After TSB’s outage, let’s force banks to ring fence an IT budget November 27, 2019 Banking outages cause unacceptable pain for customers and are occurring with increased regularity. Digital banking is essential to our economy and ongoing failures are both unacceptable and preventable. Last week an independent report concluded that the board of TSB “lacked common sense” when it moved 1.9m customers onto a new system in 2018 that had [...]
Lloyds Banking Group boss to take pay cut after pension backlash November 27, 2019 Lloyds Banking Group is planning on cutting the pay of its boss by more than £220,000 following criticism of his pension package. Antonio Horta-Osorio was blasted by MPs in June for “greed” in relation to his £6.3m pay packet which included a pension contribution worth 46 per cent of his base salary – reduced to [...]
Goldman Sachs takes bullish stance on the future of domestic UK stocks November 26, 2019 Global banking giant Goldman Sachs is advising its clients to snap up a stake in British firms, taking a bullish stance on the future of UK stocks. Buoyed by expectations of less Brexit uncertainty and blockbuster spending promises from both the major political parties, the US investment bank has recommended a long position on UK [...]
Bank of England slaps Citigroup with record £44m fine November 26, 2019 Citigroup has been hit with a £44m fine from the Bank of England after falling short of financial information standards. The Bank has slapped on the record penalty after Citigroup made “significant errors” in reporting its capital and liquidity positions between 2014 and 2018. Read more: Wework lays off 2,400 employees in efficiency drive The [...]
FCA to ban marketing of mini-bonds amid concerns over investor losses November 26, 2019 The Financial Conduct Authority (FCA) today set out to ban the mass marketing of speculative mini-bonds to ordinary investors. The watchdog said the unregulated bonds could cause harm to amateurs, following a spate of investor losses. Read more: What are mini-bonds? Everything you need to know about the products hit by the FCA’s marketing ban [...]
TSB to slash up to 400 jobs as it shutters stores in cost-cutting plan November 25, 2019 TSB has announced plans to close 82 branches next year and slash up to 400 jobs as part of a strategy overhaul aimed at saving £100m by 2022. Unveiling a new three-year strategic plan, chief executive Debbie Crosbie today said the savings would help deliver a 15 percentage point improvement to the bank’s cost to [...]
When the next crisis hits, fiscal policy alone will not be enough — central banks will need monetary policy too November 25, 2019 For three decades, central banks promised us they would take care of the economy. Fiscal policy, we were told, was toothless. Monetary policy would ensure prosperity. But central banks have failed to deliver the prosperity they promised. And in an astonishing reversal, they are now calling for fiscal authorities to take the strain. Monetary policy [...]
TSB says hours-long payments glitch is now resolved November 22, 2019 TSB has said a fresh technical issue over delays of payments into accounts has been resolved following hours of uncertainty. The embattled bank has apologised to customers after a processing error sparked anger and confusion among its customers this morning, Customers will not be left out-of-pocket, the bank has said, after some payments into TSB [...]
Nationwide profit plunges 33 per cent November 22, 2019 Nationwide has posted a sharp fall in half-year profit following a final blow from payment protection insurance (PPI) charges and a low interest rate environment. Statutory profit for the six months to 30 September fell to £309m, sliding from £516m in the same period a year earlier. Read more: Bankers disappointed by fees deal As [...]
Banking on the fees: Deal disappointments top off downward year for payouts November 21, 2019 Bankers have been left with a sour taste in their mouths after two of the year’s blockbuster listings look set to deliver a disappointing round of payouts. Hopes of a fee bonanza from Saudi Aramco’s flotation have fallen flat after it emerged that some of Wall Street’s biggest banks have been sidelined in the process, [...]