Natwest closes SME accounts after coronavirus loan applications July 27, 2020 Natwest has closed the accounts of some small business customers who applied for the government’s coronavirus loans to help them through the pandemic, leaving them unable to access their money. A number of customers contacted the Guardian to complain that their accounts had either been suspended or closed without any explanation after they put in [...]
Natwest looks at slashing costs by £3bn over the next five years July 26, 2020 Natwest will next week consider proposals to cut costs by £3bn over the next five years as it prepares for a wave of bad debts thanks to the coronavirus crisis. Top managers from the bank, which was renamed from RBS just this week, will look at plans that would see annual operating expenses cut from [...]
Goldman Sachs reaches $3.9bn settlement with Malaysia over 1MDB scandal July 24, 2020 Goldman Sachs has agreed to a $3.9bn settlement with the Malaysian government over the multi-billion dollar 1MDB scandal. The deal includes a cash payment of $2.5bn and a guarantee by Goldman to pay at least $1.4bn in assets linked to 1MDB bonds, Malaysia’s finance ministry said. “This settlement represents assets that rightfully belong to the [...]
The City View: Imran Gulamhuseinwala on Britain’s open banking future July 23, 2020 Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Today Andy is joined by Imran Gulamhuseinwala, the Implementation Trustee of Open Banking Ltd and the man tasked by the Government with driving forward the UK’s adoption of this potentially revolutionary technology. They discuss the journey so far, the challenges along the way, and the burgeoning industry of third-party [...]
Barclays’ bailout talks peppered with sexist language, court hears July 23, 2020 Barclays bankers seeking credit crisis-era emergency funding used sexist and disparaging language when discussing the businesswoman whose firm led a £3.25bn investment in the bank in 2008, according to court documents. Stephen Jones, a former Barclays banker who resigned as CEO of British bank lobby group UK Finance in June over historic remarks about Amanda [...]
High standards will keep London competitive, incoming FCA chief says July 22, 2020 Maintaining high regulatory standards rather than having a “competitiveness” mandate is the best way to preserve the City of London’s status as a dynamic financial centre, the Financial Conduct Authority’s incoming chief said today. Britain will no longer have to comply with European Union rules after December when transition arrangements that followed Brexit in January [...]
Exclusive: MPs ask banks for clarity on state aid rules and coronavirus loans July 22, 2020 A group of MPs and Lords has written to lenders to try to ensure they take into account changes to EU state aid rules that could boost the UK’s coronavirus loan scheme, amid confusion about the alterations. It came as business group UK Hospitality urged the government to take the lead and make sure the [...]
‘Historic’ day as RBS formally changes name to Natwest July 22, 2020 RBS has formally changed its name to Natwest, removing Scotland from the bank’s parent company for the first time since it was founded. The group will remain headquartered in Edinburgh, and the name change will not affect RBS bank branches. The intention to change the name was first announced in February when it reported its [...]
Close Brothers’ banking division takes a hit amid pandemic July 22, 2020 Close Brothers Group’s banking division has taken a hit due to the pandemic, as its loan book reflected lower new business volumes. However, securities division Winterflood helped to offset some of the impact of coronavirus due to significantly higher trading, the group said in a scheduled pre-close trading update. The figures In the group’s banking [...]
RBS tells 50,000 employees to work from home until next year July 21, 2020 Royal Bank of Scotland has reportedly told more than 50,000 staff to work from home until 2021. It comes after Prime Minister Boris Johnson announced the government’s advice to work from home would be dropped next month in a bid to stimulate the economy. He said employers would have “more discretion” about where staff should [...]