Bank of England to hold fire after August’s Brexit bazooka

The Bank of England holds a monetary policy meeting on Thursday as more hard economic numbers trickle in following June’s Brexit shock, while U.S. data and a speech by policymaker Lael Brainard will give Fed-watchers food for thought. Data and surveys in the coming week will also give a steer on price and industry trends in the euro zone after ... Read More »

City banks tone down Brexit doom and gloom forecasts

Economists at major City investment banks have cancelled forecasts of a Brexit-inspired recession amid fresh data showing the economy performing more robustly than expected. Britain’s trade deficit narrowed significantly in July, as exports increased by £800m to £28.4bn, while imports fell by £300m to £36.6bn.Construction output was also steady in July, faring better than expected a month after the Brexit ... Read More »

Barclays to cut more than 100 Singapore back office jobs – source

Barclays (BARC.L) is cutting over 100 technology and back office jobs from its offices in Singapore, a source with direct knowledge of the matter said on Monday, as it seeks to reduce costs by relocating those roles elsewhere. The source declined to comment on the exact number of jobs to be cut in Singapore but said it is fewer than ... Read More »

FTSE underperforms as RBS and Lloyds lose ground

Britain’s top shares index edged lower on Monday as a fall in the shares of Royal Bank of Scotland (RBS.L) and its rival Lloyds (LLOY.L) weighed on the overall market. The blue-chip FTSE 100 index .FTSE was down 0.2 percent at 6,879.42 points by the close, retreating from a 2.2 percent rise on Friday that pushed it up to a ... Read More »

Top graduates missing out on banking jobs for lacking ‘polish’

Graduates with first-class degrees from elite universities are being “locked out” from jobs in investment banking if they commit the crime of wearing brown shoes, look uncomfortable in a suit, or have the wrong “polish” or “aura”, according to a new study into social exclusion. The exclusion process is even more brutal for non-privileged candidates from non-elite universities and schools, ... Read More »

Labor wins votes in lower house to force Coalition to debate banking inquiry

The Turnbull government has lost its first votes on the floor of the House of Representatives as Labor intensified its political attack on the prime minister and the Coalition using the spearhead of the banking royal commission. Labor moved on Thursday night to bring a motion calling for a banking royal commission that had cleared the Senate earlier in the ... Read More »

HSBC executive pleads not guilty in U.S. over forex scheme

A senior HSBC Holdings Plc executive pleaded not guilty on Monday to charges that he participated in a fraudulent scheme to front-run a $3.5 billion (2.67 billion pounds) currency transaction by one of the bank’s clients. The plea on wire fraud and conspiracy charges by Mark Johnson, a British citizen who at the time of his arrest last month was ... Read More »

Deutsche Bank chief calls for mergers in Europe

The head of Deutsche Bank made a rare public call on Wednesday for cross-border mergers in Europe, weeks after Germany’s flagship lender scraped through regional stress tests. John Cryan’s remarks will likely spur further discussion about the future of the struggling bank, although he was quick to throw cold water on reports that Deutsche examined a merger with Commerzbank – ... Read More »

Parliament could force banking inquiry despite hostile Coalition, says Senate clerk

The opposition and minor parties could force a rare and powerful “commission of inquiry” into the banks if the Coalition refuses a royal commission, according to the clerk of the Senate, Rosemary Laing. And the Senate’s key parliamentary adviser said if the commission of inquiry bill won a majority in both houses it would be an outcome that “any government ... Read More »

Banking royal commission focus areas proposed by Bill Shorten

Bill Shorten has written to Malcolm Turnbull outlining what he thinks should be the focus of a banking royal commission. On the final day before the parliament sits for the first time, the opposition leader has also invited the prime minister to meet some victims of “bank ripoffs” this week in Canberra, saying it would be good for him to ... Read More »