Hold onto your hats: Banks in for a bumpy ride following the Brexit vote June 26, 2016 The banking sector is most likely bracing itself for a beating following last Friday's EU referendum result. The UK's decision to leave the EU places the passporting rules – which essentially allow UK banks to operate throughout the European Economic Area without restrictions – in doubt, which could ultimately result in fewer bankers on the streets [...]
City watchdog tells finance sector it’s business as usual for regulation post-referendum until government says otherwise June 24, 2016 The City watchdog has told the financial sector it should carry on complying with regulation as usual, until government decides otherwise. The Financial Conduct Authority (FCA) has today acknowledged that the decision to leave the EU has "significant implications for the UK", particularly given the sheer amount of financial regulation in the UK that originates [...]
JP Morgan’s chief executive Jamie Dimon has wasted no time in telling staff what will happen at the bank now the UK has voted for Brexit June 24, 2016 Jamie Dimon, chairman and chief executive of JP Morgan, is wasting no time in reassuring staff and investors that the bank isn't about to abandon its UK operations in a post-Brexit world. In a memo sent to staff this morning following the UK's unexpected vote to leave the European Union, Dimon said the US-based bank "will maintain a large presence in London, Bournemouth and [...]
How the big banks are reacting to Brexit: Thousands of UK jobs feared to be at risk June 24, 2016 Thousands of banking jobs across London are at risk after the UK voted for Brexit yesterday. JP Morgan, HSBC, and Citibank have warned jobs would be moved in the event of a Leave vote. And other big banks are also understood to be considering shifting jobs from the UK depending on how Brexit negotiations pan out. [custom id="161"] [...]
Banking stocks have fallen sharply at the open in London June 24, 2016 Banking shares have tanked in London following the 8am market open. A vote for the UK to leave the European Union last night, largely catching the financial markets off-guard, has led to panic selling across Europe. Lloyds shares opened down 29 per cent, while Barclays is 30 per cent lower, RBS has lost 34 per [...]
Deutsche Bank’s chief executive isn’t happy about the Brexit vote June 24, 2016 Deutsche Bank’s chief executive, John Cryan, is being as candid as usual with his views on the UK's vote to leave the European Union. The outspoken bank boss, who has the unenviable task of trying to reform the lumbering giant that is Deutsche, posted a statement on its website saying this is "not such a good day [...]
Merrill Lynch to fork out $415m for misusing customer cash to free up money for trading June 23, 2016 Bank of America's Merrill Lynch division has agreed to pay $415m (£279.2m) for misusing customer cash to free up money for its own trading activities, the Securities and Exchange Commission (SEC) announced today. An SEC investigation revealed that the firm abused money which should have been kept in a reserve account to finance its own trading activities between 2009 and [...]
Deutsche Bank to cut almost 3,000 jobs in Germany as lender revamps private and commercial business June 23, 2016 Deutsche Bank today revealed plans to axe around 3,000 full-time equivalent roles in Germany as part of a revamp of its private and commercial business. As part of the reshuffle, the bank will consolidate 723 branches into 535 larger sites in 2017, while the bulk of the job losses – around 2,500 positions – will be in the private [...]
EU referendum: Barclays puts a stop on new stop loss orders June 23, 2016 Barclays put a block on new stop loss orders this morning, just as the EU membership vote got underway. The move could be the bank's way of shielding itself from any wild swings in exchange rates that could happen shortly after the results of the vote are announced. City A.M. understands that the restriction on [...]
Libor Three jury reaches verdict for one ex-Barclays banker, as judge says decision on other four defendants does not need to be unanimous June 23, 2016 The jury in a trial of five ex-Barclays bankers accused of Libor-rigging offences has arrived at a verdict for one of the men today. Judge Anthony Leonard also instructed the jury this afternoon that they could reach a majority verdict on the other four defendants. It has been reported that the jury was sent home [...]