City firms face increasing regulatory burden from post-Brexit overhauls March 20, 2024 City firms are facing increased regulatory pressure, according to new data shared exclusively with City A.M., as the UK and EU diverge on financial services rules.
One year on from Credit Suisse deal, $100bn UBS finally has the scale to take on Wall Street March 19, 2024 Swiss banking giant UBS has reinforced its status as one of the world's leading wealth managers after its market capitalisation sailed past $100bn shortly before the first anniversary of its landmark deal to acquire rival Credit Suisse.
Banks commit to more hubs as government demands improved cash access March 19, 2024 The UK's biggest high street banks have pledged to identify nearly 200 new places for shared banking hubs and upgrade dozens of locations after calls from the Treasury to improve access to cash.
Sabre Insurance: Motor insurer posts record premium income on the back of price hikes March 19, 2024 Sabre Insurance has posted a record premium income after the motor insurer reaped the benefits of price hikes while offsetting the impact of claims inflation.
Close Brothers plans to bolster finances by £400m for FCA motor finance probe March 19, 2024 Close Brothers has outlined measures that could boost its capital position by around £400m as the merchant banking group faces potential compensation costs tied to a Financial Conduct Authority (FCA) review into historic unfair car loans.
Nationwide’s Virgin Money bid heralds new era for mutuals’ challenge to big banks March 18, 2024 Nationwide, the world's largest building society, is gearing up for the UK's biggest banking tie-up since the financial crisis as it looks to finalise a £2.9bn takeover deal for high street rival Virgin Money in the coming weeks.
Monzo reportedly in talks to sell stake to Singaporean state fund March 18, 2024 Digital challenger bank Monzo is reportedly close to landing a roughly $50m (£39.3m) funding round with a Singaporean sovereign wealth fund, just weeks after securing a near-£4bn valuation.
UK credit card debt jumps as household finances squeezed in warning sign for the economy March 18, 2024 Outstanding debt on UK credit cards jumped nearly 10 per cent last year, according to new data, as households turned to borrowing amid inflationary pressures and the cost-of-living crisis.
FCA: Cum-ex trader hit with £5.95m fine for ‘sham’ trading scheme March 18, 2024 The Financial Conduct Authority has slapped a so-called cum-ex trader with a £5.95m fine and banned him from working in financial services today for his role orchestrating a “sham” trading scheme.
City bosses expect strong second quarter while cutting costs amid economic pressure March 18, 2024 Financial services bosses are confident on their second-quarter results, according to a survey of more than 150 senior executives, despite the squeeze from inflationary pressures and higher borrowing costs forcing them to cut costs.