Nigel Farage receives apology from BBC over Coutts account closure reporting July 24, 2023 The BBC has apologised to Nigel Farage for suggesting he lacked the funds needed to hold an account at Coutts after the private bank cut ties with the former Ukip leader. The BBC’s business editor Simon Jack made the apology after a story published by the corporation suggested Mr Farage had his account shut for [...]
Credit Suisse hit with record £87m fine by UK bank regulator for Archegos failings July 24, 2023 Credit Suisse has been hit with a record £87m fine by the Prudential Regulation Authority (PRA) for its failures relating to the collapsed hedge fund Archegos Capital. The PRA criticised Credit Suisse’s “significant failures in risk management and governance” between the start of 2020 and the end of March 2021. “This is the PRA’s highest [...]
Julius Baer records £6.4bn in new money after Credit Suisse collapse July 24, 2023 Swiss private bank Julius Baer has reaped the rewards of Credit Suisse’s collapse as it reported net inflows in the first half of the year. In the six months to June, the bank attracted CHF7.1bn (£6.4) in new money from wealthy clients, helping to bring assets under management to CHF441bn. This compared to net outflows of [...]
Atom Bank swings to first profit as juicy rates tempt in savers July 24, 2023 Atom Bank has notched its first full year of operating profit today after jacking up its savings rates and nearly doubling its customer base over the past year.
Bank bosses to discuss account closures with Treasury – reports July 23, 2023 Bosses of the UK’s major banks and financial firms have been called in for a meeting with City minister Andrew Griffith over the closing of bank accounts. According to a report from the BBC, the Treasury has drafted a letter to banks saying the issue of “client de-banking” had raised “significant concern” in parliament. Griffith [...]
European banks forced to hand over more liquidity data to the ECB after SVB collapse July 23, 2023 European banks will have to provide regulators more frequent information on liquidity levels starting from September, a top supervisor said over the weekend. In an interview published on the European Centra Bank’s (ECB) website, Andrea Enria, chair of the ECB supervisory board, warned that European banks were still in a “delicate phase” due to the [...]
Banks in line for another round of bumper profit amid savings rate row July 23, 2023 The UK’s largest banks are set to report another round of bumper profits this week amid the furore over savings rates and growing concern about the health of the UK economy. Lloyds, Natwest and Barclays are expected to report another strong set of figures for the second quarter thanks to the impact of rising interest [...]
BBC: Nigel Farage Coutts bank account story has been ‘clarified and amended’ July 21, 2023 The BBC has amended a story about Nigel Farage’s Coutts bank account after coming under fire from the politician for suggesting he lacked the funds needed to hold an account. The former Ukip leader said he was lodging a formal complaint over the reporting. The BBC’s business editor, Simon Jack, wrote in a Tweet that [...]
Natwest boss apologises to Nigel Farage over Coutts account closures July 20, 2023 Dame Alison Rose, chief executive of Natwest, has apologised to former UKIP leader Nigel Farage for “deeply inappropriate comments” made about him in official papers and has ordered a review of Coutts processes after the bank closed his accounts. “I believe very strongly that freedom of expression and access to banking are fundamental to our [...]
Virgin Money to shut 39 bank branches with 255 staff facing redundancy July 20, 2023 Virgin Money is to shut almost a third of its bank branches, with 255 workers facing potential redundancy. The high street banking business said it will shut 39 local banks due to changing customer demand, which has seen fewer people go into banks in favour of online services. The sites affected have seen the number [...]