Onesavings Bank shares plunge as lender declines to give guidance over coronavirus March 19, 2020 Shares in Onesavings Bank plummeted after the specialist lender declined to issue full-year guidance over coronavirus-related uncertainty. The lender’s stock plunged as much as 26 per cent in morning trading, its biggest intraday fall since 2016, despite it posting a strong set of results. Statutory profit before tax increased 14 per cent for the year [...]
Noel Quinn made HSBC chief executive on permanent basis March 17, 2020 Banking giant HSBC has confirmed that interim chief executive Noel Quinn will take up the post permanently with immediate effect, bringing to an end a six-month external search. In August last year chairman Mark Tucker ousted chief executive John Flint over an alleged argument about how fast the bank should have been hitting its targets. [...]
Britain’s biggest banks warn coronavirus pandemic will hit income March 17, 2020 Some of the largest banks in Britain have warned the coronavirus pandemic will hit their already under-pressure earnings, with a decline in economic activity eating into fee income. Lloyds will delay part of a £3bn technology investment programme in response to the coronavirus pandemic to maintain its capital levels, its chief executive said today, as [...]
Nationwide suffers another glitch delaying all incoming payments March 17, 2020 Nationwide has delayed all incoming faster payments due to a fault in its system, just months after a glitch which held all payments in a queue. The building society has said that all incoming payments are delayed to due a fault, and are yet to confirm how long the delay will be. On Twitter, Nationwide [...]
Revolut finance chief steps down after five months March 16, 2020 David MacLean is stepping down as chief financial officer of Revolut after just five months in the role. City A.M. understands that MacLean is leaving the company, which recently tied with Klarna as Europe’s most valuable fintech startup, for personal reasons. Revolut has appointed an interim chief financial officer, but has not yet appointed MacLean’s [...]
Andrew Bailey: Bank of England will take ‘prompt action’ over coronavirus if needed March 16, 2020 New Bank of England governor Andrew Bailey has pledged to take more “prompt action” when needed to tackle the economic fallout from coronavirus, raising the prospect of another interest rate cut. Speaking for the first time as governor after replacing Mark Carney today, Bailey emphasised in a BBC interview the “strong coordination among central bank” [...]
Andrew Bailey takes over with Bank of England battling coronavirus recession March 16, 2020 Andrew Bailey is no stranger to a tough job. But the incoming Bank of England governor, who takes up his new role as Mark Carney steps down tomorrow, could never have anticipated the size of the challenge that awaits him at Threadneedle Street. Bailey’s time at the Financial Conduct Authority began in the wake of [...]
Bank of Japan strengthens stimulus as coronavirus threatens to cause recession March 13, 2020 The Bank of Japan has said today it would buy 200bn yen (£1.49bn) of Japanese government bonds with five to ten years maturity. It is an unscheduled move that has come about after the local debt market capitulated as investors rushed for liquidity. Japan’s central bank also said it would inject an extra 1.5 trillion [...]
Regulators to review financial sector levy in the wake of “unacceptable” IT failures March 13, 2020 Regulators have welcomed a number of reforms to the financial services sector after the Treasury Committee called its IT failures “unacceptable”. The Treasury Committee’s report, which was published last October, called on the regulators to address the growing number of tech issues in the financial services sector. As part of the proposed reforms, the committee [...]
Sunak and Carney hold banking summit to discuss coronavirus outbreak March 12, 2020 The Chancellor and the Governor of the Bank of England held a banking summit today to discuss a coordinated response to support small and medium sized businesses affected by coronavirus. Mark Carney and incoming BoE Governor Andrew Bailey outlined the measures that the Bank announced yesterday morning to help mitigate the economic impact of the [...]