TSB chair Richard Meddings to step down after three years March 24, 2021 TSB chairman Richard Meddings has announced plans to step down from his position later this year. Meddings, who became chairman in February 2018, will continue to lead the board while the search for a successor takes place. Is chairman is not moving to another role, but already hold a number of non-executive roles beyond his [...]
Banking giants pour $3.8 trillion into fossil fuels since Paris agreement March 24, 2021 Since 2016, the world’s 60 largest banks have poured more than $3.8 trillion into the fossil fuel industry, a new report released today has shown. Despite the signing of the Paris climate accords in 2015, lenders have continued to provide hundreds of billions in financing for polluting industries such as tar sands oil, coal, and [...]
House of Lords committee calls for UK-EU financial services agreement March 24, 2021 A House of Lords committee has called for the UK to negotiate better EU access for the financial services industry post-Brexit. The Lords’ EU Services Sub-Committee said today that there will be “real problems” for financial services professionals “whose qualifications are not recognised in the EU under current arrangements”. The City lost its pre-Brexit access [...]
Citigroup enforces Zoom-free Fridays in wellbeing push March 23, 2021 Citigroup workers will be spared from Zoom meetings on Fridays as part of a wellbeing push by the bank’s new boss. In a memo to staff chief executive Jane Fraser said she was introducing the video call veto after it “became apparent we need to combat the ‘Zoom fatigue’ that many of us feel”. Fraser [...]
Revolut submits application for US banking licence March 22, 2021 A year after launching in the US, Revolut has submitted its draft application for a US banking licence as it expands its business account across all 50 states. Revolut secured a Lithuanian banking licence bank in 2018 and announced it had applied for a UK licence earlier this year. Securing both a US and UK [...]
MPs call for insurers Legal & General and Aviva to cut ties with HSBC over its Hong Kong stance March 22, 2021 A group of British parliamentarians have called for major British insurers Aviva and Legal & General to cut ties with HSBC over its support of Beijing’s democracy crackdown in Hong Kong. The group of 10 MPs and peers wrote to the pair of insurers to say that “investment in HSBC is in direct conflict with [...]
Barclays expands private bank to France and Italy in bid to grow EU business March 22, 2021 Barclays has expanded its private banking division to France and Italy as it looks to grow its European wealth business in the wake of Brexit. The bank said on Monday that it had appointed Bernard Corneau and Carlo Baronio as heads of private bank coverage in France and Italy respectively. The duo will be supported [...]
Visa ‘facing US investigation’ over debit card practices March 19, 2021 Visa is said to be facing a regulatory investigation in the US over concerns it is engaging in anti-competitive practices in the debit card market. The US Department of Justice has been looking at whether Visa limited merchants’ ability to route transactions over card networks that are often less expensive, the Wall Street Journal reported. [...]
Goldman Sachs junior staff slam bank’s ‘inhumane’ 100-hour working weeks March 18, 2021 Junior bankers at Goldman Sachs claimed they have suffered ‘inhumane’ treatment and workplace abuse, leading to a deterioration in mental health while employed by the US investment bank. A survey circulated on Twitter today that was presented to the bank last month, showed that all of the 13 respondents felt their working hours had negatively [...]
OneSavings Bank flags £28.6m fraud by corporate customer March 18, 2021 OneSavings Bank has delayed its results after discovering potential fraud by one of its corporate customers. In a late statement on Wednesday the buy-to-let lender, which was scheduled to publish results this week, said it had recently become aware of possible fraud but maintains it is likely an “isolated incident”. The maximum possible loss could [...]