Cyber firm Callsign set to unveil bumper JP Morgan backing February 4, 2020 London-based identity fraud firm Callsign is said to be on the verge of unveiling fresh funding worth tens of millions of dollars from Wall Street giant JP Morgan. Callsign, which uses AI to verify the identity of users, is signing off on a deal with JP Morgan Asset Management, which manages $2 trillion (£1.5 trillion) [...]
City A.M.’s rate-setting committee vote to hold interest rates as Brexit uncertainty peaks March 20, 2019 The Bank of England must hold interest rates as Brexit uncertainty looks set to continue beyond 29 March, City economists have said. The Bank’s rate-setting monetary policy committee (MPC) will announce its decision at midday on Thursday and is expected to leave rates unchanged at 0.75 per cent. Read more: Bank of England leaves policy unchanged [...]
Lloyds Bank boosts Scottish Widows by bolting on Zurich Insurance’s £15bn workplace pension arm October 12, 2017 Lloyds Bank today snapped up Zurich’s £15bn UK workplace pension arm. The lender will bolt Zurich’s operations onto its Scottish Widows business in a deal that underlined its “commitment to the financial planning and retirement segment”. Scottish Widows manages more than £124bn of assets, of which £35bn is in workplace pensions. First launched in 1812, [...]
Nearly 500 Lloyd’s of London workers report sexual harassment September 24, 2019 Almost 500 employees at Lloyd’s of London have suffered or witnessed sexual harassment over the past 12 months, according to a damning survey released today. Lloyd’s CEO John Neal described the findings as “truly terrible” as the survey, carried out by the Banking Standards Board on behalf of the insurer, found “the experience of women [...]
Chancellor shakes up coronavirus loan scheme after criticism of banks April 2, 2020 Chancellor Rishi Sunak said tonight that he is extending a coronavirus loan scheme for small businesses and introducing a new loan scheme for businesses with revenue up to £500m. The Treasury also said it would ban lenders from requesting personal guarantees for loans under £250,000. And Sunak pledged “operational changes” to speed up lending approvals. [...]
Barclays profits slip as bank sets aside £150m for Brexit February 21, 2019 Profits missed estimates at Barclays last year, the bank revealed today, as it set aside £150m for Brexit and paid out billions of pounds in misconduct and litigation charges related to its role in the financial crisis. Read more: Ex-Barclays chair Agius tells court he was unaware of £280m Qatar deal The figures Profit before [...]
Shareholder anger spills over at Lloyds AGM as Noel Edmonds crashes the bank’s house party May 25, 2018 Lloyds Banking Group stole the title of the year’s most dramatic AGM yesterday, as investors took the lender’s board to task and TV personality Noel Edmonds made a vocal appearance. The meeting began with one angry shareholder accosting Lloyds’ chairman Norman Blackwell, shouting: “You’re a liar and a cheat.” Hostile exchanges followed between management and [...]
Insurance industry must improve corporate culture, Bank of England warns November 5, 2019 The Bank of England sent out a warning to insurance bosses today, demanding that they improve workplace culture following a spate of sexual harassment revelations. In a “dear CEO” letter written to corporate heavyweights in the insurance industry, the Bank’s Prudential Regulation Authority (PRA) flagged recent instances of alleged abuse as of “deep concern”. Read [...]
UBS hires ING boss Ralph Hamers as new chief executive February 20, 2020 UBS has named ING boss Ralph Hamers as successor to current chief executive Sergio Ermotti. In a surprise announcement late last night, UBS said Hamers would leave Dutch lender ING in June. Hamers will join Ermotti for a transition period in September before taking the helm at Switzerland’s largest bank in November. ING said that [...]
Travelex owner Finablr planning for ‘potential insolvency’ March 17, 2020 Finablr, the owner of foreign exchange firm Travelex, has appointed advisers to prepare for a possible insolvency after the FTSE 250 company became mired in an accounting scandal. In an update to the stock exchange this morning, Finablr’s board said it had engaged an accounting firm “to undertake rapid contingency planning for a potential insolvency [...]