BoE demands lenders seek its approval before relocating jobs to the EU March 29, 2021 The Bank of England is demanding that lenders seek its approval before relocating UK jobs or operations to the EU. The move comes after the BoE became concerned that European regulators are asking for more to move than is necessary for financial stability post-Brexit, the Financial Times first reported. The BoE reportedly heard of several [...]
Covid: UK bank lending surged £29.3bn since March, surpassing EU March 29, 2021 UK bank lending has surged by eight per cent to keep businesses afloat since the pandemic began, surpassing EU lending, according to a new study by UHY released this morning. Banks have offered around £29.3bn in businesses loans over the past year, as lending in the EU increased by an average of 5.3 per cent. [...]
BoE urges banks to keep lending as government schemes come to an end March 26, 2021 The Bank of England has urged banks to continue lending through the recovery as the government starts to wind down its coronavirus loan schemes. While the vaccine rollout has boosted confidence the Financial Policy Committee (FPC), which looks at the risks facing the system, has warned SMEs will need to finance cash-flow deficits this year [...]
Deutsche Bank chief Sewing prepared to give up investment bank role March 26, 2021 Deutsche Bank CEO Christian Sewing could give up his role overseeing the investment bank in a move likely to reassure regulators, a source said on Friday. The anonymous source said Sewing never intended to permanently keep the role since he added to his duties in a management overhaul in 2019. German business newspaper Handelsblatt reported [...]
Criminal case against NatWest tip of £90bn iceberg in ‘money laundering capital of the world’ March 26, 2021 Yesterday it was reported that the recent money laundering charges against NatWest are linked to a separate case against 13 individuals based in cities around the UK. The latest revelations followed the shock announcement, last week, that the Financial Conduct Authority had lodged criminal proceedings against NatWest for money laundering offences. The watchdog – accusing NatWest of [...]
Santander closing 111 bank branches across the UK, with 840 roles affected March 25, 2021 Santander closing 111 bank branches across the UK, with 840 roles affected
Former PM David Cameron will be investigated over lobbying Sunak and Bank for Covid cash for Greensill March 25, 2021 David Cameron will be investigated over lobbying Sunak and Bank for Covid cash for Greensill
Nationwide to let all 13,000 office staff work from home permanently March 25, 2021 Nationwide will allow all 13,000 of its office staff to permanently work remotely when coronavirus restrictions are eased. The building society said office staff can work from anywhere in the UK, as it “puts them in control of how they balance their work and home lives”. The move follows a survey of Nationwide employees, [...]
Oil prices shoot up after mega container ship blocks Suez Canal March 24, 2021 Oil prices soared higher this afternoon after one of the world’s largest container ships ran aground in the Suez Canal, blocking the major trade artery. While equity markets were largely quiet earlier today, global energy trading went into a frenzy as fears the blockage could disrupt shipment for days sparked speculation that oil supply could [...]
UK sticks by open derivatives trading stance despite EU ban March 24, 2021 The UK’s financial regulator has today elected to keep its current stance on cross-border derivatives trading with the EU. Under the current Financial Conduct Authority (FCA) rules introduced after Brexit, UK banks have been able to trade derivatives on EU platforms to avoid disruption to business in the bloc. However, there is not currently a [...]