Zopa Bank: Surviving recessions, battling digital banks and whether it will float in London this year January 9, 2023 Zopa is a firm that has weathered economic crises before. When the global financial crisis swept through the economy in 2008, the London-headquartered fintech was a little-known but early-moving peer-to-peer (p2p) lending shop connecting borrowers with willing investors. Banks had unsurprisingly reined in loans and hauled up the barricades, leaving consumers scrambling for cash through other [...]
TSB: Quarter of fraud payment victims denied money back in new scheme as regulator urged to rethink January 7, 2023 TSB is urging a regulator to reconsider proposals which could mean one in four people who are tricked into transferring money to a fraudster being denied their money back. The bank said the Payment Systems Regulator (PSR) should reconsider the plans for a new bank transfer fraud refund mechanism that would allow banks to exclude [...]
Starling boss Boden marks quadrupling of bank’s profits with barbs at fintech peers January 6, 2023 Digital bank Starling said it expects to more than quadruple its profits to £120m and ramp up a hiring spree this year as it becomes the latest lender to be buoyed by rising interest rates and a surge in borrowing.
City of London dealmaking set to rebound as ‘dry powder’ fuels wave of takeovers, bankers say January 4, 2023 Dealmaking is set to rebound in the latter stages of this year as stored up “dry powder” and steadier markets fuel a wave of take-private deals, bankers have predicted.
Santander says graduates no longer need a a 2:1 or higher to work at the bank January 3, 2023 Santander said that changing the minimum qualification requirements of its graduate scheme would open the programme up to 64,000 more candidates each year. Recent graduates will no longer need an upper second or first-class degree from their university to apply for the high street bank’s post-university training scheme. The Spanish bank Santander’s decision echoes similar [...]
The never ending shakeup: Credit Suisse shuffle top bankers yet again January 3, 2023 Credit Suisse announced a series of staff changes on Tuesday following the departure of the co-head of its European investment banking operation, according to internal memos seen by Reuters and confirmed by a company spokesperson. The Swiss bank, in the midst of an overhaul that includes spinning-off its investment bank into a newly re-branded entity, [...]
Year Ahead: Squeeze on household incomes to intensify as tough recession will dominate 2023 January 3, 2023 2023 is expected to be an exceptionally tough year for the UK economy. The country is almost certainly already in a year-long recession, one that will probably prove to be deeper than that experienced in the early 1990s. The squeeze on household real incomes will intensify as rising interest rates join soaring inflation. Admittedly, the [...]
Gloomy skies: London’s FTSE 100 set for a rocky start to 2023 January 1, 2023 FTSE 100 could benefit from China re-opening but global headwinds threaten The London market kicks off 2023 with a gloomy backdrop as the UK is forecasted to plunge into recession and economies globally wrestle with sky-high inflation amid the energy and cost crisis. After the extreme volatility of 2022, the FTSE 100 Index is expected [...]
NatWest chief Rose receives Damehood in King’s first new year’s honours list December 30, 2022 The head of high street and still partly taxpayer owned NatWest Alison Rose will receive a Damehood in King Charles’s first new year’s honours list since succeeding The Queen. Rose, 53, became the first woman to head a top UK lender when she was made chief executive in November 2019. She has been awarded a [...]
In memoriam: The Queen, Pele, Shane Warne, business leaders and celebs who died in 2022 December 30, 2022 The death of Her Majesty the Queen punctuated a year dominated by economic turmoil, the Russian invasion of Ukraine and political upheaval. As 2022 winds down, it’s time to reflect on those who passed on, from the world of politics, sport, entertainment and, business. Queen Elizabeth’s death aged 96 after more than 70 years on [...]