Banking sector warns against irresponsible lending after PM’s low deposit mortgage pledge October 7, 2020 The banking sector has cautioned against irresponsible lending after the Prime Minister announced plans to help millions of potential buyers onto the housing ladder by allowing low deposit mortgages. Boris Johnson yesterday said he wants to turn “generation rent” into “generation buy” by allowing people to purchase homes with a five per cent deposit. The [...]
Bounce Back Loan scheme could cost the taxpayer up to £26bn October 7, 2020 The cost to the taxpayer of the government’s emergency loan scheme for struggling small businesses could be as much as £26bn, a new report has found. According to the National Audit Office (NAO), the cost of the government’s Bounce Back Loan scheme “has the potential to be very high” through a combination of firms being [...]
On the brink: SMEs cut off from bounce back loans as banks close to new customers October 6, 2020 Small businesses are being shut out of potentially life-saving bounce back loans (BBLs) because lenders are turning down new customers, despite the funds being fully guaranteed by the government. City A.M. has spoken to a number of businesses who have had applications to set up new business accounts with lenders rejected, often without explanation. Many [...]
Goldman Sachs ‘to name fewer than 60 partners’ in 2020 October 6, 2020 Goldman Sachs will reportedly name no more than 60 partners this year, but partners will be given more financial perks as the investment banking giant seeks to make its partnership more exclusive. The bank’s new class of partners, due to be promoted next month, is likely to be Goldman’s smallest cohort since the 1990s, the [...]
FCA amps up crackdown on coronavirus-related fraud October 6, 2020 The Financial Conduct Authority (FCA) has ramped up efforts to crack down on coronavirus-related fraud during the pandemic through the rollout of two new sandbox services. Sandboxes allow companies to innovate new products without being subject to usual regulation, allowing them to test financial services before developing them globally. The FCA’s two new sandboxes, launched [...]
JP Morgan to offer lucrative investment banking jobs to school leavers October 6, 2020 Investment bank J.P. Morgan will soon offer school leavers a fast-track route to a lucrative investment banking job, namely via one of its UK apprenticeships. The bank’s so-called four-year Level 6 Financial Services Apprenticeship programme will enable individuals to ‘earn as they learn’, provided they complete a degree in Applied Finance at the University of [...]
Co-Op Bank chief to step down after two years in charge October 6, 2020 Andrew Bester will step down as the chief executive of the Co-Op Bank, it was announced this morning, after two years in the job. Bester, who joined the lender in July 2018, was at the time the banks’ fifth chief executive in seven years. Under his tenure the Co-Op Bank split its digital offering off [...]
UK eyeing closer financial services regulation alignment with non-EU countries, says Sunak October 5, 2020 The UK is looking to align its financial services regulation with major economic powers outside the EU, according to Rishi Sunak. The chancellor said today at a fringe event at the Conservative conference that the government will “review our regulatory framework” on financial services and that “not being inside the EU more generally gives us [...]
Bank of America picks insider for new European capital markets role October 5, 2020 Bank of America has promoted a long-standing executive to the newly created position of head of global capital markets for Europe, the Middle East and Africa. London-based Jeff Tannenbaum, who has been with the bank for more than 22 years, started his new role last week, according to an update on his LinkedIn profile. His appointment follows the departure of Sam [...]
Nomura signs up Deutsche Bank veteran as chief risk officer in London October 5, 2020 Japanese investment bank Nomura has lured Aisling Doyle away from Deutsche Bank to oversee all risk-related matters at its Europen investment arm. Doyle will be based at Nomura’s office in the City, reporting directly to the global group’s chief risk officer, Sotaro Kato, as well as to Jonathan Lewis, CEO of Nomura’s European division and [...]