Spanish vote sends Syriza-like shivers to FTSE and Eurozone – London Report May 26, 2015 FRESH back from the bank holiday, the FTSE hit a two-week closing low yesterday, with banks slipping after Spanish regional election results put Eurozone financials behind, while falling oil and metals prices hit commodity stocks. Spanish Prime Minister Mariano Rajoy’s People’s Party suffered heavy losses in local elections on Sunday, throwing his re-election later this [...]
Self-styled bank sheriff Ben Lawksy hangs up his badge May 21, 2015 Banks in the UK and across Europe will be breathing a little easier next month after New York’s top financial crime cop Ben Lawsky, who mounted an aggressive campaign against some of the world’s biggest institutions, exits his role policing financial firms operating in the Big Apple to take up a West Coast teaching job. [...]
It’s time for David Cameron to make unpopular decisions – Editor’s Letter May 14, 2015 Today the hard work begins. After a few days where the Conservatives still seemed to be in full campaign mode, setting out their blue collar pitch for 2020, David Cameron’s speech in Scotland brings the hard decisions he faces in this Parliament back to the forefront. Rightly so. This government has a once-in-a-generation chance to [...]
Tory MPs demand end to banker bashing: Bank levy debate hots up after historic Conservative election victory May 11, 2015 Conservative MPs and senior City figures want the new government to rein back punitive taxes aimed at banks and avoid weakening one of the UK’s most competitive industries. Shares in banks jumped on last week’s unexpected election result. Defeated Labour leader Ed Miliband had threatened major hikes to the bank levy, more bonus taxes and [...]
Former financiers have mixed political fortunes May 10, 2015 THE CITY’S alumni were well-represented in the General Election, with varying fortunes. Chis Chope – a former Ernst & Young consultant – kept the Christchurch Conservative safe seat he has held since 1997 and Sajid Javid – a former high flyer at Chase Manhattan Bank and Deutsche Bank – is tipped for a cabinet promotion [...]
Standard Chartered warns compliance costs are mounting as it stays in the UK May 6, 2015 An increasing number of compliance staff are paid seven-figure salaries at Standard Chartered, the bank’s bosses told shareholders yesterday, as it battles to make sure it does not pay more mega-fines. The UK-based emerging markets specialist has been hit with fines for breaking US sanctions, and is increasingly beefing up its anti-money laundering teams. Chairman [...]
StanChart mulls leaving UK as bank levy rises April 28, 2015 STANDARD Chartered is considering leaving Britain over mounting pressure from the bank levy, its finance director said yesterday. It comes after HSBC’s bosses said the hostile atmosphere in the UK could push it to move to another country. Hong Kong or Singapore are both considered likely destinations for the pair. Standard Chartered expects to pay [...]
Poor data in the US and at home send FTSE down – London Report April 28, 2015 WEAK data at home and poor results across the Atlantic meant the FTSE 100 faced its biggest one-day drop in nearly a month yesterday. The FTSE 100 closed 73.45 points lower, or one per cent, at 7,030.53 points, retreating from a record high of 7,122.74 hit on Monday. The index extended losses in afternoon trade [...]
Standard Chartered profit dives 22 per cent in the first quarter April 28, 2015 British bank Standard Chartered has said that profit before tax fell by 22 per cent in the first quarter of 2015, as it quashed speculation that it could be eyeing a move east. Pre-tax profit fell to $1.47bn (£96.2) in the first three months of the year, largely due to the performance of its corporate and [...]
HSBC provides bounce as FTSE hits new highs – London Report April 27, 2015 THE FTSE rose to another record high yesterday as reports suggesting HSBC will spin off its British retail bank in a £20bn ($30bn) deal boosted stocks. The banking giant was up 3.1 per cent and has already said it is reviewing whether to keep its headquarters in London, given increased regulation and the possibility of [...]