The Bank of England believes that up to 75,000 jobs could be lost in financial services following Britain’s departure from the European Union.The BBC understands senior figures at the Bank are using the number as a “reasonable scenario”, particularly if there is no specific UK-EU financial services deal. Source: Bank of England believes Brexit could cost 75,000 finance jobs – BBC News
Saudi Arabia’s Public Investment Fund plans to invest about $1bn in Richard Branson’s space company, Virgin Galactic, and sister companies The Spaceship Company and Virgin Orbit, according to a joint statement published late last week Source: Saudi’s PIF to invest about $1bn in Virgin’s space companies – Gulf Business
LONDON – Gulf states are ramping up plans to raise syndicated loans for state-owned firms in a fundraising drive designed to offset the effects of low oil prices that also includes privatisations, financial restructurings and IPOs of state assets. Source: Middle Eastern sovereigns eye loans in fundraising drive | ZAWYA MENA Edition
Saudi wealth fund PIF expects to create over 20,000 jobs by 2020 The Saudi government plans to expand the PIF Source: Saudi wealth fund PIF expects to create over 20,000 jobs by 2020 – Gulf Business
Europe’s banks took further steps on the painful recovery path last year, but non-performing loans still loom over the sector, according to European Source: European banking sector continues painful path to recovery but bad loans still loom | City A.M.
ATHENS (Reuters) – Three of Greece’s largest lenders plan to sell up to 5.5 billion euros ($6.5 billion) in bad loans by early next year, sources said, as the country’s central bank chief called on the creaking banking sector to act faster to tackle its bad-debt problem. Source: Exclusive: Greek banks plan record sale of bad loans as pressure mounts
ZURICH (Reuters) – Activist investor RBR Capital Advisors wants to expand its stake in Credit Suisse (CSGN.S) to 1 billion Swiss francs (769.83 million pounds), as the hedge fund pushes to spin off the Swiss lender’s investment bank and asset management business. Source: Activist investor RBR wants to build $1 billion stake in Credit Suisse
LONDON (Reuters) – Goldman Sachs chief executive Lloyd Blankfein is planning to spend a lot more time in Frankfurt, he said on Thursday, as the Wall Street bank pushes ahead with plans to make the German city a major base after Britain leaves the European Union. Source: In blow to Britain, Goldman CEO says to spend more time in Frankfurt
Countrywide will launch an online mortgage broker called Mojo Mortgages in partnership with venture builder Blenheim Chalcot early next year. Source: Countrywide to launch online mortgage broker | Mortgage Introducer
Larger banks should be following the lead of their challenger bank rivals and serving the niche areas of the mortgage market, according to The Mortgage Hut managing director Chris Schutrups. Over recent years challenger banks such as Bluestone, Kensington, Atom and Secure Trust have all made inroads in the more niche side of the market Source: Mainstream lenders urged to provide mortgages to niche markets | Mortgage Introducer
Technological innovation will benefit bank customers and money remitters with reduced service costs, but will impact the profitability of banks by slashing money transfer fees and commissions Source: How technology will change the banking industry – Khaleej Times
The UK inflation rate rose to 3{193b0148ea321fadc734c77a77411744ff00523eb37bb96872a1255c49fbad99} in September – its highest point in over five years. This represented a rise from 2.9{193b0148ea321fadc734c77a77411744ff00523eb37bb96872a1255c49fbad99} in August and means wages are still stagnating. However Governor Mark Carney narrowly avoided having to write a letter to Chancellor Philip Hammond explaining why inflation was more than 1{193b0148ea321fadc734c77a77411744ff00523eb37bb96872a1255c49fbad99} outside the 2{193b0148ea321fadc734c77a77411744ff00523eb37bb96872a1255c49fbad99} inflation target. Source: Inflation rate climbs to 3{193b0148ea321fadc734c77a77411744ff00523eb37bb96872a1255c49fbad99} | Mortgage Introducer
Two members of the Bank of England’s Monetary Policy Committee have spoken cautiously about the prospect of a rate rise next month. Bank of England deputy governor Dave Ramsden indicated he is not close to voting for a rate hike because there is little sign of inflation getting out of control, while new MPC member Silvana Tenreyro said she would require more data to vote for a rise on November 2. Source: Two MPC members cautious about rate rise | Mortgage Introducer
