Second law firm files multi-million foreign exchange class action against raft of banks December 11, 2019 A second law firm today launched a multi-million pound class action claim against a raft of banks which admitted rigging the foreign exchange markets. US litigation firm Hausfeld filed the claim in the Competition Appeal Tribunal (CAT) today against Barclays, Citibank, the Royal Bank of Scotland, JP Morgan, UBS and MUFG Bank over their participation [...]
Four-day working week pilot launches in UK with 100-80-100 model: Full pay and productivity but 80 per cent of the time January 22, 2022 A four-day working week six-month pilot programme has been launched today in the UK. Participating companies and organisations will trial a four-day week with no loss in pay for employees based on the principle of the 100:80:100 model. This entails 100 per cent of the pay for 80 per cent of the time, in exchange [...]
British bank bosses give up bonuses amid coronavirus crisis April 8, 2020 Top bosses at British banks including Natwest and Lloyds have taken salary cuts and ditched bonuses worth millions of pounds as consumers and businesses suffer the impact of the coronavirus outbreak. Natwest chief executive Alison Rose will donate a quarter of her remaining salary for 2020 — set at £2.2m per year — to a [...]
Treasury to push back target date to sell off RBS stake March 10, 2020 The Treasury is set to push back its target date for selling its stake in the Royal Bank of Scotland (RBS) in the wake of stock market uncertainty. The government is due to announce tomorrow that it will not divest its 62 per cent stake in RBS until 2025. An exit strategy the Treasury published [...]
Coronavirus: UK bank shares take a hit after dividend suspension April 1, 2020 Investors have pummelled UK banks today, sending the FTSE 350 banks index tumbling after lenders suspended dividend payments amid the coronavirus crisis. Barclays, HSBC, Lloyds, Royal Bank of Scotland, Standard Chartered and Santander all halted payouts yesterday following pressure from the Bank of England’s Prudential Regulation Authority (PRA). Traders have today responded by selling the [...]
‘Cash machine at the till’ for withdrawals up to £50 coming to thousands of shops across the UK December 1, 2021 People can soon withdraw up to £50 in notes and coins in smaller shops without having to buy anything. A scheme enabling people to get cash from retailers’ tills without needing to make a purchase is to be rolled out to more than 2,000 shops before the end of the year. Cash machine network Link [...]
Britain’s biggest banks warn coronavirus pandemic will hit income March 17, 2020 Some of the largest banks in Britain have warned the coronavirus pandemic will hit their already under-pressure earnings, with a decline in economic activity eating into fee income. Lloyds will delay part of a £3bn technology investment programme in response to the coronavirus pandemic to maintain its capital levels, its chief executive said today, as [...]
Lloyds to cut 780 jobs across bank branches February 26, 2020 Lloyds is set to cut 780 jobs across its branches in response to declining demand for high-street banking, in the latest round of job cuts at the banking giant. “As customers are using our branches less often, we are reducing the number of roles across our branch network,” said a Lloyds spokesperson. Read more: Lloyds’ [...]
Most UK workers embrace four-day working week with many saying less time in office would boost productivity January 19, 2022 Over half of British workers feel a four-day work week would increase their productivity, according to new data shared with City A.M. today. In fact, 57 per cent of UK employees would like to have more space in their working week by reducing their hours to four days, the research commissioned by Airtasker found. However, one in three UK workers would consider supplementing their salary [...]
No-deal Brexit fears trigger sell-off of Barclays, Lloyds and RBS shares December 17, 2019 Shares in Barclays, Lloyds and Royal Bank of Scotland (RBS) all slumped in early trading after Boris Johnson brought back the spectre of a no-deal Brexit today. The trio failed to impress in yesterday’s Bank of England stress tests, where analysts warned that a strategy to double a 100-basis point capital buffer designed to protect [...]