Challenger banks One Savings Bank and Charter Court have confirmed the terms of a £1.6bn merger. Following the completion of the deal One Savings Bank shareholders will own around 55 per cent of the combined company, the firm announced as it posted its full-year results for 2018. Read more: One Savings Bank and Charter Court shares soar after merger talks confirmed One Savings Bank chief executive Andy Golding and chief financial officer April Talintyre will retain their roles in the merged group, while Charter Court chief executive Ian Lonergan will be moved over to an integration director role for 18 months. Sebastian Maloney, currently the chief financial officer of Charter Court, will be retained as an advisor for up to a year. Both banks’ directors and activist investor Elliott Management, the largest shareholder in Charter Court, have said they will back the deal. The figures One Savings Bank reported increased profits of £183.8m this morning, up from £167.7m … [Read more...] about One Savings Bank and Charter Court announce terms of £1.6bn merger
Banking and finance
Sarah Gray, provided by Published 9:25 pm CST, Friday, March 8, 2019 Reuters President Donald Trump's former campaign chairman, Paul Manafort, was sentenced to just shy of four years in prison on Thursday. US District Judge T.S. Ellis in Alexandria, Virginia, handed down the sentence, and he called the 19-to-24-year prison sentence prosecutors recommended "excessive." Reactions to Manafort's sentence came swiftly on Thursday night, with many observers saying it's too lenient. A common refrain referenced sentencing disparities — pointing out that Manafort's sentence was far less than that of others who were convicted of other crimes. However, it's hard to break down the nuances of sentencing in 280 characters. We spoke to an expert to help us make sense of the fallout. President Donald Trump's former campaign chairman, Paul Manafort, was sentenced to just shy of four years in prison on Thursday. US District Judge T.S. Ellis in Alexandria, Virginia handed down the … [Read more...] about What Paul Manafort’s 47-month prison term for bank and tax fraud says about mandatory minimum sentences
AI is coming to your financial institution, to make trading algorithms more reliable, lower fees and personalize financial products. Toby Nwazor Published 11:30 am CST, Friday, February 8, 2019 Photo: Metamorworks | Getty Images Photo: Metamorworks | Getty Images Image 1 of / 1 Caption Close Image 1 of 1 Photo: Metamorworks | Getty Images Artificial Intelligence Is Changing Banking and Wall Street. Here's What to Expect in 2019. 1 / 1 Back to Gallery New technologies have enabled tremendous evolution in the finance industry, especially over the past decade. Thanks to machine learning and artificial intelligence (AI), investors and consumers are getting access to more innovative … [Read more...] about Artificial Intelligence Is Changing Banking and Wall Street. Here’s What to Expect in 2019.
German authorities are ramping up discussions about a possible merger between the country’s two biggest banks, Deutsche Bank and Commerzbank. The finance ministry asked the banking regulator to share the results of its analysis of a potential merger between the two. Finance Minister Olaf Scholz and Deutsche Bank’s CEO Christian Sewing are said to have discussed possibilities, Bloomberg has reported. The German finance ministry asked the banking regulator to share the results of its analysis of a potential merger between Deutsche Bank and Commerzbank. People briefed on the matter told the Financial Times that the finance ministry was “definitely looking” at a merger between the banks, important because Germany needs a lender big enough for global expansion. With close to €2 trillion in total assets ($US2.3 trillion) the merged company would be the third-largest European bank after HSBC and BNP Paribas. The move highlights how German officials are … [Read more...] about Germany ramps up steps to seek merger between battered bank giants Deutsche Bank and Commerzbank
John Dorval, head of innovation at insurance giant John Hancock, said startups and financial firms could do a better job of working together more efficiently. One issue is around startups lacking an understanding of the underlying issues financial firms face, despite having technology capable of offering a solution. Large financial firms, meanwhile, could do a better job cutting down on the red tape involved with testing fintech products. The growth of the financial technology sector has exploded in recent years as startups look to solve problems for large, slow-moving financial firms in innovative ways. But one executive at a nearly $US500 billion insurance firm said both sides could be working with each other even more efficiently. Steve Dorval, head of innovation and advice at Boston-based John Hancock, told Business Insider in an interview Thursday there are several issues startups face when trying to solve problems for big banks and insurance companies. Dorval, who is also … [Read more...] about The head of innovation at $483 billion insurance giant John Hancock shared an anecdote about a fax machine to highlight the gap between fintechs and finance giants