Brits could miss out on £28k in retirement funds as workers opt out of pension schemes to save cash August 16, 2022 Brits could miss out on almost £30,000 in retirement funds after a near 30 per cent spike in workers opting out of pension schemes. With inflation nearing double digits and the UK in recession, new figures released by pension provider Penfold showed those pausing contributions could cost new entrants into the workforce up to £28,000. [...]
Fintech challenger banks steam ahead of high street stalwarts in CMA ranking August 15, 2022 Fintech challenger banks Starling and Monzo have leapt ahead of their traditional high street rivals in a fresh ranking of UK lenders published today by the Competition and Markets Authority.
Goldman Sachs slashes London office pay as dealmaking lull hits profits August 15, 2022 The world’s biggest investment banks have slashed the sums of money they spend on paying their staff, following a sharp decline in dealmaking. Goldman Sachs cut the sums of money it spends on paying staff in its in London offices by 59 per cent over the first half of 2022, the investment bank’s financial results [...]
Brits in EU slide into Brexit banking limbo as some UK banks shut their accounts August 15, 2022 Thousands of Brits residing in the EU have been informed by UK banks that their EU-based bank accounts will soon be shut. A range of British banks, including Barclays, have told UK citizens living in the EU that they will no longer be able to have and use their account in member states, primarily in [...]
Record £300bn wiped off UK bonds and gilts as investors flee in biggest market collapse in decades August 13, 2022 Just under £300bn has been wiped off the value of UK corporate bonds since the start of this year following a major sell-off in the bond market in what is considered the biggest collapse in two decades. In the first six months of this year, the total outstanding value of UK corporate bonds has fallen [...]
What the new interest rates mean for the City: ‘The UK fares worse than the EU and US’ August 13, 2022 The Bank of England’s decision to further raise interest rates from 1.25 per cent to 1.75 per cent and its two-year predictions means bad news for investors and UK residents alike. And the pain is far from over. A top City analyst expects this to further rise to 2.25 per cent in September. Other than [...]
HSBC is overstating Asia demerger cost, Ping An claims August 11, 2022 Britain’s largest bank HSBC is blowing up the financial hit from carving out its Asia business to water down pressure from its biggest shareholder to demerge, sources close to the matter said. Chinese insurer Ping An claimed selling off the high street lender’s highly profitable Asia arm would unlock $35bn (£29bn) in value for shareholders [...]
Credit Suisse begins High Court claim against SoftBank in $440m dispute August 11, 2022 Credit Suisse is ramping up its legal fight against Japanese investment giant SoftBank as it looks to recoup losses linked to the collapse of supply chain finance firm Greensill Capital.
Hungary caves to Russian pressure as it pays transit fees for oil supplies August 10, 2022 Hungarian energy group MOL has submitted transit fees to Ukraine, on behalf of Russia, to restart flows of oil crude from the country.
Sitting on cash pile: Only half of all councils in England use £1.5bn pandemic fund with thousands of companies missing out August 8, 2022 Only half of all councils in England have started making payments to Covid-hit firms from a £1.5bn support package, almost 18 months after it was first launched. Real estate experts have said it is “too little too late” and could mean thousands of companies miss out on almost £700m of available funding. In March 2021, [...]