Ex-Deutsche Bank trader pleads guilty to Libor-rigging charges in US June 22, 2016 A former Deutsche Bank trader has pleaded guilty to Libor-rigging related offences, court records revealed today. Timothy Parietti, 50, a former managing director of Deutsche Bank's New York money market derivatives trading desk, pleaded guilty to conspiring to commit wire fraud and bank fraud last month, but the court records were sealed until today. According to the court transcript, [...]
US alternative lender Trade Finance Solutions opens London office on the road to global growth as Europe chief dismisses Brexit worries June 22, 2016 US alternative lender Trade Finance Solutions (TFS) has opened a London office as it targets further expansion outside of North America. The office opening comes just one day before the UK takes to the polls to vote over its membership of the European Union, which has sparked levels of volatility in the market not seen since the [...]
Bankers beware: Paris is not the city of love for pay – try Frankfurt instead June 22, 2016 Bankers might not be so keen to relocate to the continent after figures released today showed it could seriously hamper their pay prospects. The analysis of 8,065 salaries by salary benchmarking website Emolument.com discovered that pay packets for those in banking were lower on a nominal basis in both Frankfurt and Paris than they were in London. The data revealed [...]
Icap offers up its oil desks to avoid Tullett deal probe June 21, 2016 Inter dealer brokers Tullet and Icap could avoid a lengthy probe into their merger, with the two firms proposing a sale of the latter's London-based oil trading desks. The Competition Markets Authority (CMA) said today that it has until 16 August to decide if this will be enough to address its antitrust concerns, or refer the merger for [...]
IPOh dear: Flotation revenue down 58 per cent so far in 2016 June 20, 2016 Global revenue from initial public offerings (IPOs) has declined by 58 per cent year on year so far in 2016. The $1.3bn (£0.9bn) figure is down from $3bn in the same period in 2015 and the lowest it has been at this date since 2009. Read more: IPOs might be back – but for how [...]
RBS has pushed back the launch of Williams & Glyn, fuelling buyout speculation June 20, 2016 RBS has put off the marketing push for its new/old Williams & Glyn brand until the first quarter of 2017. The Sunday Times reported that the lender will now put off its marketing activities until the beginning of next year. Under rules set out by the regulator after RBS' £45bn taxpayer bailout in 2008, it [...]
UK banks halve property lending in just two years as developers look to peer to peer lenders June 20, 2016 UK banks have halved their lending to property developers over the past two years, in an effort to de-risk their balance sheets. According to new data from peer-to-peer property funding platform Saving Stream, bank loans to property developers fell from £32.5bn in April 2014 to £14.9bn in April 2016. Meanwhile, alternative financing options have entered the mainstream, [...]
Proposed merger between National Bank of Abu Dhabi and First Gulf would create the Middle East’s biggest bank June 19, 2016 Two of Abu Dhabi’s biggest banks are in talks to merge, in a move that would create the biggest bank in the Middle East. National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) have announced that they are considering a merger, which would form an entity with approximately $170bn (£117bn) in assets. NBAD [...]
A bank is close to replacing Waitrose as the main sponsor of English cricket June 17, 2016 Waitrose is set to be replaced as the main sponsor of English cricket by Royal Bank of Scotland (RBS) offshoot Natwest, reports have suggested. The supermarket announced in February that 2016 will be its last year as the main partner of the England and Wales Cricket Board (ECB). Today Sky News reported RBS was in advanced [...]
Bank of England becomes first central bank to launch a fintech accelerator June 17, 2016 The Bank of England has launched a fintech accelerator today to help startups with a plan to shake up central banking get the support and backing of Threadneedle Street. The Old Lady is the first central bank in the world to create such a programme, as it opens its doors to fintech firms working on [...]