Credit Suisse slashes Russian exposure as lawmakers probe sanction compliance March 28, 2022 Scandal-stricken bank Credit Suisse has announced it will stop pursuing new business in Russia and slash its current exposure to the country, as it comes under fire from US lawmakers over potential breaches of sanctions rules.
NatWest falls back into private hands after 14 years under majority taxpayer ownership March 28, 2022 NatWest has fallen back into private ownership after the state ditched more of its holdings in the high street lender, the government announced today. It is the first time since the financial crisis 14 years ago that the bank formerly known as Royal Bank of Scotland has not been majority owned by the taxpayer. The [...]
Barclays faces £450m loss over securities mix-up March 28, 2022 Barclays is reportedly facing a £450m loss over the mishandling of US securities in 2019, which has forced the lender to hit pause on its £1bn share buyback scheme. The scheme will be frozen until the error is investigated by regulators, The Times first reported. The banking giant said it had offered and sold too [...]
Exclusive: Cynergy Bank’s new London property director is former head of Lloyds’ capital team March 28, 2022 The former head of Lloyds’ property team in the capital has been unveiled as the new London director of Cynergy Bank. Mitesh Hathi will head the bank’s expanded team of 19, with more than £1.1bn on its balance sheet. They will will focus on small and medium sized firms in the capitals’s £2m-20m bracket, in [...]
Sir Iain Duncan Smith: ‘Sub-crisis’ emerging as loan sharks capitalise on rising cost of living March 28, 2022 With more than 1m Brits in debt to predatory illegal lenders, a “sub-crisis” may emerge as soaring costs of living heap added pressure on those with fragile finances. Former Conservative leader and ex minister at the Department for Work and Pensions, Sir Iain Duncan Smith has been campaigning. But not for an election. The veteran [...]
Govt reduces stake in NatWest to less than 50 per cent as Treasury sells £1.2bn of shares March 28, 2022 The Government has ceded its control of banking group NatWest Group for the first time since the bank – then known as Royal Bank of Scotland Group – was rescued by the Treasury during the financial crisis. The Treasury has sold off more than £1.2bn worth of shares, taking its stake to less than 50 [...]
Credit Suisse investors demand chance to hold bosses to account over Greensill March 27, 2022 Shareholders of Credit Suisse are piling pressure on the bank’s board to scrap plans for a vote that would absolve directors and executives for the Greensill scandal, after the firm failed to publish a full report into its failings.
Lloyds to close 60 UK bank branches due to rise of online banking March 23, 2022 Lloyds Banking Group has said it is shutting 60 bank branches across the UK, due to customers switching to online banking. The banking conglomerate said it will close 24 Lloyds Bank branches, 19 Bank of Scotland branches, and 17 Halifax branches, on high streets across Britain, in response to record levels of online banking usage. [...]
Brexit costs: Brits face €18 fee on UK-EU bank transfers and €5 per ATM withdrawal in Europe March 23, 2022 The French bank Crédit Agricole has introduced a €5 charge for withdrawals made with UK-issued credit and debit cards. In addition, the bank recently started to imposed a new €18 flat fee on any bank transfers coming from Britain. More European banks are expected to introduce similar fees, according to various European media, including magazine [...]
Britcoin not expected until at least 2025, says BoE March 22, 2022 A digital currency backed by the UK's central bank (CBDC) will not be rolled out until 2025 at the earliest, a Bank of England grandee has revealed.