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Daily briefing: Banks count Brexit costs, Scaramucci forced out and a battle over genetic data

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Britain’s departure from the EU will push up costs for banks by as much as 4 per cent and their capital requirements will rise by up to 30 per cent, according to consultants Oliver Wyman. Many banks have decided they cannot wait for clarity over Brexit negotiations and are already making pans to move staff to other European capitals. The consultancy estimates wholesale banks — which serve corporate and institutional clients — would need to find $30bn to $50bn extra capital to support new European operations.

HSBC on Monday became the first lender to put a price tag on Brexit, saying the immediate disruption would cost it $200m to $300m. The bank said it planned to move 1,000 of its 6,000 UK investment banking jobs to France. Conservative MP Nicky Morgan has asked the Bank of England provide details on the City’s readiness for a hard Brexit. (FT, Guardian)

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The Mooch, we hardly knew ye
The White House communications director, financier Anthony Scaramucci, has left his role after a brief and explosive stint, as John Kelly, Donald Trump’s new chief of staff, moves to stamp his authority on an unruly administration. Here’s a look at Mr Kelly. (FT)

UK confirms Brexit means end to free movement
Downing Street insisted on Monday that it remained committed to the tough negotiating stance outlined by Theresa May earlier this year, including ending the free movement of EU citizens to the UK in March 2019. The comments from prime minister’s spokesman came after days of contradictory statements from ministers. Senior officials have meanwhile accused Mrs May of wasting the past year as her “control freak” regime has stifled arguments over policy and...


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