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Banking
Hunt’s tax-cutting room squeezed by £15bn losses on Bank of England bonds
A top investment bank warned that the Bank of England’s decision to sell off government bonds costs taxpayers £15bn a yearly and limits Jeremy Hunt’s ability to reduce taxes.
Deutsche Bank stated that Threadneedle's decision to…
The Cassandra’s warning: Central banks are driving economies off a cliff
The scale of the interest rate hikes has not yet been fully felt, so optimism may be short lived.
The British economy seems to have escaped a bullet.
is not in a recession despite a massive energy price spike last winter,…
Print supplier is facing cash crunch, causing bank statement fears
A cash crunch has hit the main supplier of print to Britain's high-street banks. The future for the paper bank statement could be at risk.
Lloyds is leading a rescue effort led by the finance industry to save Leeds' Communisis, but this…
UK removes the cap on banker’s bonuses
As part of its post Brexit push to boost London's City, the UK announced it would scrap the EU-inherited cap on bankers bonuses.
This move comes after a consultation in this year about whether to repeal a rule from 2014 that limited…
Will Revolut get a British bank licence ever?
Revolut was everywhere during the recent UK political party conference season. Fintech company Revolut co-sponsored Labour’s opening reception in early this month, and also hosted events at Conservatives' convention a week earlier.
The…
Goldman Sachs profits fall 36% following withdrawal from retail banking
Goldman Sachs reported a 36% drop in its third quarter profits. This is the eighth consecutive quarter that earnings have fallen. The bank has been struggling with losses after its withdrawal from retail banking, and writing downs on real…
Conister Bank, Isle of Man, receives a licence to accept deposits in the UK
Conister Bank is the first Isle of Man lender to receive a UK deposit licence.
The Prudential Regulation Authority has approved the branch of Manx Financial in Basingstoke in Hampshire to accept deposits. This will further increase…
Lloyds continues with Telegraph auction despite Barclay’s new offer
Lloyds Banking Group will auction the Telegraph and Spectator magazines as soon as this week despite a new attempt by the Barclay Family to stall the process with a higher offer of £1bn.
Barclays has made several attempts over the summer…
Santander to expand investment bank by $250mn
Santander is investing $250mn over the next two-years to expand its Corporate and Investment Bank, while Wall Street rivals prepare for the largest job cuts since financial crisis.
This year, the Spanish lender has hired over 100…
Metro Bank bondholders approve refinancing deal
Metro Bank won the support from 75 percent of its bondholders for a debt refinancing agreement of £600mn that was hastily agreed on the weekend to fill a hole in capital.
The UK high street lender was under pressure to strengthen its…
Bank of England doubles liquidity requirements for Money Market Funds
The Bank of England is pushing for money market funds to be able to hold twice as much easily-sellable assets. This is the latest step taken by financial watchdogs around the world to reduce Shadow Banking risk.
Experts on financial…
Ireland becomes the latest EU country that raises bank levy
Ireland is the latest European nation to increase taxes on banks, targeting the higher profits that lenders made from the rising interest rate.
Dublin announced that as part of its Irish Budget, which was released on Tuesday morning, the…
Metro Bank seals £925m rescue deal
Metro Bank secured a funding deal worth £925 million last night. The deal will help the struggling lender, but it will also hurt its investors. It is likely to leave the group with high borrowing costs.
After a weekend filled with…
Analysts warn that Europe’s money printing spree could end in bailouts
Europe's money printing spree could trigger bailouts on the Continent, as governments are forced to pay for a decade of cheap currency.
BNP Paribas has warned that the European Central Bank's (ECB) continued shrinkage of its balance…
Metro strikes late-night deal to raise £325m, and avoid takeover
Metro Bank secured a last-ditch deal on Sunday evening to stabilize its beleaguered financial position after a weekend filled with speculation about future of the bank.
The London-listed Bank said that it had reached an agreement on…
After being hurt by previous buyouts, big banks are avoiding the LBO boom.
Bank of America, Barclays, and other large financial institutions that were stuck with billions of dollars of leveraged loan in 2022 have sat on the sidelines during this year's buyout boom.
Bankers and executives in the buyout industry…
Metro Bank seeking emergency cash from Bank of England, Treasury talks to them
Treasury officials met with Bank of England representatives on Thursday evening after Metro Bank shares plummeted by over a quarter in a rush to stabilize its finances.
Treasury sources said that officials were "monitoring" the…
BoE criticises UK banks for failing to learn from Archegos collapse
The Bank of England criticised UK banks who failed to take action to fix the risk management system flaws exposed by the Archegos scandal.
In a Monday letter to major lenders, the BOE stated that it had instructed them to improve their…