City Santander Financial News

The exodus of talent from Credit Suisse’s investment bank has been higher than UBS expected, as rivals have made opportunistic moves to hire senior bankers and their teams.

Santander is offering extra paid leave to UK employees who are foster carers.

JPMorgan has expanded its JPM Coin blockchain payment service to include euro-denominated transactions for corporate clients. 

CACEIS Bank, the combined asset servicing arm of the major European banks Crédit Agricole and Santander, has acquired a French crypto custody license, according to the website of France’s financial regulator.

CACEIS Bank, the asset servicing arm of Crédit Agricole and Santander, has received a crypto custody license in France, according to the regulator’s website on June 20. 

The final quarter of 2020 saw the launch of a precedent-setting lawsuit by the United States Securities and Exchange Commission against Ripple Labs, CEO Bradley Garlinghouse and co-founder Christian A. Larsen. The allegation: raising north of $1 billion in 2013 through the unregistered sale of a purported security, XRP (XRP).

Santander's Europe head António Simões will become the new chief executive of Legal and General when Sir Nigel Wilson retires at the start of next year.

Both national and global companies will participate in the upcoming Brazilian central bank digital currency (CBDC) pilot project. Banco Central do Brasil, the country’s central bank, will begin adding participants to the digital real platform around the middle of June 2023.

The Brazilian Central Bank has revealed the firms it will work on for its central bank digital currency (CBDC) pilot – and the list includes the crypto-keen neobank Nubank.

European banks are looking stronger and more attractive than their U.S. counterparts on many metrics, according to officials and analysts speaking at the Institute of International Finance conference in Brussels this week, who add that regulation and collaboration is still needed to boost growth in the region.

In recent months, NatWest, HSBC, Nationwide Building Society and Santander have all placed restrictions on customers buying cryptocurrency, citing regulatory concerns and the risk of scams.In a letter to Economic Secretary to the Treasury Andrew Griffith, CryptoUK says that blanket bans and restrictions "will have the effect of fundamentally undermining the Government’s ambition to become a crypto asset hub and its mission to maximise the potential of Web3 to spur UK growth and innovation".The trade association says that government action is warranted because banks are putting in place these blanket restrictions instead of take a risk-based and case-by-case approach.The letter suggests government bringing bank and crypto CEOs together to find a "viable solution", with one option being the creation of a white list of platforms that "have engaged with the UK’s regulatory perimeter (either through AML registration or other EMI/MiFid licenses), to which transactions should be allowed to take place freely".In a separate letter to the FCA and Payment Systems Regulator, CryptoUK says that while it accepts that the regulators may not wish to intervene in the commercial decision of bank, "in this case we believe action is warranted because of the blanket approaches that have been taken".

Two UK-based dealmakers at Credit Suisse are set to join competitors in the City, as rival banks circle for talent after its tie-up with UBS.

Two UK-based dealmakers at Credit Suisse are set to join competitors in the City, as rival banks circle for talent after its tie-up with UBS.

In recent months, NatWest, HSBC, Nationwide Building Society and Santander have all placed restrictions on customers buying cryptocurrency, citing regulatory concerns and the risk of scams. In a letter to Economic Secretary to the Treasury Andrew Griffith, CryptoUK says that blanket bans and restrictions "will have the effect of fundamentally undermining the Government’s ambition to become a crypto asset hub and its mission to maximise the potential of Web3 to spur UK growth and innovation".

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The recent turmoil in the U.S. banking industry has left crypto-companies searching high and low for new partner banks. Last week, Silvergate Capital, Silicon Valley Bank, and Signature Bank all shut down following regulatory intervention. This forced many users to move their assets elsewhere.

NatWest says that cryptocurrency scams cost Brits £329 million a year, noting that crypto is not protected by the UK’s Financial Services Compensation Scheme and most providers aren’t regulated by the FCA.Stuart Skinner, head, fraud protection, NatWest, says: “We have seen an increase in the number of scams using cryptocurrency exchanges and we are acting to protect our customers.” Earlier this month, HSBC and Nationwide Building Society put similar restrictions on customers buying cryptocurrency, citing regulator concerns about the practice.

The finance industry is not quick enough at getting women into management positions, according to Santander's Executive Chair Ana Botin. 

Bitcoin has experienced a significant decline in its value over the past few days, prompting concerns among investors and traders. The market is currently trying to gauge the reasons behind this decline and determine where the following support for the cryptocurrency may lie. 

Explaining the move, it says: "There are certain risks with purchasing cryptocurrency, as highlighted by the Financial Conduct Authority."Payments to one exchange, Binance, are banned completely.Meanwhile, HSBC has put a block on crypto purchases using its credit cards, citing FCA concerns about the high-risk nature of the assets.In November, Santander put in place a £3000 monthly limit on payments to cryptocurrency exchanges.

HSBC Holdings and Nationwide Building Society in the United Kingdom have banned retail customers from purchasing cryptocurrency with credit cards. They are the latest in a growing line of banks in the UK to tighten restrictions on digital assets.