TSB boss adds voice to concerns over Santander inclusion on RBS competition fund November 30, 2017 The boss of high street bank TSB today criticised the possible inclusion of banking giant Santander in a scheme to boost competition in the small business lending market. Paul Pester publicly added his voice to concerns surrounding the use of funds which Royal Bank of Scotland (RBS) has been forced to set aside to spur [...]
Lloyds Banking Group is axing 1,755 more jobs and closing 29 branches of Lloyds, Bank of Scotland and Halifax February 3, 2016 More than a thousand jobs will go at Lloyds and 29 branches will close in its latest round of cuts designed to reduce its workforce by 10 per cent by 2017. The axe will fall on staff at Lloyds' retail businesses as well as commercial banking, consumer finance and legal departments. Around 1,000 jobs went at the end [...]
Inflation to hit 1.9 per cent for January as London businesses battle fastest cost rise since 2008 February 13, 2017 Consumer price inflation is expected to reach 1.9 per cent in January, taking it to its highest level since June 2014. It comes as businesses in the capital have faced the fastest rise in input costs for more than eight years during January. IHS Global Insight forecasts a third successive marked increase for the Consumer [...]
EU markets regulator ESMA finally releases long-delayed list of stocks affected by Mifid II dark pool volume cap March 7, 2018 The European markets regulator has finally released a long-delayed list of stocks which will be affected by the Mifid II cap on “dark pool” trading, covering the shares of some of the biggest household names across Europe. If more than four per cent of stocks are traded “in the dark” on any particular venue on [...]
Lloyds Banking Group cuts bonuses after PPI hits profits again February 25, 2016 Lloyds Banking Group may have hiked its dividends, but its workers are in for less of a treat. In a statement today the lender said its 2015 bonus has been cut to £353.7m. That figure is 4.3 per cent lower than last year's £369.5m. As a percentage of pre-bonus underlying profit, the bank's total bonus [...]
Lloyds share sell off set to gain pace tomorrow January 8, 2017 The government is set to ditch another £500m worth of its stake in Lloyds, with the next sale of its shares expected to be announced as early as tomorrow. In one of his earliest announcements as chancellor, Philip Hammond revealed last October that the government was now prepared to sell its remaining stake in the lender. [...]
London’s economic growth drops to three-year low as UK loses steam – Lloyds Bank March 14, 2016 London's economic growth plummeted to it lowest since 2013 in February, a survey of businesses shows this morning. The regional purchasing managers’ index compiled by Lloyds Bank fell to a score of 52.2 for London. It is barely above the 50 level that indicates a region’s economy grew over the month and marks a steep [...]
Former chancellor George Osborne to make £650,000 a year for a four-day-a-month role at BlackRock March 8, 2017 Former chancellor George Osborne will be paid £650,000 a year to advise BlackRock four days a month, it has been revealed. Osborne started his role as a part-time senior adviser at the BlackRock Investment Institute, the asset manager's research arm, on 1 February. The role is focused on European politics, China's economy, and retirement planning in an age of [...]
Banks expect costs for non-financial risks to skyrocket over the next few years February 20, 2017 The majority of banks are fretting that the amount of cash they are expected to stockpile against risks like cybercrime, compliance failings and IT meltdowns is going to mushroom over the next few years. Sixty per cent of European banks believe the amount of capital they will be expected to hold to cover such non-financial risks [...]
UBS chair Axel Weber: We’re eyeing the exit ahead of Brexit because we need a new EU base once the UK leaves March 15, 2017 The chairman of UBS hinted today the Swiss bank may not wait until the end of Brexit negotiations to move jobs out of London. Back in January, Axel Weber said about 1,000 of the bank's jobs in London were directly linked to passporting, the complex set of rights which UK financial firms currently use to do business [...]