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Banking
Wise’s growth is below expectations
Wise's fortunes have been shattered by disappointing revenue and a slowdown in growth of the volume of transactions made on its platform.
Payments company announced that their fourth-quarter revenue had increased by 24 percent…
Thames Water owes millions of dollars to Chinese state-backed bank
The financial crisis that has engulfed Thames Water is largely due to two Chinese state-owned banks.
Bank of China and Industrial and Commercial Bank of China were among the lenders who backed a £190-million loan that Kemble Water…
London Market Outlook is bleak according to a banker who deals with British mid-caps
According to the boss of one of London's largest independent investment banks, the capital markets will be "dead", if current trends continue.
Peel Hunt's chief executive Steven Fine said that the London market for initial public…
Bank of England warns that private equity binge could trigger financial crisis
The Bank of England warned that the private equity industry poses a threat to financial stability, as it launched a review of this $8 trillion ($6.3 trillion) sector.
Officials are worried about the value assets such as commercial…
UBS sells $8bn in loans to Apollo
UBS agreed to sell loans worth $8bn to private capital group Apollo as it wind down its investment bank related to the acquisition of Credit Suisse in 2013.
Apollo originally agreed to buy Credit Suisse's securitised product division in…
Bank of England: Delaying interest rate reductions will weaken the UK economy
A report warns that the UK economy is headed for a slow recovery after the recession, and the Bank of England may compound this weakness by maintaining interest rates at an unsustainable level for too long.
KPMG predicts that the economy…
Nationwide says that a vote by members on the Virgin Money £2.9bn deal would violate takeover rules.
Nationwide claims it cannot give its building society members the right to vote on its £2.9bn purchase of Virgin Money due to City takeover regulations.
The lender announced the acquisition on Friday and said that it had been able to…
Raiffeisen pulls AT1 bond deal over Russia deal fears
Raiffeisen Bank International abandoned its planned sale of risky debt on Wednesday after a "negative market reaction" following a report claiming that the US put pressure on the Austrian bank over a deal it had made with Russian oligarch…
Bank of Japan raises rates for the first time since 2007.
As part of its decades-long effort to create inflation, the Bank of Japan ended its negative rate policy and raised borrowing costs for first time since 2007.
The central bank raised its main interest rates from a range between -0.1 and…
Top central banker warns: Cut borrowing or you will face a debt crisis
A top central banker warned that governments must stop "relentless borrowing" or they risk plunging into a global debt crisis.
Agustin Carlstens, the head of the Bank for International Settlements (BIS), a global club for central bank…
Bank Governor: Britain is nearing full employment
The Bank of England governor acknowledged that policymakers have a difficult time with inaccurate data. He admitted that he wished that they had accurate numbers on unemployment.
Andrew Bailey said to an Italian audience that the UK job…
The number of US banks that are weaker has increased as NYCB’s capital increase of $1bn…
Regulators warned that the number of US problem banks has increased by 18%, while New York Community Bank, led by Steven Mnuchin, former US Treasury Secretary, stabilised itself with a $1bn in capital raised.
The recent struggles of NYCB…
Virgin Money to be acquired by Nationwide for £2.9bn
Nationwide Building Society reached an agreement with Virgin Money to purchase it for £2.9bn. This deal would make Virgin Money a stronger competitor to the UK’s largest banks.
After a failed attempt to enter business banking during the…
Consumer groups warn that the merger of Capital One and Discover is a dangerous one.
Campaigners have urged regulators to stop Capital One's $35bn acquisition of Discover. They say that the deal is "dangerous and illegal" and should be stopped.
A coalition of over a dozen advocacy organizations urged the Federal Reserve…
Monzo bucks the trend and hits £4bn valuation
Monzo, a digital bank, has defied the downward trend in fintech valuations to secure a £4billion price tag for its latest fundraising round.
The capitalG investment arm of Alphabet-owner Google, which is new to the lender in London, led…
Lenders raise the alarm about a ‘rapid increase’ in mortgages for 35 years
The banks have raised the alarm about a "rapid increase" in people borrowing mortgages for more than 35 years. Nearly one-fourth of first-time homebuyers are now borrowing to retirement.
New figures from UK Finance reveal that 23 percent…
Morgan Stanley’s executive was worried that Mike Ashley would damage the bank’s image, a…
Morgan Stanley's executive who is at the heart of the legal dispute with Mike Ashley said that he didn't want to do any business with Ashley because he was worried it would harm the bank’s reputation.
Simon Smith has denied having a…
St James’s Place shares tumble after provision for complaints
St James's Place, Britain's largest wealth manager, revealed that it would be taking a £426million hit to cover refunds for aggrieved clients.
The shares of the FTSE100 company fell by 115 1/4p or 18.6 percent, closing at 505 3/4p. They…