Paragon Bank meets expectations and reports ‘strong credit resilience’ January 26, 2024 Paragon Bank met expectations for its first trading update of the year, with the firm reporting “strong credit resilience” and arrears below the industry average. In the final quarter of 2023, margins ran slightly ahead of expectations for the bank, though the firm’s full-year guidance for margins, new business flows and operating costs remained unchanged. [...]
Lloyds to cut 1,600 jobs in transition from branches to online banking January 25, 2024 Lloyds Bank is to cut some 1,600 jobs across its branch network, a company spokesperson has told City A.M., as part of its shift towards digital services. The move from Britain’s largest domestic bank is the latest in a series of layoffs within the sector amid margin pressure from peaking interest rates and fierce competition [...]
Revolut account closure lawsuit from late Russian oligarch’s son-in-law struck out by High Court January 25, 2024 A High Court judge has struck out a case brought by the son-in-law of a late Russian oligarch against Revolut for "unlawfully" closing his account.
Digital pound: Ensuring privacy a ‘core design feature’ of Britcoin, Bank of England says January 25, 2024 CBDC is a digital form of cash which will be created by the Bank of England, unlike existing digital payments which are created through the private sector.
Auto finance industry could face £16bn in compensation payouts from FCA probe January 25, 2024 UK auto lenders could be hit by up to £16bn in compensation payments after the City watchdog confirmed its probe in historic commission arrangements would look at cases going back to 2007.
Banks lead UK firms in dividend payments after HSBC dishes out £8.4bn January 25, 2024 Banks led UK firms in dividend payments last year for the first time since the financial crisis, according to new research, on the back of interest rate hikes.
Bank of America sends ‘letters of education’ demanding workers return to office January 24, 2024 Bank of America (BofA) has sent “letters of education” to employees threatening disciplinary action if they do not come into the office, joining its Wall Street peers in pushing back against remote work trends.
What you need to know about China’s new bank rules — and why experts are calling for more stimulus January 24, 2024 Markets have been digesting the latest attempt by Chinese policymakers to inject some life into China's flatlining economy.
Colombian billionaire who rescued Metro Bank appoints himself to board January 24, 2024 Jaime Gilinski Bacal, the Colombian billionaire who led a major refinancing package for struggling Metro Bank, has appointed himself to its board as a non-executive director. As part of the deal struck between the lender and the banking tycoon last year, Bacal and his firm, Spaldy Investments, are entitled to appoint up to three directors [...]
City of London top financial centre in the world? Not without a listings revival January 24, 2024 The City of London, number one financial centre in the world. One can imagine that a Square Mile which has spent the past year worrying about US take-private raids, an almost total collapse in significant IPOs, and an ever-increasing tax burden would take that badge of honour with a pinch of salt. But that is [...]