Later life lending: Livemore secures £250m from Citi as it aims to hit £1bn in mortgage lending January 30, 2023 Livemore, a later life mortgage specialist, has secured a credit facility of up to £250m from Wall Street lender Citi as it seeks to hit £1bn in mortgage lending. “We are thrilled to receive this credit facility from Citi, which will support our growth and expanded product offering, so we can continue to serve the [...]
FCA to take swift action against firms flouting consumer duty rules, lawyers warn January 29, 2023 The Financial Conduct Authority is expected to take swift action against firms that fail to comply with new rules to protect savers and retail investors, City lawyers have warned. The City watchdog announced a major overhaul to consumer regulation last summer in the new Consumer Duty, which is set to shift greater onus onto companies [...]
Fleet Street site amongst a host of Barclays bank branch closures January 28, 2023 Barclays has announced the closure of 15 branches across the country, meaning over 100 banks are slated to shut down so far this year. The bank is set to close 14 branches across England and one in Wales from late April to the first few days on May. Sites in London, Gosport, Bridgwater and St [...]
Week in Review January 27, 2023 | City Talk Well, we’re at the end of another exciting week of trading with the Dollar flat, stocks higher, oil slightly relatively subdued and treasuries lower. Interesting week as yields push higher and the S&P looks set for a gain, which recently has not been the expected outcome of that sequence of events. After a positive end [...]
Experts question whether Morgan Stanley’s $1m Whatsapp spot fines will work January 26, 2023 Morgan Stanley has hit some of its bankers with heavy fines for conducting official business on Whatsapp, the Financial Times reported today. But experts have questioned whether dishing out penalties to the bank’s staff really solves the problem of keeping bank’s internal communications in line with financial regulators’ expectations. Depending on the seriousness of the [...]
Bank dealmaking slumped to a five year low in 2022 – will it rebound this year? January 26, 2023 Mergers and acquisitions involving Europe’s top lenders slumped to their lowest level in five years last year as aggressive moves by central banks spooked dealmakers, new research has revealed.
NatWest to shutter two London branches in latest round of closures taking UK total to 66 January 26, 2023 Natwest will close a further 23 branches between April and June this year, including two in London, as the shuttering of its presence on Britain’s high streets picks up pace. The closures add to the 43 branches Natwest has already confirmed will be closing in 2023. Only two of the branches – Clapham High Street [...]
Record profits place TSB on course for £50m dividend but impairment charges rise on recession fears January 26, 2023 TSB Bank proposed a £50m payout to its parent company in the first quarter of 2023 as its yearly pretax profit increased to a record level. Pretax profit in the 2022 financial year rose to £183.5m from £157.5m in 2021, reflecting lending growth, higher interest rates and higher deposit margins. This figure includes the costs [...]
Mark Kleinman: Britishvolt or British Steel? A tough political call January 26, 2023 In his weekly column, Mark Kleinman writes on Britishvolt, British Steel, UK Finance and a potential new boost for London's IPO market
FCA’s new sustainability rules to establish UK as world leader on anti-greenwashing January 25, 2023 Industry figures today claimed the UK was set to become a global leader in the fight against so-called greenwashing after the conclusion of a consultation by the financial regulator. The new rules aim to clamp down on greenwashing, when firms make exaggerated or misleading claims about the environmental credentials of their investment products. The Financial [...]