Banks boosted by looming BoE interest rate hike June 15, 2022 Strengthening bets on the Bank of England tomorrow hiking interest rates for the fifth meeting in a row boosted the UK’s biggest-listed banks today. The capital’s premier FTSE 100 index surged 1.2 per cent to 7,273.41 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Exclusive: Revolut boss criticises FCA over sluggish progress on banking licence June 15, 2022 The founder of fintech giant Revolut has criticised the Financial Conduct Authority (FCA) after the firm’s progress towards a full banking licence had been "slower” than expected.
JP Morgan wins £1.4bn court battle against Nigeria June 14, 2022 A High Court judge today ruled in favour of JP Morgan, after dismissing Nigeria’s $1.7bn (£1.4bn) lawsuit against the bank, over claims it acted negligently by transferring $875m to convicted an account linked to money launderer and former Nigerian oil minister Dan Etete. The ruling comes after Nigeria first sued JP Morgan in 2017, over [...]
Barclays teams up with Whitehall in bid to boost UK exports June 14, 2022 Barclays has agreed to a five-year partnership with the UK’s Department of International Trade, with the multinational bank tasked with helping boost British exports. Barclays will create a “Small Business High Value Exporters Pilot programme” for British businesses and conduct a series of roundtables with the department to help provide advice on selling overseas. The new [...]
Allica Bank bags £55m funding led by British Business Bank subsidiary June 14, 2022 Fintech business lender Allica has bagged a fresh £55m round of funding today to “fuel its continued growth” as it eyes up profitability this year.
Lloyds Bank to pay staff extra £1,000 each to deal with UK’s cost-of-living crisis June 13, 2022 Lloyds Bank is set to pay £1,000 bonuses to the vast majority of its UK staff to help them deal with the cost-of-living crisis. The UK’s biggest retail bank is set to give one-off, £1,000 bonuses to more than 64,000 of its rank-and-file staff, according to an internal memo seen by City A.M. The bank [...]
FCA shifts Credit Suisse onto financial watchlist after string of scandals June 13, 2022 The UK’s top financial watchdog has moved embattled lender Credit Suisse onto a watchlist of institutions in need stricter supervisions, after the bank has been hit by a string of scandals in the past 18 months.
City watchdog convicted just two people for insider trading in the past five years June 13, 2022 The UK’s financial watchdog achieved just two successful convictions against individuals for insider trading over the past five years, according to The Times. New data recovered from the UK’s Financial Conduct Authority (FCA) via a freedom of information (FoI) request shows the watchdog secured just two successful convictions in the five years running from [...]
Bank of England splurges £200,000 on defining mission statement June 12, 2022 The Bank of England has splurged more than £200,000 on consultants to define its mission statement as it looks to tempt in talent and regain confidence amid a wave of criticism over its handling of soaring inflation
HSBC could be in line for £22bn boost from break-up, researchers claim June 12, 2022 HSBC is missing out on £22bn of shareholder returns by not spinning off its Asian operation as a separate business, according to new research commissioned by the major investor pushing for a breakup of the bank.