Credit Suisse posts second quarterly loss and warns over tough market conditions May 10, 2016 Credit Suisse posted its second quarterly loss today, as it warned tough market conditions could persist until at least the second quarter. The figures Credit Suisse reported a post-tax loss of 302m Swiss francs (£215m) in the first three months of 2016, compared to a profit of 1.1bn francs during the same period last year. But this was narrower than the average forecast [...]
Operation Tabernula verdict: Two found guilty, three acquitted in insider trading case May 9, 2016 An ex-City banker and a former Topshop finance director were found guilty yesterday evening following a trial that is widely considered to be the most significant insider trading case in British history. Accountant Andrew Hind and former Deutsche Bank director Martyn Dodgson were convicted of conspiring to insider deal between November 2006 and March 2010, by a majority verdict. [...]
Panama Papers: Database of names connected to offshore accounts revealed in leaked information from Mossack Fonseca goes live May 9, 2016 A database containing over 300,000 names connected with offshore accounts has gone live on the internet this evening. The International Consortium of Investigative Journalists (ICIJ), which initially reported on the Panama Papers in April, has launched a searchable database, accessible here. Users can search for specific names, or see lists of the companies and individuals [...]
UK banks set for US meeting to iron out Iran trade concerns May 9, 2016 Some of the biggest banks in the UK have been invited to meet US secretary of state John Kerry to discuss last year's lifting of economic sanctions on Iran. The British Bankers' Association (BBA) has circulated a note to members asking them to send senior representatives to a meeting with Kerry later this week. The [...]
Deutsche Bank settles unfair dismissal case May 9, 2016 A Deutsche Bank employee who was fired over Libor rigging has received a payout, after the bank decided to settle allegations of unfair dismissal. Shivani Mathur, who was global head of economic resources at the bank’s London office, was one of seven employees ordered to be fired by New York’s banking regulator last year as [...]
Calling all startups: The FCA’s fintech accelerator is open for business May 9, 2016 Fintech startups will now be able to test out their ideas without fear of getting on the wrong side of regulators. A so-called sandbox has been launched by the Financial Conduct Authority (FCA) today offering a tech accelerator environment for young firms looking to disrupt finance. "Supporting innovation is an essential part of our role in promoting competition [...]
New FCA boss: Time to end banker-bashing May 9, 2016 Banker-bashing: it's one of the UK's favourite hobbies. But now the soon-to-be boss of the Financial Conduct Authority (FCA), Andrew Bailey, has said it's time to start using the carrot, rather than the stick. In a speech today, Bailey – who is expected to take up his new post shortly – said although changes have taken place in the [...]
Why banks should be offering more P2P and bitcoin services for SMEs May 9, 2016 UK banks could generate £8.5bn in extra revenue by 2020 if they broaden their offerings for small and medium enterprises (SMEs), according to a new report. Accenture's SME Banking 2020 report found there is currently a “significant perception gap” between small businesses and banks. Banks are also facing “stiff competition” from fintech, and should be [...]
Tidjane Thiam facing a second consecutive quarterly loss at Credit Suisse May 8, 2016 Tidjane Thiam is set to come under more pressure this week when Credit Suisse reports its first-quarter results. Thiam took over as chief executive of the bank from insurance group Prudential last July. Since then, Credit Suisse's share price has plummeted by around 50 per cent to $14 (£9.70). [charts-share-price id="250"] Read more: Credit Suisse braces for bumpy road ahead The [...]
Application fraud rates up by 20 per cent as current accounts and credit cards get hit May 6, 2016 Rates of financial application fraud have continued to climb in 2016, pushed on by credit card and current account scams. Current account fraud again topped Experian’s fraud index charts for fraudulent applications at a rate of 126 in every 10,000 applications, compared to 81 in 10,000 over the same period a year ago. Credit card fraud [...]