTSE 100 was down, then up, then flat in the first half of the day's trading, standing unchanged at 6,357 at lunchtime. [...]
Four reasons why you should think about switching your bank account August 10, 2016 Banks are going to offer customers more sophisticated digital products following an order from competition chiefs. Every high street bank alongside the only-online “challenger” banks will soon have to launch an app where customers can see all of their accounts in one place. It will also allow people to see better deals among competitor banks, so [...]
Morgan Stanley chief exec says the bank may have to move staff to the continent following Brexit vote July 20, 2016 Morgan Stanley's chief exec has said the bank will relocate some of its UK staff following the Brexit vote. James Gorman said today the UK's decision to depart from the EU likely meant the bank would need to set up a headquarters in continental Europe, which would mean some jobs would be shifted. However, Gorman [...]
Teva readies for Allergan deal with bond sale July 14, 2016 Israeli pharmaceutical firm Teva is set to raise around $22bn (£16.4bn) next week to fund its delayed acquisition of Allergan's generics unit. The company filled documents with the US Securities and Exchange Commission saying it would hold meetings and calls with investors ahead of the multi-currency bond sale. The calls and meetings are being arranged by [...]
Gold gains for second day as nervous investors rush into the safe-haven June 27, 2016 Gold surged for a second day as nervous investors sought refuge from a storm rippling through financial markets following the UK's vote to leave the European Union. Spot gold swelled 0.76 per cent to $1,325.70 an ounce this morning, while US gold added 0.55 per cent to $1,329.70. The precious metal has risen nearly 25 per cent [...]
HSBC talks sweet amid rumours of a soured Apple July 14, 2015 SORTING out who’s in and who’s out on the first day of the launch of Apple’s contactless payment system proved a tricky business. On Apple’s website recently, seven companies were trumpeted as launch partners, among them banking giant HSBC. But fast-forward to the official launch day yesterday and it would appear everyone on the original [...]
Mullets, knee socks and sheer determination: JP Morgan unearths archival pictures from the firm’s first Square Mile fun run in 1986 April 12, 2016 Fashion really has come a long way since the 80s. Activewear may be one of the trends that the City's financiers are following, but that wasn't always the case. With JP Morgan's Corporate challenge celebrating its 30th birthday this year, folks at the firm unearthed a photo album and sent us retro pictures of one of the [...]
RBS and other UK banks facing first quarter earnings woe after US lenders posted a sharp drop in profit April 25, 2016 British banks are set to post first quarter profits this week that are weighed down by the rising risk of Brexit, bad debt, and poor investment banking performance. The difficult period has already dragged down profits at some the biggest US banks, though they largely managed to beat low estimates. Citibank, Goldman Sachs, Bank of [...]