Watchdog warns Monzo and NatWest over banking transaction history breaches June 22, 2021 Britain’s competition watchdog has issued a warning to banks including Monzo and NatWest over breaching rules requiring them to send banking transaction histories to former account holders. Nearly 150,000 customers were not provided with the necessary information quickly enough, the Competition and Markets Authority (CMA) said today. Monzo was responsible for the largest portion of [...]
EU commissioner says the bloc is not trying to steal business from City of London June 22, 2021 The EU’s financial services chief has said Brussels is not trying to steal business and investment from the City of London and that they are not pursuing a protectionist policy on financial services. Mairead McGuinness, EU commissioner for financial services, also said today that Brussels will look again at equivalence for the City later this [...]
CEO of Sabadell ‘open to selling off’ TSB Bank unit June 21, 2021 CEO of Sabadell 'open to selling' TSB Bank
Hong Kong races ahead of London and New York in bid to get bankers back in the office June 21, 2021 Hong Kong races ahead of London and New York in bid to get bankers back in the office
Goldman Sachs bats off competitors with first UK transaction bank June 21, 2021 Goldman Sachs is set to appear in the UK after the Wall Street-based firm said today it has launched its £35bn transaction bank in the country. The global investment bank expanded its transaction bank business after launching in the US last year, while it eyes steadier revenue sources beyond its investment division. Goldman’s shares sank [...]
France targets City of London firms in post-Brexit ‘Choose France’ push June 20, 2021 French President Emmanuel Macron has began a new push to bring City of London firms to Paris post-Brexit. JP Morgan chief Jamie Dimon and Goldman Sachs boss David Solomon have been invited to Macron’s “Choose France” event at the Palace of Versailles on 28 June, where the President will try to make the case for investment in [...]
Bank of America: All vaccinated staff will return to office in September June 17, 2021 Bank of America (BoA) has confirmed today that its doors will open to all of its vaccinated employees in early September, as over 70,000 staff have voluntarily disclosed their vaccine status. The US bank will welcome its unvaccinated employees at a later date, after developing plans for a safe return to offices, its CEO Brian [...]
JPMorgan to buy fintech firm Nutmeg for upcoming UK digital bank June 17, 2021 JPMorgan Chase is set to buy digital wealth manager Nutmeg, the companies confirmed today, as fintech’s trajectory has been pushed even higher by the pandemic. While still subject to regulatory approval, the deal will bolster JPMorgan’s digital bank branch, under the Chase brand, which is planned for launch in the UK later this year. The US financial [...]
Goldman Sachs pushes back office return plans after government extends lockdown June 16, 2021 Goldman Sachs has pushed back plans to bring its UK staff back to the office after the government decided to extend the current Covid-19 restrictions for another month. The bank was preparing to bring staff back in June, but told workers overnight that it would delay its plans. A note to staff from Goldman Sachs [...]
WIBF’s ACT Research Programme finds that women are held to higher standards across financial services compared to their male counterparts June 16, 2021 | City Talk A new report published today by Women in Banking and Finance (view here) finds that women struggled if they did not perform consistently well compared to what they recognise as mediocre men in the City of London who are surviving in financial services in high numbers, for a number of different reasons which include social [...]