BoE boss Andrew Bailey: Bank keeping ‘eyes open’ ahead of next meeting April 26, 2020 Bank of England governor Andrew Bailey has said Threadneedle Street is keeping its “eyes open” for risks to the economy or financial system ahead of its next scheduled interest rate decision on 7 May. Bailey also highlighted the huge amount of uncertainty the UK economy still faces. “No one can be sure exactly how the [...]
ISS recommends re-election of Barclays boss Staley in further blow to Sherborne April 24, 2020 ISS has joined Glass Lewis in recommending Barclays shareholders vote to re-elect chief executive Jes Staley, in another blow to Edward Bramson’s vehicle Sherborne Investments. The Barclays boss has faced pressure from Bramson and Sherborne Investments over his relationship with convicted sex offender Jeffrey Epstein. The Financial Conduct Authority (FCA) and Prudential Regulation Authority are [...]
CBILS application process ‘soul destroying’, says director of film industry business April 23, 2020 The process of applying to the lenders administering the coronavirus business interruption loan scheme (CBILS) has been “soul destroying,” the director of a small film industry business has said. Diane Nyiry of Devon-based Cine Power International told City A.M.: “I have been shocked at the way the banks have been behaving, they haven’t been very [...]
Blackmore Bond topples into administration owing £45m April 23, 2020 Mini-bond investment firm Blackmore Bond has collapsed into administration. The joint administrators, Geoff Bouchier and Benjamin Wiles of Duff & Phelps, were appointed yesterday. Blackmore was founded in Manchester in 2016. It issued mini-bonds to retail investors with a minimum investment of £5,000. The company used the money to invest in a portfolio of property [...]
Credit Suisse posts surge in profit but warns on coronavirus loss April 23, 2020 Credit Suisse today posted a sharp rise in profit for the first quarter but warned of potential loan losses caused by the coronavirus crisis. The bank reported a 13 per cent rise in pre-tax profit of 1.2bn Swiss francs (£1bn) in the first three months of the year, while net profit surged 75 per cent [...]
Monzo applies for US banking licence in bid to tap giant market April 22, 2020 UK challenger bank Monzo has applied for a US banking licence so it can offer a full suite of services in the world’s biggest financial market. The fintech firm, known for its pink “hot coral” cards and sleek app, applied to the US authorities for a licence on Monday in the most important step in [...]
Coronavirus: Banks team up with mobile industry to tackle text scams April 22, 2020 The UK’s banking and mobile industries have partnered with spy chiefs to crack down on text message scams linked to the Covid-19 crisis. The new campaign is aimed at tackling so-called spoofing techniques, where cyber criminals mimic legitimate businesses or organisations to trick unsuspecting victims into handing over sensitive information. Many scammers have attempted to [...]
David Buik: Tories could lose next election over coronavirus loans delays April 22, 2020 Top City commentator David Buik has warned the slow payment of coronavirus loans to businesses could mean the Tories lose the next election. The City of London’s veteran financial pundit has urged chancellor Rishi Sunak to “rethink” the government’s stance on loans to businesses hit by coronavirus, with UK lending far outstripped by other countries. [...]
City minister John Glen praises frontline financial services staff for coronavirus efforts April 21, 2020 City minister John Glen has thanked frontline financial services staff for their “vital” role during the coronavirus crisis. In a letter published today, Glen said the services provided by bank branch and contact centre workers will be a “lifeline” to many during the pandemic. He praised the “herculean efforts” to help customers in financial difficulty [...]
Exclusive: Businesses call for bank-by-bank breakdown of coronavirus lending April 21, 2020 British businesses have called on industry body UK Finance to publish a bank-by-bank breakdown of lending through the coronavirus support scheme, as it emerges that Natwest has so far made roughly half of all loans through the programme. Data from Natwest today showed that as of Sunday evening the group (formerly called RBS) had approved [...]