Bankers Told No Bonus Payouts

The Prudential Regulation Authority has written to banks and insurers to tell them not to pay out dividends or buy back shares and forget about their bonuses. British banks have complied and even European banks are following suit. The Bank of England thinks the scale of the challenge ahead means they need to keep their cash reserves. Bank shares have fallen hard on the news…

mdi-timer 1 April 2020 @ 09:38 1 Apr 2020 @ 09:38 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Banks Tell Brussels: Butt Out of Brexit Brinkmanship

The European Banking Federation, which represents 3,500 banks across Europe, has called on the EU not to play hardball with the UK in a way that could harm their markets. Hoping to end the political gameplaying that was seen during exit negotiations, the federation has aligned itself with the position of the City of London, showing an unwillingness to move operations out of London. Neither party wants to mess up their relationship. European banks appreciate access to the City just as much – if not more so – as the City enjoys EU market access…

mdi-timer 27 February 2020 @ 16:31 27 Feb 2020 @ 16:31 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Momentum Pickets Closed Bank Branch

Momentum are latching onto fashionable climate change protesting to stay relevant to millenials increasingly disenchanted with Corbyn. They are organising pickets of Barclays because they lend to industry. Industry which uses “fossil fuels”. The campaign is about as logical as picketing a closed Barclays branch on a Saturday…

Should they perhaps refocus their lobbying target? After all when he was campaigning to become leader the headlines wereJeremy Corbyn vows to reopen coal mines. Margaret Thatcher on the other hand…

mdi-timer 1 April 2019 @ 09:28 1 Apr 2019 @ 09:28 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Bloomberg Thinks Bankers Bluffing About Brexodus

Remember that mass exodus from the City of London that was supposed to happen after the vote to Leave? In October British Bankers’ Association boss Anthony Browne predicted major banks would relocate in the first few months of 2017. The Observer reported:

“Britain’s biggest banks are preparing to relocate out of the UK in the first few months of 2017 amid growing fears over the impending Brexit negotiations, while smaller banks are making plans to get out before Christmas.”

At the time Guido offered Browne a £1,000 bet that not one leading bank will give up its UK banking licence next year to relocate to the EU.

As we enter March, even the City’s Remain-campaign-funding house journal Bloomberg is wondering “Are banks bluffing?”. Today they quote several City bosses who believe talk of an exodus is bluster. Jason Kennedy, CEO of finance recruitment firm Kennedy Group says:

“[The banks] are a bit like dogs backed into a corner and barking — it’s just noise. This is all about applying as much pressure as possible on the government to get the best deal. What have the banks have got to lose? Scream the house down and see what happens.”

“Barclays is planning to move only 150 jobs from London, if any”, Bloomberg reports, quoting their CEO Jes Staley:

“We don’t believe Brexit will result in a significant move of people away from London.”

“senior bank executive” believes “The banks are bluffing” and HSBC won’t move as many people as they have been threatening. And “One European banking boss quipped that the only way France would be top of his list would be if you turned it upside down”. Guido’s bet is still open to any takers…

mdi-timer 1 March 2017 @ 09:57 1 Mar 2017 @ 09:57 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Labour Opposes Clamp Down on Illegally Working Immigrants’ Bank Accounts

Labour MPs were whipped on Wednesday to oppose a measure which the government says will make it easier for banks and the Home Office to track the financial activity of illegal migrants. The Immigration Act 2014 (Current Accounts) (Excluded Accounts and Notification Requirements) Regulations 2016 orders banks to pass on customer information through a secure computer system to the Home Office if accounts are held by “disqualified persons” – migrants who have exhausted all rights of appeal and are liable to be removed from the United Kingdom. Banks must also report if disqualified persons are in receipt of regular payments of £200 or more. The explanatory note to the measure says:

“This information allows the Home Office to confirm the match and make a decision about whether to apply to the court for a freezing order or instruct the firm that it is under a duty to close accounts. The payments threshold is intended to ensure that the Home Office are able to identify significant patterns of payments that may constitute evidence of illegal working.”

Guido understands there were murmurs of despair in the division lobby as it dawned on Labour MPs that they would be seen as going soft on illegally working immigrants trying access financial services. A few are understood to have hot-footed it to the table office to try to get their names taken off the vote list. Those who have sounded a tougher line on immigration were notable by their absence: Yvette Cooper, Tom Watson, Ian Austin, Rachel Reeves and Emma Reynolds missed the vote. Another gift to Paul Nuttall…

mdi-timer 16 December 2016 @ 10:22 16 Dec 2016 @ 10:22 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
“Government Sachs” Hires EU’s Barroso

goldman-sachs-eu

Goldman Sachs has continued hugging the EU commission tight, after financing the anti-Brexit Remain campaign and spending millions lobbying Brussels, the aggressive Wall Street firm remains careful to keep in with the Eurocrats. Known as “Government Sachs” by those who mock the firm’s habit of hiring and providing US government officials, it is clinging tight to the EU bureaucracy post-Brexit. It has hired the former head of the European Commission Jose Manuel Barroso to be an advisor and non-executive chairman of Goldman Sachs International. These kind of hires provide lucrative connections to power and come to be very profitable in times of political crisis…

In September 2008 Peter Sutherland, also a former Irish EU commissioner, was Chairman of Goldman Sachs International when he strongly advised the naively led Irish government to buy up bank bond debts at the Irish taxpayer’s expense, for a total cost of some €85 billion or 37% of GDP, the highest per capita cost of the credit crisis in Europe. Sutherland’s advice will have saved Goldman Sachs billions in losses on the firm’s bond holdings. It will take the Irish people generations to pay off the debts Goldman Sachs advised their politicians to take on…

mdi-timer 11 July 2016 @ 09:30 11 Jul 2016 @ 09:30 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
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