Digital banks pull ahead of high street rivals in battle for consumers’ wallets August 17, 2021 Digital banks are pulling ahead of their traditional high street rivals in the battle to deliver strong customer services, according to findings from the competition watchdog. The Competition and Markets Authority found that Monzo, Starling Bank and First Direct are the top banks for customer service in Britain. The CMA conducted a survey of 1,000 [...]
Credit Suisse sacks staff with links to Greensill funds after review into collapse December 22, 2021 Credit Suisse has fired staff and imposed “severe” financial penalties on various individuals, as the bank investigates the failings that led to the collapse of its Greensill-linked supply chain finance funds. The Swiss banking giant commissioned the investigation after its asset management division had to suspend a $10bn range of supply chain finance funds that [...]
London markets snap back from bruising day January 25, 2022 London markets snapped back from a dismal start to the week as investors were buoyed by Monday’s Wall Street rally. The capital’s premier FTSE 100 index added 1.02 per cent to reach 7,371.46 points, while the domestically-focused FTSE 250 index, which is more aligned to the health of the UK economy, climbed 0.9 per cent [...]
Nationwide U-turns on business banking debut over coronavirus April 3, 2020 Nationwide has abandoned plans to enter the business banking market, blaming coronavirus for making it commercially unviable. The building society will return a £50m grant from a pool of RBS cash to foster competititon among British banks as it scales back ambitions in the face of the outbreak. “The impact of Covid19, including assumption changes [...]
Ranked: Monzo and Starling top list of best UK banks August 17, 2020 Digital fintechs Monzo and Starling are better than traditional banks at providing the best service to personal banking customers, according to a recent survey. The Competition and Markets Authority (CMA) conducted a survey of around 1,000 customers of each of the 19 largest personal current account providers in Britain to rank the best and worst [...]
Lloyds faces fresh police probe over fraud claims March 1, 2020 Lloyds Bank is reportedly facing a fresh police investigation over allegations of fraud against small business. The Sunday Telegraph first reported that Avon and Somerset Police are investigating allegations made against the bank by property investor Kashif Shabir. Shabir lost his business after Lloyds foreclosed on his loans and appointed a receiver to sell his [...]
Coronavirus: Barclays, Lloyds, HSBC and RBS suspend dividends March 31, 2020 Barclays, the Royal Bank of Scotland, HSBC and Lloyds Banking Group said tonight they are suspending dividend payments this year because of the coronavirus pandemic. The banks said they had taken the decision after a request from the Bank of England’s Prudential Regulation Authority (PRA). The PRA also said it expected the banks to suspend [...]
Barclays receiving 35 applications a minute for bounce back loans May 4, 2020 Barclays has received 35 loan applications per minute this morning for the newly launched bounce bank loan scheme, according to the bank’s UK boss. Barclays Bank UK chief executive Matt Hammerstein told a House of Commons committee today that his bank received received 200 applications within minutes of the emergency scheme opening at 8am. The [...]
Coronavirus: London finance jobseekers surge by 43 per cent April 20, 2020 The number of London finance professionals seeking employment has surged over 40 per cent in the first three months of 2020 even as coronavirus hit salaries and vacancies, new data showed today. Jobseekers in the UK finance industry rocketed 43 per cent compared to the first quarter of 2019, according to Morgan McKinley’s Spring London [...]
HSBC receives 12,800 applications for ‘bounce-back loans’ in first few hours May 4, 2020 The UK’s biggest banks have been inundated with requests from small businesses for new coronavirus “bounce-back loans”, with HSBC receiving 12,800 applications in the first few hours of the scheme. The government’s newest coronavirus lending scheme launched today and offers the UK’s smallest companies loans worth 25 per cent of turnover, up to £50,000, just [...]