Revolut expands business offering with digital payments service December 4, 2020 Challenger bank Revolut is bolstering its business offering as it moves into merchant acquiring allowing businesses to accept online card payments. Revolut’s chief executive Nik Storonsky announced, at this year’s Web Summit, that its business segment had launched an acquiring solution, which will allow businesses in 13 European countries to accept card payments online directly [...]
EU regulator extends repayment holidays amid second wave December 2, 2020 The European banking regulator is allowing banks to grant a new round of loan repayment holidays amid a second wave of infections. The European Banking Authority (EBA) has today announced that guidance on legislative and non-legislative moratoria that expired on 30 September is being reactivated until March 31 2021. “The role of banks to ensure [...]
Barclays issues scam warning to SMEs ahead of Brexit December 2, 2020 A surge in business scams this year has triggered Barclays to issue a scam warning ahead of the end of the Brexit transition period. The high street bank has today issued a warning to UK SMEs to remain vigilant as the transition period ends, as thousands of businesses fall victim to sophisticated scam tactics. New [...]
Unicredit shares drop after chief executive steps down December 1, 2020 Shares in Unicredit fell nearly eight per cent on the open following the announcement that its chief executive would step down after a disagreement over strategy. On Monday the Italian bank announced its chief executive Jean Pierre Mustier would step down at the end of his mandate in April. In a statement Mustier said it [...]
Outgoing Lloyds Bank CEO to be made Credit Suisse chairman December 1, 2020 Credit Suisse has named outgoing Lloyds Banking Group chief executive officer António Horta-Osório as its next chairman. The change will bring the nearly decade-long tenure of outgoing chairman Urs Rohner to a close. “António Horta-Osório shall succeed Urs Rohner who will step down in 2021 as previously announced upon reaching the statutory term of 12 [...]
Tory MPs urge PM to sanction UK banks in Hong Kong for China cooperation December 1, 2020 Boris Johnson should threaten to sanction UK financial services firms operating in Hong Kong to push back against Beijing’s draconian security laws, according to a new report from top Tory backbenchers. A report from Westminster’s China Research Group, which is led by Conservative MPs Tom Tugendhat and Neil O’Brien, says the UK should sanction banks [...]
Lloyds names HSBC’s Charlie Nunn as next chief executive November 30, 2020 Lloyds Banking Group has named HSBC head of wealth and personal banking Charlie Nunn as its next chief executive. Nunn will replace Antonio Horta-Osorio who said in July that he would step down next year once a successor was appointed. The new chief executive will be paid a salary of £1,125,000 and a fixed share [...]
Dutch bank ABN Amro to cut 3,000 jobs November 30, 2020 Dutch bank ABN Amro will cut almost 3,000 jobs by 2024, as it looks to bring down costs by €700m to €4.7bn per year. In an update before its annual investors day, the bank also said it would aim for a core capital adequacy ratio of at least 13%, and consider share buybacks if the [...]
Without an eye on social value, Europe risks losing the global fintech race November 30, 2020 Europe has been left behind in Big Tech. The scene is overwhelmingly dominated by US companies, with China potentially coming up from the rear. The question is whether Europe has the potential to avoid the same fate in digital finance — a sector that is likely to play a big role in future economic development. [...]
BoE’s Haldane sees inflation risks as economies bounce back November 29, 2020 Bank of England chief economist Andy Haldane said inflation could rise by more than expected as progress on Covid-19 vaccines and huge amounts of stimulus raised the chances of a swift economic bounce-back. “As the economic recovery gathers pace next year, it will be important central banks remain squarely focussed on their core medium-term price stability mandates,” Haldane said in a speech [...]