Coronavirus: TSB to axe a third of branches and over 900 jobs September 30, 2020 TSB has announced plans to close 164 branches and cut over 900 jobs as the British lender grapples with the impact of the coronavirus pandemic. The lender said the cuts – which represent a 10 per cent reduction in the bank’s workforce and the loss of a third of its branches – were part of [...]
Exclusive: MPs slam ‘inconsistency and incompetence’ as SMEs struggle to get bounce back loans September 28, 2020 Banks have been told to ensure that no small businesses are “locked out” of government-backed coronavirus loans, after firms were left unable to access the loans despite being eligible for funding. MPs said lenders accredited under the scheme should re-open applications for bounce back loans (BBLs), designed to help small companies weather the pandemic. Barclays [...]
HSBC shares rebound after China’s Ping An boosts its holding September 28, 2020 HSBC shares in Hong Kong and London rose sharply on Monday after Chinese asset manager Ping An, the bank’s largest shareholder, increased its stake in the lender. In a regulatory filing late on Friday, Ping An revealed it had raised its holding in the lender from 7.95 per cent to eight per cent. HSBC’s Hong [...]
Natwest and Lloyds signal willingness to bring back dividends September 27, 2020 Two of the UK’s largest banks have indicated that they are ready to restart paying dividends as the Bank of England prepares to review its ban on shareholder payouts. Executives at Natwest and Lloyds have hinted at the strength of their balance sheets, with Natwest chairman Howard Davies saying lenders would resume paying dividends if [...]
Commerzbank poaches Deutsche Bank executive as new boss September 27, 2020 Commerzbank has tapped a senior executive from rival Deutsche Bank to become its new chief executive, filling a leadership vacuum at the lender after months of uncertainty. Manfred Knof, head of Deutsche Bank’s German retail business, will take over as head of Germany’s second largest bank in January. Knof succeeds Martin Zielke, who resigned in [...]
Deutsche Bank to change work-from-home policies permanently in bid to reduce office costs September 25, 2020 Deutsche Bank is set to make flexible working policies permanent to allow staff to work from home on a set number of days per week. Like other lenders, Deutsche Bank has discovered during the pandemic that reducing office space could be a viable way to lower costs. Chief executive officer Christian Sewing said the board [...]
UK watchdog tells banks to improve remote working safeguards September 24, 2020 Banks and investment firms need more “creative solutions” to avoid misconduct as staff are set to work from home for longer due to the pandemic, Britain’s Financial Conduct Authority (FCA) said today. Britain told people to work from home if possible from Thursday as new cases of Covid-19 grow again, with Prime Minister Boris Johnson [...]
Venezuela heads back to court over £800m pot of gold in the Bank of England September 22, 2020 The Venezuelan central bank is heading to court in London today, as it appeals a ruling from over the summer that affirmed the UK’s recognition of Juan Guaido as the country’s interim leader. Banco Central de Venezuela (BCV) has brought a case at the Court of Appeal to decide ownership of a £800m horde of [...]
Bank and government support to UK firms tops £100bn September 22, 2020 Struggling UK companies have now received more than £100bn worth of support from banks and the government through various coronavirus stimulus schemes, official figures have shown. UK banks have lent out more than £58bn to hard-hit companies through the government-backed coronavirus loan schemes, according to Treasury figures out today. HMRC figures showed that companies have [...]
Bank of England to do ‘everything it can’ during Covid surge September 22, 2020 Bank of England governor Andrew Bailey has said the BoE “is going to do everything we can” to help the UK economy as it faces the prospect of a second lockdown. Speaking at a British Chambers of Commerce webinar, Bailey said the recent rise in coronavirus cases and new government restrictions were “extremely difficult news [...]