RSA chief Stephen Hester receives nearly £5m pay packet after strong 2017 for the insurer March 25, 2018 The chief executive of RSA Stephen Hester will take home nearly £5m after a strong 2017 for the insurer which saw it achieve a record underwriting profit of £394m. On top of his salary of £987,000, the former Royal Bank of Scotland (RBS) boss received a £1m bonus, £2.6m as part of a long-term incentive [...]
Lloyds Banking Group to cull a further 3,000 jobs as lower for longer interest rates take their toll July 28, 2016 Lloyds Banking Group today revealed that it was slashing thousands of jobs and shutting down many branches, as ultra-low interest rates continue to play havoc on the sector's prospects. The bank announced an additional 3,000 role reductions and another 200 branch closures. These cuts will take place by the end of 2017 and are on top of [...]
Is Lloyds’ decision to ban credit card holders from purchasing cryptocurrency an overreaction? February 8, 2018 Is Lloyds’ decision to ban credit card holders from purchasing cryptocurrency an overreaction? James Collier, a tech entrepreneur, says YES. It is quite clear from Lloyds’ reaction to the blockchain market that the bank fundamentally lacks an understanding of the technology. Out of the 700 or so cryptocurrencies in existence, there are many that, while [...]
Lloyds has unveiled a massive shake-up of its top team July 5, 2017 Lloyds Banking Group has revealed how it is preparing itself for its new strategic plan: a huge shake-up of its top team, which includes the departures of two of its senior executives. In a statement today the lender said Andrew Bester, the group director of its commercial banking team, and Simon Davies, its chief people, [...]
Prime Minister backs Nicky Morgan over TSB failings ahead of Treasury Select Committee grilling May 2, 2018 The Prime Minister has backed Nicky Morgan’s criticism of TSB after an IT meltdown left thousands of customers without access and in some cases gave individuals access to other people’s accounts and personal information. Ahead of this afternoon’s evidence session before the Treasury Select Committee, in which TSB will explain what happened and why it [...]
TSB boss Paul Pester set to lose millions in bonuses as computer meltdown costs top £100m April 26, 2018 TSB boss Paul Pester faces losing out on millions of pounds in bonus pay as the high street challenger bank counts costs of more than £100m from its botched computer system migration. Thousands of customers have been left without access to their bank accounts online for days since the bank tried to move to a [...]
London retains financial services crown: City extends lead over New York, Hong Kong and Singapore in international ranking by Z/Yen September 11, 2017 London has maintained its position as the world’s number one global financial centre, according to a major international study out today, extending its lead over rivals New York, Hong Kong and Singapore. However, City chiefs have warned that London’s supremacy will come under threat if the government does not secure the right kind of Brexit [...]
Banking bigwigs appointed to decide bank winners of £425m RBS competition fund May 2, 2018 Banking bigwigs Godfrey Cromwell and Brendan Peilow were today appointed to head the body which will decide which small business challenger banks receive chunks of a £425m cash pot put up for grabs by Royal Bank of Scotland (RBS). Banking Competition Remedies Ltd (BCR) will judge the applications from lenders such as Metro Bank, Virgin [...]
TSB warns of 2018 profit dent from increasing Lloyds outsourcing fees February 2, 2018 Challenger bank TSB today warned that increasing fees to Lloyds for running their computer systems will dent 2018 profits. Statutory profits before tax fell by more than 10 per cent to £162.7m, from the £182m seen last year mainly because of increased outsourcing fees, TSB reported today in a full-year update. The bank, which spun [...]
TSB internet banking still running at half capacity as computer issues persist April 29, 2018 TSB’s online banking services are still only running at half capacity, a week after problems first emerged with a migration of computer systems which has dented the reputation of the high street bank. A spokesperson said that internet banking is running at around 50 per cent of its full capacity, meaning half of all log-in [...]