The Banking Dilemma: Do we really want Big Tech to control our financial data? October 20, 2020 “If something is a tool, it is genuinely just sitting there, waiting patiently. If something is not a tool it’s demanding things from you… seducing… manipulating; it wants things from you.” This damning indictment of social media platforms is one of many from industry insiders featured in the latest must-watch Netflix documentary, The Social Dilemma. [...]
Exclusive: Covid support almost equal to all bank lending last year October 19, 2020 The amount of money UK businesses borrowed through the government’s coronavirus support schemes is almost equal to all bank lending for the same period last year, new figures show. Covid-related lending schemes have provided £98.2bn in credit to businesses compared to the £100.5bn that was lent during the same five-month period last year, according to [...]
Mergers can improve banks’ profitability, says ECB vice president October 19, 2020 The vice president of the European Central Bank has called for further consolidation by eurozone banks to improve lenders’ profitability during the Covid-19 crisis. Banks in Spain and other EU countries have come under pressure to consolidate as the sector faces rising bad loans and rock bottom interest rates due to the coronavirus pandemic. “Removing [...]
Sabadell to speed up cost cutting at TSB, chief executive says October 19, 2020 TSB-owner Banco Sabadell is planning to speed up cost-cutting measures at the British lender, the Spanish lender’s chief executive said. A cost reduction plan at TSB that was initially set to take three years will now be implemented over two years, said Jaime Guardiola. TSB announced plans to axe a third of its branches last [...]
Pound jumps on signs a Brexit deal can still be done October 19, 2020 The pound surged as investors bet that Brexit talks would resume – despite the UK’s tough rhetoric – and eventually result in some kind of free-trade agreement. Sterling was up 0.7 per cent by mid-morning at $1.30. It had risen 0.5 per cent against the euro to stand at €1.107. Prime Minister Boris Johnson struck [...]
Jes Staley set ‘to stay on at Barclays for two more years’ October 19, 2020 Jes Staley is reportedly set to stay on as chief executive of Barclays, despite the lender coming under pressure to replace the controversial American. The bank is not expected to announce any succession plans when it reports third quarter earnings on Friday despite activist investor Edward Bramson recently renewing his attack on Staley, The Telegraph [...]
UK can be a ‘free agent’ in financial markets after Brexit, says think tank October 19, 2020 The UK can be a significant “free agent” in the global banking and financial markets once Brexit is over, a new report claims. As negotiations continue in the next few weeks and Bois Johnson steps up his no-deal rhetoric, the UK’s banking and finance industry is in for a seismic change. A report by think [...]
Half of UK financial services staff want shift to flexible working October 19, 2020 Half of Brits working in the financial services sector want to shift to a more flexible working model after the coronavirus pandemic ends, a new survey has revealed. The outbreak of Covid-19 has sparked a major change in working habits, as stay-at-home orders have fuelled a sharp rise in home working. A survey by KPMG [...]
It’s up to the City to drive Britain’s economic recovery October 19, 2020 “The harder yards are ahead of us,” warned Bank of England governor Andrew Bailey recently, as Britain’s households and businesses brace themselves for a bitter winter in the midst of the pandemic. With the UK’s economic recovery already fragile, it is clear we need to identify the engines for growth that can weather the storm [...]
Treasury Committee demands update on bank signature forgery allegations October 15, 2020 An influential committee of MPs have demanded an update from the City watchdog and National Crime Agency on their investigation into allegations of widespread signature forgery at British banks. The Treasury Select Committee first asked the Financial Conduct Authority and NCA to investigate allegations that banks used forged signatures on an industrial scale, leading to [...]