Credit Suisse: Beleaguered lender posts £6.6bn loss for 2022 as it undergoes ‘radical’ restructuring to create ‘new’ bank February 9, 2023 Credit Suisse slumped to a mammoth CHF7.3bn (£6.6bn) loss in 2022 as it posted yet another eye watering quarterly loss in the fourth quarter. Revenue at the bank fell 33 per cent compared to the same period last year while its loss between October and December was CHF1.4bn. The embattled Swiss lender had a “horrifying” [...]
Navigating the talent challenge: where should your people priorities lie over the next 12 months? February 9, 2023 The expertise and skills of people underpin the success of virtually every organisation. Yet ongoing skills shortages are often preventing today’s organisations from accessing the vital people they need to innovate and grow. ACCA’s inaugural 2023 Global Talent Trends Survey highlights some of the most pressing people challenges faced by employers globally, including in the [...]
HSBC complicit in suppressing human rights in Hong Kong, MPs allege February 8, 2023 MPs have accused HSBC and other British banks of tacitly endorsing the suppression of human rights in Hong Kong. “British banks such as HSBC Bank Plc have been complicit in suppressing the human rights of Hongkongers, by proactively supporting the National Security Law,” the Hong Kong All-Party Parliamentary Group said in a report published today. [...]
Covid loan crisis as taxpayers foot £4.4bn bill to cover losses with more still owed in arrears or defaults February 8, 2023 The cost of Covid-era loan losses to the taxpayer could total £11bn, according to figures released by the British Business Bank British banks have already been paid £4.4bn to cover losses including fraud with more in arrears or default. Of the £77bn issued across three different loan schemes, according to figures published , £4.4bn has [...]
Bank of London maintains $1.1bn valuation with fresh funding injection February 8, 2023 Fintech clearing bank the Bank of London revealed it had bagged a fresh $40m funding injection today as it gears up for full operations after winning its full banking licence last month.
SocGen takes bad loan hit but claims 2023 is a ‘transitional year’ with ‘key deals’ ahead February 8, 2023 Societe Generale, France’s third biggest bank, favoured financial prudence over quick returns to shareholders as it prepared for the arrival of a new chief executive in May tasked with reviving its valuation in an uncertain economic climate. SocGen said it had hiked provisions for bad loans fivefold in the fourth quarter, cutting its net income [...]
Digital pound needed to ‘anchor’ monetary system as Bank likely to set £20,000 limit on holdings: John Cunliffe February 7, 2023 John Cunliffe, deputy governor of the Bank of England, said a ‘digital pound’ would be needed to maintain trust in the UK’s monetary system while he set out limits for its use to preserve financial stability. Speaking at UK Finance, Cunliffe said the Bank could not ignore the possibility that the use of cash would [...]
Bank chiefs hit back at accusations of profiteering on higher interest rates February 7, 2023 Chief executives from the UK’s four largest lenders today hit back at accusations from MPs that they were too quick to charge customers more interest on their mortgages without offering higher rates on savings accounts. The bank chiefs were asked why interest rates on instant savings accounts remain around one per cent while the Bank [...]
Me? A Bank CEO?: First Direct’s boss on his unusual route to the top February 7, 2023 CEO of First Direct Chris Pitt speaks with City A.M.’s Editor Andy Silvester about his unusual route to the top of the bank and setting his sights on even loftier ambitions for Britain’s young people First Direct boss Chris Pitt and I are walking down towards City A.M.’s offices near Monument. It’s a walk down [...]
Nationwide, Virgin Money and TSB rapped by Which? for leaving website and app ‘doors open’ to scammers February 7, 2023 Websites and apps used by customers of some of the UK’s largest banks are missing crucial security protections, potentially leaving “open doors” for scammers, consumer group Which? has claimed. Which? tested the customer-facing security systems of 13 current account providers from September to November 2022, with help from security experts at Red Maple Technologies. Account [...]