Number of cash withdrawals in the UK rises for first time in 13 years January 11, 2023 Cash usage increased for the first time in 13 years in 2022, according to fresh data from Nationwide, as Brits responded to the cost-of-living crisis by budgeting with physical money. “For the first time in years we are seeing a natural rise in cash withdrawals as people return to using cash to help avoid getting [...]
City watchdog slaps Al Rayan Bank with £4m fine for ‘egregious’ anti-money laundering failures January 11, 2023 The Financial Conduct Authority issued a £4m fine to Al Rayan Bank on Wednesday for “egregious” failures in its anti-money laundering rules. The FCA said that between April 2015 and November 2017, Al Rayan allowed money to pass through the bank and be used within the UK “without carrying out appropriate checks.” Al Rayan is [...]
How recession in the US is expected to affect bank earnings this week January 11, 2023 US earnings season kicks off later this week with a string of results from some of the country’s largest banks. JP Morgan, Citi Group, Wells Fargo and Bank of America will all release results on Friday in an interesting environment – to say the least. While higher interest rates have led to record levels of [...]
Standard Chartered mulls sale of £3bn aviation arm days after First Abu Dhabi Bank drops takeover bid January 11, 2023 Standard Chartered is considering selling its £3bn aviation finance business, the bank said today. Standard Chartered’s aviation business, which is based in Ireland, accounts for around two per cent of its total income. The business owns and manages over 120 aircraft, leasing them to over 30 of airlines around the world, according to Airfinance Journal’s [...]
Cash-strapped Credit Suisse considers halving its bonus pool following £1.7bn loss January 11, 2023 Credit Suisse is considering cutting its bonus pool by 50 per cent as the embattled investment bank seeks to cut costs, Bloomberg has reported. The Swiss asset manager faced a challenging 2022 when its share price sunk 67 per cent. In the nine months to September 2022, Credit Suisse swung to a pretax loss of [...]
City banks’ risk management systems criticised by Bank of England January 10, 2023 The Prudential Regulation Authority (PRA) today criticised City banks’ approach to risk management despite “regular messaging” on the issue. In a letter sent to bank executives in the City, the Bank of England’s regulatory arm set out its priorities for the New Year. Top of the list for regulators was financial resilience, in particular “deficiencies [...]
City minister says UK crypto regulations unlikely to be ready in 2023 January 10, 2023 City minister Andrew Griffith said regulations for digital currencies are unlikely to be ready in 2023, as he reaffirmed the government’s aim to be “the home of well-regulated [and] technologically-advanced financial systems”. In a wide-ranging Treasury committee hearing today, Griffith was quizzed by MPs on the risks facing the crypto industry and the potential for [...]
Scrapping bankers’ bonus cap is a return to global norms, says City minister January 10, 2023 City minister Andrew Griffith said today that scrapping the bankers’ bonus cap would realign Britain with global financial norms, as he faced questions from MPs in parliament about the government’s so-called Edinburgh Reforms. Discussing bankers’ bonuses, Griffith said “we have departed from global norms… the global competitive set do not have this (bonus cap).” London, [...]
Goldman Sachs to axe more than 3,000 bankers in just days January 9, 2023 Wall Street banking giant Goldman Sachs will axe 3,200 workers in just days to protect its finances from a likely recession in the US and a slowdown in global deal making. The lender is expected to shrink its staff force by around 6.5 per cent and will tell workers on Wednesday if they are part [...]
