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Bank of America slams 'volatile' and 'impractical' bitcoin

Financial News
Bitcoin's volatility makes it 'impractical as a store of wealth or payments mechanism'
Bitcoin’s exceptional volatility makes it “impractical as a store of wealth or payments mechanism,” the bank's analysts said
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Wednesday March 17, 2021 2:11 pm
Analysts at Bank of America have attacked bitcoin as “exceptionally volatile” and “impractical” in a 17 March research note.
In the note, the analysts said there was “no good reason to own bitcoin unless you see prices going up”.
The analysts said the supply of the cryptocurrency was by design artificially constrained so demand swings are...

United-states , America , Analysts-at-bank , Bank-of-america , Fintech , Bitcoin , News , Cryptocurrencies , Banking , Banking-credit , Financial-services

Brexit equivalence deal for City is now so unachievable it's 'silly' to bother

Financial News
Brexit equivalence deal for City is now so unachievable it’s ‘silly’ to bother
'Six months from now, people will have almost forgotten there is such a thing as equivalence'
“Six months from now, people will have almost forgotten there is such a thing as equivalence,” said a senior lobbyist at a bank in London
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Monday March 15, 2021 12:01 am
There’s a growing consensus forming across the City: The finance sector’s post-Brexit future will be one without equivalence.
Six senior City lobbyists at London’s largest banks and trade groups, as well as regulatory advisers to finance's most senior executives told Financial News that they are now preparing for a Brexit deal that does not hinge on equivalence - where the EU allows those with matching standards access to its markets.

London , City-of , United-kingdom , Financial-news , Brexit , Regulation-government-policy , Corporate-industrial-news , Political-general-news , International-relations , Politics-international-relations , Domestic-politics

Bank of America UK and Ireland chair Mackenzie Smith retires after more than 35 years in the City

Financial News
Investment Banking
Bank of America UK and Ireland chair Mackenzie Smith retires after more than 35 years in the City
Simon Mackenzie Smith is one of the best-known dealmakers in the City
Simon Mackenzie Smith joined Merrill Lynch in 1996 from Morgan Grenfell, the City merchant bank acquired by Deutsche Bank in the 1990s
By
Monday March 15, 2021 12:15 pm
Simon Mackenzie Smith, chair of corporate and investment banking for the UK and Ireland at Bank of America, is retiring.
Mackenzie Smith, one of the best-known dealmakers in the City who has worked with the biggest UK blue-chip companies, is set to step down from Bank of America after 25 years at the bank, according to an internal memo seen by Financial News.

United-states , Ireland , United-kingdom , America , Mackenzie-smith , Simon-mackenzie , Bank-of-america , Investment-banking , News , People , M-amp-a

Trading Places: Volkswagen CFO joins Deutsche board, Citi Europe exec exits

Financial News
Also this week: Monzo co-founder joins startup, Perella Weinberg nabs ex-Morgan Stanley dealmaker
By
Friday March 12, 2021 11:42 am
Deutsche Bank has named Volkswagen chief financial officer Frank Witter as a new member of its supervisory board, replacing Alexander Schütz, the executive who came under fire for email communications with the boss of scandal-ridden payments firm, Wirecard.
Witter's appointment will be voted upon at the bank's annual general meeting in May. He's set to retire from Volkswagen in June. His term was due to end in 2023....

Frank-witter , Volkswagen , Deutsche-bank , Alexander-sch , Monzo , On-the-move , Citigroup , Liberum , Trading-places , News , People , Jp-morgan

Nomura to bolster team of dealmakers as Japan Inc hunts for overseas bargains

Financial News
The bank will add investment bankers as Japanese firms expand beyond their borders
The Japanese investment bank will add dealmakers covering sectors such as business media and technology
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Thursday March 11, 2021 12:01 am
Nomura is looking to bolster its team of dealmakers after a surge in cross-border M&A involving Japanese companies has seen the bank rise up the rankings of advisors.
The Japanese investment bank will add dealmakers covering sectors such as business media and technology, its head of advisory in Europe, the Middle East and Africa, Guy Hayward-Cole, told Financial News.
“Following...

