Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
RBS cuts bonus pool to £335m after posting successive annual profits February 9, 2019 Royal Bank of Scotland (RBS) will hand out a £335m bonus to its staff next week with it set to announce its second successive annual profit since becoming state-owned. The RBS board and UK Government Investments (UKGI) have agreed on the bonus amount. UKGI manages the public’s 62.4 per cent stake in the bank. Payouts [...]
More customers leave TSB than any other bank, data shows January 30, 2019 More customers abandoned TSB in the third quarter of last year than any other bank, according to the latest data, while Nationwide gained the most new accounts. TSB, which suffered two major IT outages in 2018, saw net losses of 16,142, followed by Natwest which lost 12,514 accounts overall. A total of 40, 656 customers moved their [...]
Big brands doing big deals show the UK sports sponsorship industry remains in rude health January 14, 2019 January is typically the time to look forward, to forecast and predict what will happen in the coming year. To understand the state of the UK sponsorship industry, however, it’s more worthwhile to look at what happened in the months leading up to Christmas. Rewind to the week after Black Friday in December and big [...]
RBS invests in digital banking startup to rival Monzo and Starling January 7, 2019 The Royal Bank of Scotland has invested in digital current account aimed at students and young people that has set out to rival challenger banks Monzo and Starling. The £2m investment in fintech startup Loot was made through Natwest’s digital-only retail bank Bo, which is due to launch this year, and takes its total shareholding to 25 per [...]
Sainsbury’s begins search for new banking chief as Peter Griffiths prepares to retire January 3, 2019 Sainsbury’s has begun the search for a new chief executive of its banking division after confirming Peter Griffiths will step down next year. Griffiths, who has been in charge of Sainsbury’s Bank since 2012, will step down in 2020, Sky News first reported. The supermarket chain confirmed it was in the “early stages” of finding [...]
Cityfibre secures £1.12bn debt package to fund UK full-fibre rollout December 18, 2018 Fibre network provider Cityfibre has secured a £1.12bn debt package from seven major financial institutions to help fund its rollout of full-fibre broadband across the UK. Proceeds from the infrastructure debt package will be used to fund the first part of Cityfibre’s £2.5bn plan to bring full-fibre to five million homes, the company said today. [...]
Alternative finance lender Oakam is trying to help the unbanked November 30, 2018 Payday loan companies get a bad rap. And it’s easy to see why, considering the predatory businesses practices and extortionate interest rates charged by lenders like Wonga, which collapsed into administration this year. High-interest, short-term loans were back in the news this week, with the announcement that the fintech startup Monzo is considering offering such [...]
Stress in the City: How the UK’s top law firms manage employee wellbeing November 26, 2018 The legal world has been rocked by the recent suicide of a US partner which has led to an examination of the high-stress, long-hours culture prevalent in elite law firms. The widow of Sidley Austin partner Gabe MacConaill, who killed himself last month, wrote a heartbreaking open letter in the American Lawyer magazine detailing the [...]
RBS names new deputy chief executive in charge of ring-fenced bank November 14, 2018 The Royal Bank of Scotland (RBS) today appointed a new deputy chief executive to take over ring-fenced bank Natwest Holdings. Alison Rose, who serves as the chief executive of commercial and private banking, will take on the new role from the beginning of December. She will continue in her current job while also deputising for [...]
Transferwise repackages its business banking with a debit card November 14, 2018 Fintech unicorn Transferwise is today relaunching its business banking effort to include a debit card, integration with accounting platform Xero and an open access developer channel. The newly-revised business product will provide a Transferwise Business debit card for spending both online and in-store in 45 currencies, in addition to its previous offering of local bank details [...]