Prudential Regulation Authority to publish long-awaited report into collapse of HBOS next week November 12, 2015 After seven years, the Bank of England will finally publish its long-awaited report into the collapse of HBOS next Friday, it said today. The joint investigation, by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority, will look (FCA) into the failure of the bank, which collapsed in 2008 as the financial crisis set in. [...]
Former Barclays chairman Sir David Walker joins London blockchain startup SETL December 15, 2015 A former Barclays chairman and City veteran has joined a London-based fintech startup underpinned by the blockchain in another major signal that the technology is gaining traction in the banking world. Sir David Walker, who chaired Barclay between 2012 until earlier this year, will chair SETL, a blockchain-based payment processor and settlement company. Walker is a veteran of the banking world [...]
From BHS and John Lewis to TSB and the Apple Watch: What got us talking this week? March 13, 2015 Jeremy Clarkson punched a man over a steak. Blurred Lines went from being the song with questionable gender politics to being a Marvin Gaye rip-off. And somewhere above our heads, a pilot got bored and drew rude pictures using GPS flight data. Here is what got us talking at City A.M. 1. After 15 [...]
Four steps to end the big banks’ market stranglehold forever October 15, 2015 We are now just days away from the start of what could be the biggest shake-up in banking for a generation. At least that’s what I am hoping. The Competition and Markets Authority’s (CMA) investigation into banking offers a golden opportunity to turn the industry on its head and put customers in control at last. [...]
HSBC spoils TSB results party with appearance before MPs – but they don’t mind February 25, 2015 It can be nerve-wracking hosting a party for the first time – what if nobody comes? Have I bought enough food? Will it clash with a more glitzy event in the social calendar? The same applies in the City, too. Yesterday was a big day for TSB, presenting its first set of full-year financial results [...]
TSB boss Paul Pester: We are the UK’s only real challenger bank February 25, 2015 Only TSB “has the teeth” to take on the big banks, the lender’s chief executive claimed yesterday, arguing that it alone has the size and scope to make a difference in the market. Dozens of new banks have received licences or are going through the application process, but TSB’s Paul Pester said they will take more [...]
TSB share price opens higher as Lloyds accepts £1.7bn takeover offer from Banco de Sabadell March 20, 2015 Shares in TSB opened 1.6 per cent higher at 332.47p this morning after its majority owner, Lloyds, have accepted a £1.7bn takeover offer from Spanish rival Banco de Sabadell. Shares in the challenger bank leapt 27 per cent last week, after TSB issued an announcement suggesting it was "willing to recommend" Sabadell's 340p-per-share offer – [...]
FCA report into HBOS collapse: Former HBOS senior staff to be investigated over collapse November 19, 2015 Former senior managers of banking group HBOS are set to be investigated following a report from banking regulators into the failed bank published yesterday. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) three year report into failures at the bank found that senior managers and the board of the bank were ultimately responsible [...]
Osborne must deliver on challenger pledge December 17, 2015 Two years ago, chancellor George Osborne said that the British banking system was verging on oligopoly – and needed a “reset”. “One of the prices we are paying for the financial crisis is that our banking sector is now dominated by a few big banks,” he said. “I want new faces on the high street. [...]
TSB share price leaps 27 per cent as Lloyds backs £1.7bn takeover talks with Spanish bank Sabadell March 12, 2015 Lloyds appeared to give its blessing to an offer by Spanish Banco de Sabadell for challenger bank TSB this morning, in which it has a 50 per cent stake. TSB said it had been offered 340p in cash per share, about a 30 per cent premium on last night's closing price, valuing the lender at [...]