Bank of America trumps estimates despite drop in profits October 16, 2019 Bank of America’s profits slumped almost 20 per cent in the third quarter of this year, but its shares rose on a better-than-expected performance. The lending giant’s share price climbed almost two per cent in premarket trading after three of the firm’s four main divisions posted a rise in revenue. Read more: Banks struggle with [...]
Natwest launches UK’s first biometric fingerprint credit card October 7, 2019 Natwest has become the first UK bank to launch a biometric credit card that allows contactless payments using a fingerprint for verification. The cards have entered into circulation today as part of a three-month trial with 150 customers. It comes after a successful trial of biometric debit cards. Read more: Natwest customers wrestle with IT [...]
Afreximbank IPO: African bank confirms plans to list in London October 16, 2019 An African trade finance group has confirmed its plans to plough ahead with a listing in London, giving a boost to the capital’s ailing initial public offering (IPO) market. The African Export-Import Bank, which provides trade finance for large infrastructure projects across the continent, is hoping to raise $250m (£196m) in its float on the [...]
Exclusive: Barclays installs Big Brother-style spyware on employees’ computers February 19, 2020 Barclays has been criticised by HR experts and privacy campaigners after the bank installed “Big Brother” employee monitoring software in its London headquarters. Introduced as a pilot last week, the technology monitors Barclays workers’ activity on their computers, and in some instances admonishes staff in daily updates to them if they are not deemed to [...]
Boss Christian Sewing to buy £19,000 of Deutsche Bank shares every month until 2023 September 2, 2019 The boss of embattled German lender Deutsche Bank will spend 15 per cent of his monthly net salary buying shares in the company. As part of a pledge earlier this summer, chief executive Christian Sewing will buy €21,250 (£19,339) of shares in the bank on the 22nd of each month until the end of 2022, [...]
Changing times: Market leaders and investor groups call for shorter working day on trading floors November 7, 2019 The daily bustle on Europe’s high-octane trading floors should be cut short by more than an hour in a bid to improve mental health and diversity, two of the financial industry’s most influential bodies have urged this morning. The London Stock Exchange (LSE) has said it will begin a formal consultation looking at working hours [...]
Three problems at the top of new RBS boss Alison Rose’s to-do list November 1, 2019 Alison Rose begins life as the new boss of RBS today with her work cut out for her. In a letter to staff this morning, the RBS lifer set out her commitments, which included “a clear focus on shared success” and “investment in people”. But as the firm’s recent quarterly financial results demonstrated, there is [...]
Banks are under threat – and this time it’s personal November 13, 2019 The launch of Uber Money, which provides payment and banking services to the company’s drivers, is an example of the next big trend in banking — the rise of the so-called “non-bank”. The establishment of a financial product for non-banks goes beyond simple revenue growth. It is about establishing loyalty, and in the case of Uber, loyalty [...]
Boris Johnson’s former advisor Gerard Lyons misses Bank of England governor shortlist September 7, 2019 The former economic advisor to Prime Minister Boris Johnson has failed to make the final shortlist to become the Bank of England’s next governor. Gerard Lyons had been the favourite to take over from Mark Carney due to his personal relationship with Johnson, but the Treasury have deemed him unsuitable for the role, according to [...]
Banks could be forced to fork out billions over undisclosed PPI commission following mis-selling ruling July 2, 2018 British banks may have to dole out billions more on mis-sold payment protection insurance (PPI) claims following a landmark legal ruling. Many of the UK's leading banks have ringfenced sums to compensate those who were mis-sold PPI, which was designed to cover repayments in circumstances such as redundancy, illness or death. The mis-selling scandal has [...]