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French lender BNP Paribas has taken a €190m hit from a fraud case related to receivables financing involving an unidentified client, as increased provisions against soured loans overshadowed third-quarter results. The Financial Times wonders what happens if fraud becomes an endemic part of the banking system. Regional US banks Zions and Western Alliance have also recently identified fraud.

 

Financial Times

Financial Times

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Santander UK's chief executive, Mike Regnier, has warned that the Financial Conduct Authority's proposed redress scheme for the car finance commissions scandal could have "significant" ramifications for the UK economy. He argues that the plan should be an "active consideration" for ministers and suggests that there is "uncertainty regarding the final scope, methodology and timing of any redress scheme that may ultimately be implemented." He warned that if the government does not intervene "the unintended consequences for the car finance market, the supply of credit and the resulting negative impact on the automotive industry and its supply chain could significantly impact jobs, growth and the broader UK economy." Santander has scrapped publication of its full UK results for Q3, pointing to "uncertainties" around the redress scheme.

 

Sky News

Financial Times

The Daily Telegraph

The Guardian

Credit ratings agency Fitch has issued a warning about the $3trn shadow banking industry, citing "bubble-like characteristics" that could lead to a global financial shock. The agency noted that a crisis in private credit could impact banks and fund managers. The market has grown 50% recently, with banks holding $4.5trn in exposure to private credit players. Fitch said that while the market is not yet a systemic risk, it is evolving into a more complex asset class. The collapses of Tricolor and First Brands have prompted concern that further issues may be lurking within private credit. 

 

The Daily Telegraph

Germany’s consumer sentiment index is expected to decline to -24.1 in November, down from -22.5 in October, according to GfK and NIM. The fall, which defied expectations of improvement, was mainly due to a sharp 13-point drop in income expectations, now at their lowest since March 2025. "The ongoing geopolitical tensions, renewed inflation fears and growing concerns about job security are dampening hopes for a short-term recovery in consumer sentiment,” said Rolf Buerkl, a consumer climate expert at NIM. Despite small gains in economic expectations and buying willingness, high food and energy costs continue to hinder spending.

 

U.S. News

Executives at the ninth Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, say there are signs of lending standards weakening in the market for private lending to large companies - although fears of a risky bubble emerging in the private credit market are overblown. "The risk is when you have too much leverage and not enough liquidity you tend to have problems and I don't see us having that right now even in private credit," Anne Walsh, chief investment officer at Guggenheim Partners told attendees at the annual flagship finance conference.

 

Reuters

A Reuters tally illustrates how companies worldwide, including Amazon, Target and Nestle, have ramped up job cuts, as they rein in spending amid dimming consumer sentiment and as AI-focused tech companies start to replace roles with automation. Cuts like those at Amazon "tell me the economy is slowing down, not getting stronger. You don't have mass layoffs when the economy is strong," said Adam Sarhan, chief executive of 50 Park Investments in New York.

 

Reuters

The UK government's National Payments Vision (NPV) has been met with scepticism from the Payments Association, which claims the initiative is more of a "reshuffle than a reform." Chancellor Rachel Reeves announced the NPV during her 2024 Mansion House address, with the aim of enhancing open banking and supporting fintech. However, Riccardo Tordera-Ricchi, director of policy at the Payments Association, expressed concerns that the changes may lead to "the same problems under a different roof." Warning of "ambiguity" around the respective roles and responsibilities of the Financial Conduct Authority and the Bank of England, he said: "Concerns remain about who will have clear responsibility for competition oversight in the payments market."

 

City AM

The European Commission is planning to investigate Anglo American's $500m nickel sale to MMG amid concerns over China's control of essential metals for energy transition.

 

Financial Times

The European Commission is working with national governments and Nato so that member states would make their means of transport available to other countries that need to move military assets.

 

Financial Times

Next has reported a 10.5% rise in full-price sales for its third quarter, driven partly by disruption at competitor M&S following a major cyber-attack in April. As a result, Next raised its full-year profit forecast for the fourth time in eight months, now expecting over £1.1bn in pre-tax profits by January 2026. “UK growth of +5.4% was stronger than we had expected,” the company stated, crediting both favourable weather and "competitor disruption." Other retailers including Sainsbury’s also saw sales lifts linked to M&S's operational struggles.

 

Financial Times

Reuters

The House of Lords has resisted reforms to the Employment Rights Bill, resulting in multiple defeats for the UK government. Peers inflicted defeats on zero-hours contracts, unfair dismissal claims from day one, industrial action ballot thresholds and union members paying a political levy. Moving the zero hours amendment, Lib Dem Lord Fox said: "We share ministers' aims on making sure that every employee has the right to guaranteed hours moving from zero-hours, guaranteed hours." But he added: "For the smaller and medium-sized employer it is an added burden that doesn't need to be there if the employee does not wish to leave zero hours."

 

Sky News

ING Luxembourg has confirmed the loss of up to 124 jobs as part of a restructuring plan. Trade unions Aleba, LCGB, and OGBL reached a social plan with the bank after extensive discussions. The agreement includes enhanced financial indemnities and support for affected staff, although specific details were not disclosed. Michael Burch, CEO of ING Luxembourg, said that the bank aims to focus on private and wholesale banking, and move away from retail operations. The bank expects to reduce its retail client base from 90,000 to 20,000 by year-end.

 

Luxembourg Times

Around 40 security guards at the Bank of England, employed by Amulet, plan a 24-hour strike on November 13 over pay, including a picket outside the central bank. The Unite union warns the action could leave the Bank’s £200bn gold reserves "vulnerable," because staff oversee perimeter and control room security. The strike follows the Bank’s refusal to grant a pay increase, which the union says amounts to a real-terms pay cut amid high inflation. The Bank insists robust measures are in place to maintain security.

 

The Daily Telegraph

Irish state broadcaster RTÉ has defended a series of unorthodox payments detailed in a new internal report, saying they are historic and date back “years or decades.” According to an article in the Irish Independent, the document reveals eight irregular payments of between €10,000 and €30,000, which are mainly related to pensions. In one instance, top-up pension payments were reportedly made to a family member of a deceased former senior executive. The report, which was compiled by RTÉ's chief financial officer Mari Hurley, also raises questions about a piece of land and an artwork in the broadcaster's possession, where ownership remains unclear.

 

Irish Independent

A report from the UN warns that developing countries face a significant funding shortfall for climate adaptation, warning that the "yawning gap" is "putting lives, livelihoods and entire economies at risk."

 

Financial Times