Japan , Japanese , Middle-east , Guy-hayward-cole , Nomura , Investment-banking , News , M-amp-a , Banking , Financial-investment-services , Banking-credit

Crypto firm Cred failed due diligence, set ex-UK fugitive in charge of capital raising

Crypto firm Cred failed due diligence, set ex-UK fugitive in charge of capital raising
The firm’s collapse into bankruptcy was largely due to a 'dereliction in corporate responsibility'
By
Wednesday March 10, 2021 7:30 am
Cryptocurrency investment platform Cred unwittingly put a convicted financial criminal identified by the UK as a fugitive in charge of raising and deploying the firm’s capital before its collapse into bankruptcy, a court-appointed examiner said.
An examiner’s report filed on 8 March in the US Bankruptcy Court in Wilmington, Delaware, said that Cred failed to keep reliable records, properly track customer funds, perform due diligence on the firm’s investments or uncover the “extremely worrisome past” of former Chief Capital...

Delaware , United-states , United-kingdom , Us-bankruptcy-court , Chief-capital , Fintech , News , Crypto-currency , Banking-credit , Financial-services , Financial-technology

Starling Bank nets £272m in late-stage funding led by Fidelity and Qatari investor

Starling Bank nets £272m in late-stage funding led by Fidelity and Qatari investor
Starling says it’s still profitable, having exceeded £1.5m in net income every month since October
Anne Boden, CEO of Starling Bank has been adamant that the bank will not entertain offers of being acquired itself, after it was reported that JPMorgan and Lloyds Banking Group had made their interest in the scaleup known
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Monday March 8, 2021 7:31 am
British digital challenger Starling Bank has raised £272m in a series D funding round from a spate of City, international and institutional investors, providing the firm with a valuation of £1.1bn.

Qatar , United-kingdom , British , Starling-bank , Qatar-investment-authority , Fidelity-management-research , Fidelity-management , Fidelity , Fintech , Fundraising , News

Hong Kong won't appeal ex-JPMorgan banker bribery acquittal

Hong Kong won’t appeal ex-JPMorgan banker bribery acquittal
Leung Kar-cheung was acquitted of two counts of bribery on 1 February
By
Thursday March 4, 2021 8:16 am
The Hong Kong government won’t appeal the acquittal of an ex-JPMorgan banker accused of bribery after offering a job to the son of a client.
Ex-banker Catherine Leung Kar-cheung was charged in 2019 with bribing the chair of Kerry Logistics by offering a job to his son, The Wall Street Journal reported.
Leung was acquitted of two counts of...

Hong-kong , Catherine-leung-kar-cheung , Kerry-logistics , Wall-street-journal , News , Jp-morgan , Freight-transportation-arrangement , Financial-investment-services , Banking-credit , Freight-transport-logistics , Financial-services

Jersey regulator 'disappointed' over Woodford's new business plans

Financial News
By
Wednesday February 17, 2021 8:43 pm
Jersey's financial regulator has weighed in on Neil Woodford's plans to launch his new business on the Channel island, saying it is “disappointed” the former star fund manager has announced plans for his venture without first seeking authorisation.
In a statement issued on 17 February, the Jersey Financial Services Commission said it would be “normal practice” when outlining plans for a new investment business that they are “subject to regulatory approval”.
Woodford...

Jersey , Neil-woodford , Jersey-financial-services-commission , Fca , News , Asset-management , Regulation , Corporate-strategy-planning , Regulation-government-policy , Regulatory-bodies , Management , Corporate-industrial-news

Dutch regulator slams London firms' delay in shifting staff to EU post-Brexit

Financial News
Dutch regulator calls out London firms’ Covid excuse in Brexit staff move delay
UK financial services firms seeking to set up post-Brexit hubs in Amsterdam have been using the Covid pandemic as ‘a welcome excuse’
The regulator's comments follow news of a pronounced shift in equity trading to venues in the EU
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Wednesday February 17, 2021 4:24 pm
UK financial services firms seeking to set up post-Brexit hubs in Amsterdam have been using the Covid pandemic as "a welcome excuse" not to shift the required number of staff to the European trading bloc, a senior executive at the Dutch capital's financial regulator has said.

Netherlands , United-kingdom , Amsterdam , Noord-holland , Dutch , Matthijs-geneste , Netherlands-authority-for-the-financial , Netherlands-authority , Financial-markets , Ecb , Brexit , Trading