Standard Chartered appoints HSBC bigwig Paul Skelton as global head of banking September 1, 2016 Standard Chartered has appointed former HSBC bigwig Paul Skelton as global head of banking. Skelton will start his role in December, reporting to Simon Cooper, chief executive of corporate and institutional banking, and will be based in Singapore. In his newly created position, Skelton will be responsible for Standard Chartered’s large corporate and financial institution client relationships. Cooper [...]
How one simple tech trick saved HSBC customers millions August 22, 2016 It may be all about open banking APIs and blockchain in the geeky world of fintech right now, but banking giant HSBC used one incredibly simple piece of technology that's been around for years to save its customers millions of pounds. The humble text message, first devised in 1984 with the first message making its [...]
UK IPO: Bakkavor – which supplies Tesco, Sainsbury’s and Waitrose meals – gears up for London float worth up to £2bn July 23, 2017 Bakkavor, supplier of supermarkets including Waitrose, Tesco and Sainsbury’s, is readying itself for a stock market float that could value it at up to £2bn. The pizza and ready meal supplier appointed Rothschild to examine its options in January, and has now brought in advisers from HSBC and Morgan Stanley to lead the IPO later [...]
Emma Thompson on the importance of activism and why Greenpeace made her braver December 14, 2017 Emma Thompson may be best known for her Academy Award-winning roles on the silver screen but she is also a passionate and dedicated activist. When her hectic acting schedule affords her some precious time, she is frequently vocal in championing a more green and just world. City A.M. recently caught up with her to speak [...]
Global bank fines from financial crisis aftermath could top $400bn by 2020 says report September 27, 2017 Fines for misconduct levied on the biggest banks since the financial crisis by US and EU regulators could top $400bn (£298bn) by 2020, according to a report published today. Authorities in the US and EU have forced the world’s 50 largest banks to pay up $342bn since 2009, according to analysis by consultants Quinlan and [...]
Experts are not impressed by HSBC’s new 0.99 per cent fixed rate mortgage June 21, 2016 Money experts have slammed HSBC's latest mortgage offering as a marketing move that shuts out most borrowers. The bank has launched a mortgage with a rate fixed at a record low of just 0.99 per cent for two years. The next lowest available is a two-year deal at 1.14 per cent from the Yorkshire Building Society. [...]
Cairn Energy at centre of HSBC rate-rigging allegations July 21, 2016 Cairn Energy is the client at the centre of a US investigation into rate-rigging, currency fixing and market manipulation, City A.M understands. US prosecutors allege two senior HSBC employees artificially boosted sterling ahead of a $3.5bn deal (£2.7bn in today's prices), netting the bank around $8m in profit. Bloomberg reported that the oil explorer had hired HSBC in 2011 to convert the sales proceeds of [...]
Sink, swim, or build a lifeboat: Tips for surviving Open Banking November 7, 2017 Open Banking, which comes into place January 2018, is a landmark development for the banking industry. It will force banks to open up their Advanced Programming Interface (API). This may sound like a dry compliance point, but the reality is far from it. With customer permission, competitors will be able to access banks’ enormous – [...]
After financial crisis hit, retail banks are building up their reputations (to “average”): These are the UK’s most and least trusted lenders | City A.M. May 31, 2017 The reputation of UK retail banks is growing, with Nationwide, Virgin Money and Halifax leading the way. But Royal Bank of Scotland, TSB and HSBC are trailing others in the latest UK RepTrak ranking, compiled by the Reputation Institute. The figures, based on more than 35,000 UK customer ratings collected in the first quarter of [...]