Treasury Select Committee chair calls out UK banks for treatment of SMEs during Covid crisis April 20, 2021 Treasury Select Committee chair calls out UK banks for treatment of SME during Covid crisis
Barclaycard defends decision to cut customers’ credit limits by 95 per cent April 20, 2021 Barclaycard has defended cutting some customers’ credit limits after a backlash from people complaining they had been reduced by over 95 per cent. Some customers complained that their limits had been significantly reduced despite having never missed a payment. It was pointed out that Barclaycard had made the reductions at a time when some people [...]
UK reviews core banking rules as it seeks to bolster the City post-Brexit April 20, 2021 An independent review has been launched into capital and proprietary trading rules that were introduced following the global financial crisis more than a decade ago, as the government seeks to bolster the City of London’s global competitiveness after Brexit. The UK requires banks to “ring-fence” the retail arms of their operations to shield them from [...]
Leading investors call on banks to set tougher net zero targets April 19, 2021 A group of investors managing $11 trillion in assets is calling on banks to set radically enhanced emissions targets ahead of a key meeting aimed at tackling climate change. The group, which includes Aviva Investors and Legal & General Investment Management, said banks have a “critical role” in aligning the economy with net zero targets. [...]
HSBC scraps executive floor in Canary Wharf in favour of hot-desking April 19, 2021 HSBC has scrapped the entire executive floor at its Canary Wharf headquarters in the latest change to its post-pandemic working practices. The 42nd floor, which was previously home to executives, will be used for client meeting rooms and collaborative spaces while top managers will hot desk on the open-plan 40th floor. “Our offices were empty [...]
UK banks launch new low-deposit mortgage scheme April 19, 2021 High street banks will today begin offering mortgages with a deposit of just five per cent under a new government-backed scheme. The scheme, first announced in the Budget, is designed to make home ownership more affordable for first-time buyers. Borrowers will be able to secure a mortgage with just a five per cent deposit on [...]
Starling Bank secures £50m investment from Goldman Sachs April 19, 2021 Digital lender Starling Bank has extended its latest funding round with a £50m investment from Goldman Sachs. Last month it announced a £272m Series D funding round led by Fidelity Management & Research which valued it in excess of £1.1bn pre-money. Starling Bank today said Goldman Sachs investment marked an extension of the oversubscribed round, [...]
Amanda Staveley launches appeal over Barclays court defeat April 18, 2021 Financier Amanda Staveley has launched an appeal after losing her lawsuit against Barclays over the behaviour of the bank’s bosses negotiating investment deals. In a high-profile trial Staveley sued the lender over claims it gave her private equity firm PCP Capital Partners less favourable treatment than other parties in the emergency £7.3bn fundraising that saved [...]
Morgan Stanley takes $911m hit from Archegos as quarterly profit jumps April 16, 2021 Morgan Stanley’s profits have soared despite disclosing a near $1bn loss from the collapse of Archegos last month. The collapse of the family office run by former Tiger Asia manager Bill Hwang came after it defaulted on margin calls, sparking billions of dollars in losses for Credit Suisse and Nomura. Morgan Stanley was another leading [...]
Online safety bill risks being ‘as shallow as a puddle’, warns campaigner April 15, 2021 In the recently published Integrated Review, a detailed policy document setting out the UK’s national security and international policies, the government identifies online harms as one of the most serious threats to our way of life. The report highlights the government’s commitment to ‘promote a free, open, peaceful and secure cyberspace’. However, it does not reflect the [...]