Deutsche Bank and Commerzbank merger talks collapse April 25, 2019 Merger talks between Germany’s two largest lenders Deutsche Bank and Commerzbank have collapsed. Deutsche Bank said discussions had been abandoned as there were too many risks attached to the potential merger. The pair began talks last month after the German government, which owns a 15 per cent stake in Deutsche Bank, signalled it would not [...]
Unicredit boss brands Brexit “much ado about nothing” and says London will retain standing as key financial hub November 30, 2017 The boss of Italian bank Unicredit has deemed Brexit and its potential disruption to the capital’s ranking as a major financial hub “much ado about nothing”. Jean Pierre Mustier, Unicredit’s chief executive told the Financial Times Banking Summit today that regulators are likely to find sensible solutions to any problems posed by Brexit, meaning there [...]
Turkish lira drops to new record low overnight | City A.M. August 13, 2018 The Turkish lira fell to an all-time low of 7.2 against the dollar, after comments by President Recep Tayyip Erdogan over the weekend failed to calm investors. Last night the troubled currency dropped to a low of 7.24, although pulled back to around 6.92 to the dollar after finance minister Berat Albayrak said the country [...]
Top Trump advisers say Trudeau ‘stabbed US in the back’ as tariff anger mounts June 11, 2018 The war of words following the disastrous end to the G7 summit continued today as two of Donald Trump’s top economic advisers accused Canadian leader Justin Trudeau of stabbing the US President in the back. Trump left the other nations at the G7 aghast after he pulled out of a joint communique following the meeting [...]
Bank Pekao backs London as post-Brexit gateway to Poland September 24, 2018 The boss of Poland’s biggest corporate and investment bank has backed the City to remain Europe’s top financial hub as he targets increased investor interest in the growing Polish economy. Michal Krupinski, Bank Pekao’s chief executive, will today unveil a new London office to serve the large British investor community looking for Polish assets, as [...]
Italian bank UniCredit just confirmed it is €11.8bn in the red for 2016 February 9, 2017 UniCredit confirmed today it racked up losses worth billions of euros during a difficult 2016. The figures Italy's largest bank reported a net loss of €11.8bn (£10bn) for its 2016 full year, a significant drop from the €1.7bn net profit it reported for 2015. Meanwhile, losses in the fourth quarter plummeted to €13.6bn, down from a profit of €153m the year [...]
Italian political crisis spooks Europe as George Soros warns of existential threat to EU May 29, 2018 Billionaire investor George Soros yesterday warned that the European Union faces an “existential crisis” and must “reinvent itself” or risk triggering the next global financial meltdown as markets shuddered under the strain of Italy’s growing political turmoil. Italy may be forced to return to the polls as soon as July after Prime Minister designate Carlo [...]
Aston Martin lines up seven top banks to manage £4bn float April 17, 2018 Aston Martin has appointed seven banks to act as bookrunners on its £4bn stock market flotation, according to reports today. Rumours of the luxury car brand floating in London surfaced in February, though any final decision would come down to the company’s Italian private equity owner Investindustrial. Today, Sky News reported that shareholders had lined [...]
European mega asset manager Amundi has lifted its 2020 profit expectations – but not as much as expected, causing shares to slide February 9, 2018 One of Europe’s largest asset managers, Paris-headquartered Amundi, has lifted its 2020 targets this morning, though not as much as analysts were hoping. The firm said in an update this morning that all targets announced at the time it floated in 2015 have been surpassed. It added that it would lift its expectations for the [...]
Deutsche Bank starts hunt for successor to John Cryan March 27, 2018 Deutsche Bank is lining up successors to its embattled boss John Cryan, according to multiple reports. Paul Achleitner, the chair of the giant German lender’s board, has held talks with potential new bosses, Bloomberg reported. Cryan has struggled to fend off criticism of the bank’s strategy from shareholders and analysts, many of whom focus on [...]