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Banking
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…
Barclays transfers US credit card debts to Blackstone
Barclays agreed to sell credit card debt worth approximately $1.1bn to Blackstone as it stepped up its efforts to remove assets from its balance sheet ahead of new regulations.
This deal shows how private capital groups, such as…
HSBC is looking to give bonuses similar to those on Wall Street for bank executives
HSBC has notified investors that it will be increasing the bonuses for its senior directors including Noel Quinn as chief executive. This is the latest indication that FTSE 100 firms are worried about their ability compete with…
Lloyds set aside £450m to car loan inquiry
The scandal over mis-sold car finance is intensifying after Lloyds Banking Group put aside £450m to cover possible costs and compensation.
Lloyds is the first of the major motor finance companies to provide a contribution for the…
HSBC shares have fallen the most since 2020 as profits plunged 80%
HSBC shares fell to their lowest level since 2020, after the bank announced a 80% drop in its quarterly profit. It also took a $3bn hit on the value of a stake it holds in a Chinese Bank.
HSBC announced on Wednesday that the pre-tax…
Monzo’s new funding round targets £4bn valuation
Monzo, the British digital bank, is close to a new funding round that will value it at around £4bn. This would be a sign that investors are confident in the company's expansion.
People said that the UK fintech may finalise an agreement…
Barclays returns 10 billion pounds to its shareholders for betting on Britain
Barclays' chief executive has revealed a plan for reviving the bank's share price, which is currently in decline. The plan is to invest £30 billion in Britain in order to stimulate growth and deliver £10 billion to shareholders over three…
Interest rate policy may ‘crush’ recovery, ex-central banker warns
The Bank of England's ex-chief economist has cautioned policymakers about the risk of damaging the economy by maintaining high interest rates for an extended period.
Andy Haldane, who was chief economist for seven years until 2021, said…