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Friday 16th February @ 10:37am

A top central bank official in Frankfurt has warned British financial institutions looking to set up shop in Germany that they have until June to submit their applications. Bundesbank director Andreas Dombret cautioned banks not to leave their requests until the last minute, as delayed submissions might not be processed quickly enough for the March 2019...MORE

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Thursday 15th February @ 10:28am

British challenger bank Monzo has obtained approval to operate in the Republic of Ireland. This is a small market, accessible through EU passporting arrangements, but useful as an English-speaking testing ground before any attempt to break into the US market, one of Monzo's long-term goals. Close competitor Starling Bank moved into the Irish Republic last June. "In the future, we may decide that we need to open a full subsidiary or...MORE

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Wednesday 14th February @ 10:22am

The Russian central bank has said that over one billion roubles ($17 million) was stolen from the banking system in 2017 through the abuse of a bank security-testing protocol known as Cobalt Strike. "More than 240 credit organisations were hit by the attacks, eleven of which were successful. The amount stolen was more than one billion roubles", said the central bank's...MORE

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Tuesday 13th February @ 10:35am

The independent report on behalf of the British regulator into alleged mistreatment of Royal Bank of Scotland customers by its now-defunct Global Restructuring Group (GRG) has been leaked. The 360-page document, which had been previously withheld, details "systematic" and "widespread" inappropriate treatment of customers. (GRG specialised in small and medium-sized businesses.) It also outlines...MORE

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Monday 12th February @ 10:40am

The Serious Fraud Office (SFO) in London has charged Barclays Bank with "unlawful financial assistance" over a loan deal involving state-owned Qatar Holdings. The SFO alleges that Barclays took a £12 billion ($16.6bn) loan from the organisation in 2008 in order to escape a government bailout, only to loan a segment of that amount (£2.3bn) back to Qatar Holdings which was then used to buy shares in the UK bank, an undertaking...MORE

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Friday 9th February @ 10:29am

As part of its restructuring process, Commerzbank has already increased its focus on retail banking as well as targeting job cuts — and its latest move to boost its customer base could see the long-embattled bank finally turn a corner. Plans include the addition of an extra two million customers by 2020. "We have lined up acquisition initiatives which will ramp up in...MORE

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Thursday 8th February @ 10:02am

Banks currently based in Britain that have been slow to submit a licence to relocate to Europe in the aftermath of the March 2019 Brexit deadline have been urged to speed up the process by the European Central Bank (ECB). With a transition period deal still standing on shaky ground, there are no guarantees that these banks will be able to keep their EU...MORE

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Wednesday 7th February @ 10:06am

One week ahead of royal commission inquiry hearings, Australian banks are already under the spotlight following published details of a separate Productivity Commission inquiry. The report, over 600 pages in length, claims that a lack of competition in the financial services market is leading to customers being exploited through unnecessary added costs...MORE

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Tuesday 6th February @ 9:56am

Will this be Ripple's year? Co-founder Chris Larsen briefly became one of the richest individuals in the world when Ripple's token XRP shot up in value to over $3 early last month. Following an 18-month in-house pilot, Banco Santander will launch a new mobile app based on Ripple's blockchain technology, and it expects to have the service live in the first quarter of 2018. The Ripple service should enable almost real-time cross-border transfer of funds as well as offering...MORE

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Monday 5th February @ 10:13am

Over the weekend, Wells Fargo was struck with a hefty punishment by the US Federal Reserve, essentially restricting its ability to grow any larger than its current asset size. One quarter of its 16-person board will also need to be replaced. It is a rebuke which has come in the wake of multiple scandals involving the influential financial institution, including the creation of 3.5 million fake accounts. It is believed that the decision by Janet Yellen in her final act as chairperson...MORE

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Friday 2nd February @ 10:26am

Deutsche Bank has reported an annual net loss for 2017, the third time in a row that the major German lender has done so (FT paywall). The result, deemed unsatisfactory by CEO John Cryan, was largely caused by ramifications from the new US tax reforms as it also ended the year with a fourth-quarter pre-tax loss of €1.3 billion ($1.7bn), although restructuring costs and mediocre trading revenue also played their part. It...MORE

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Thursday 1st February @ 10:00am

Goldman Sachs' online lending platform, Marcus, has seen breathtaking growth since its launch in October 2016. Within a year it was one of the top two dozen banks in the United States. Now it seems that a credit card offering may be added to the mix with news that Final, a small credit card startup in the San Francisco Bay Area, has been bought by Goldman. Founded less than four years ago...MORE

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