ECB’s Lagarde, Panetta warn against tightening too soon
European Central Bank President Christine Lagarde and board member Fabio Panetta urged patience before tightening the ECB’s ultra-easy policy. This is as the euro zone economy emerges from a slump caused by the pandemic. The price pressures steadily building, from higher energy prices to supply bottlenecks. And so, the euro zone borrowing costs have risen recently. Because […]
Bank of Spain to revise down 2021 GDP forecasts
The central bank governor Pablo Hernandez de Cos said that the Bank of Spain will revise down its latest economic forecasts for 2021. This is after the Spanish statistics institute downgraded its growth reading for the second quarter. on Tuesday. De Cos reiterated that he anticipates a gradual normalization of activity in the upcoming months. Spain’s second-quarter gross domestic […]
Bank of Ireland blames Irish pay cap
Bank of Ireland blamed state-imposed curbs on bankers pay. Chief Financial Officer Myles O’Grady would leave the bank and join Irish food group Musgrave. Ireland capped executive pay at 500,000 euros a year. This is during the euro zone’s costliest banking rescue, which was more than a decade ago. All forms of variable pay and fringe benefits were banned. Bank of […]
Credit Suisse board backs says the CEO
Credit Suisse’s board of directors is convinced that Chief Executive Thomas Gottstein is the right person to strategically realign the bank. This realignment can be done by curbing risk appetite, said the Swiss bank‘s chairman in a newspaper interview. When he was asked whether he was planning to replace Gottstein as CEO or take over the operational lead […]
Scrapping banker bonus cap not a priority
Bank of England Deputy Governor Sam Woods said that scrapping a cap on bankers’ bonuses inherited from the European Union is not a top priority. Other curbs on remuneration that are aimed at fostering financial stability should not be weakened. Britain’s departure from the EU has raised hopes in the financial sector. Some rules might be changed. […]
There should be banking M&A – Deutsche Bank CFO
Deutsche Bank says that there should be consolidation in the European banking sector. Chief Financial Officer James von Moltke said that the task in hand is to prepare for that outcome. Von Moltke told a financial conference hosted by BofA Securities, that it should first complete a strategic overhaul before contemplating major deals. He also said that they […]
Bank of England expected to keep rates steady
Britain’s central bank looks set to keep interest rates steady. This is because, it approaches the end-point of its 895-billion-pound asset purchase program. They are casting a wary eye over surging inflation pressures. Investors will be keen to see if more Monetary Policy Committee (MPC) members join external member Michael Saunders. The BoE is ahead […]
Deutsche Bank snapped by Credit Suisse
According to a memo, the Credit Suisse has poached Deutsche Bank‘s Israel Fernandez to lead its financial institutions group (FIG) in Europe, the Middle East and Africa in tandem with Julien Lamm. Fernandez on Nov. 15 is taking his new role. Just like his predecessor Armando Rubio-Alvarez, he will be based in Madrid. He is a […]
Berlin based payment service for Deutsche Bank
Deutsche Bank in Germany has announced that it has acquired Berlin-based payment service provider Better Payment for an undisclosed amount. This deal is expected to help Deutsche Bank in expanding its market share in the online payment processing market. According to press reports, Deutsche Bank will integrate Better Payment’s technical solutions. Kilian Thalhammer is the […]
Electronic trading platform launched by National Bank of Fujairah
UAE-based National Bank of Fujairah (NBF) has launched its new electronic trading platform NBFX. Now, their customers can carry out financial transactions beyond the bank’s working hours and across all time zones. NBFX is available for both of National Bank of Fujairah’s conventional and Shariah-compliant banking customers. The chief executive of NBF Vince Cook told […]