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Former Barclays CEO Jes Staley is set to challenge a ban imposed by the Financial Conduct Authority due to his ties with Jeffrey Epstein. The legal proceedings will involve testimonies from key figures, including Bank of England governor Andrew Bailey, as Staley contests allegations of misleading the regulator regarding his relationship with Epstein. This controversy has already led Barclays to reclaim nearly £18 million of Staley's bonuses.
Jes Staley is embroiled in a high-stakes legal battle to overturn a 2023 ban by the FCA, which prohibits him from holding senior financial positions due to alleged misleading statements about his relationship with Jeffrey Epstein. The case, set to begin in London, will involve testimonies from prominent figures and could reveal extensive communications between Staley and Epstein, raising questions about the nature of their ties. Despite the personal and financial risks, Staley aims to challenge the regulators' conclusions and restore his reputation.
Barclays anticipates cautious rate cuts from the Bank of England (BoE), predicting a 25-basis-point reduction in May, followed by further cuts in June, August, and September, bringing the Bank Rate to 3.5% by year-end. Despite some dissent within the Monetary Policy Committee, the majority favors a gradual approach, influenced by stable inflation expectations and a cooling labor market. Key economic indicators in the coming months will be crucial for the BoE's decision-making.
Chancellor Rachel Reeves is convening leaders from major UK banks, including Barclays, HSBC, and Lloyds, for discussions on the government's economic growth agenda, focusing on financial services and the mortgage market. This meeting coincides with the banks' full-year results reporting season and follows a recent downgrade of the UK's growth forecast by the Bank of England. Key topics are expected to include mortgage lending, housing market stability, and financial services innovation, amid concerns over existing mortgage lending restrictions and their impact on financial stability.
[Bloomberg]
Deutsche Bank's Q4 profits plummeted 92% to €106mn, significantly missing analysts' expectations due to a €329mn charge from a mis-selling scandal and higher loan losses. CEO Christian Sewing is set to unveil a new strategy focusing on efficiency and potential job cuts.Meanwhile, Bank of England's Andrew Bailey cautioned against relaxing mortgage lending restrictions, emphasizing the benefits of current rules in preventing future financial crises. Goldman Sachs' David Solomon anticipates stable interest rates in 2025 unless inflation trends change, while Lloyds Banking Group plans to close 136 branches due to declining in-branch transactions, though no jobs will be lost.
Wall Street paused amid a higher-than-expected US producer price index and weaker jobless claims, yet a year-end rally remains possible. Key events include the Fed's anticipated 25 bp rate cut, the BoJ's potential rate hike with dovish guidance, and the BoE's expected hold at 4.75%. Additionally, the US core PCE price index is projected to rise to 2.5% in November.
US benchmarks, including the Dow Jones, S&P 500, and Nasdaq Composite, reached record highs, fueled by a surge in tech stocks following strong earnings from Salesforce and Marvell Technology. In contrast, American Eagle Outfitters cut its full-year sales guidance and issued a grim holiday outlook. Meanwhile, the French government fell after a no-confidence vote, and the Bank of England's Governor hinted at potential interest rate cuts if inflation continues to decline.
Bank of England Governor Andrew Bailey indicated that four quarter-point interest rate cuts next year are likely, as inflation has decreased more rapidly than anticipated. In a recent interview, he acknowledged that the market's expectations align with this forecast, which aims to bring inflation to the bank's 2% target. Following his remarks, traders increased their bets on further rate cuts.
The Bank of England has warned that rising global trade barriers could negatively impact growth and increase inflation uncertainty, leading to financial market volatility and higher borrowing costs. Governor Andrew Bailey highlighted the risks of reduced international cooperation and the potential for a fragmented global economy, while emphasizing the resilience of the U.K. banking sector. The BoE plans to conduct full stress tests on banks every two years starting in 2025 to enhance competitiveness and address emerging financial risks.
Andrew Bailey
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