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 [...]
Banks urged to collaborate with fintech firms amid competition from digital rivals April 21, 2020 Traditional banks must collaborate with fintech firms if they are to offer the best customer experience and stay relevant in the modern market, according to a report published today. While lenders have invested heavily in front-end IT infrastructure, their efforts are lagging behind the norm in other sectors, according to the World Fintech Report 2020. [...]
City fitness studio fears insolvency after being rejected for CBILS coronavirus loan April 20, 2020 The director of a City fitness studio said he fears the company could go bust after being rejected for support under the Coronavirus Business Interruption Loan Scheme (CBILS). Victus Soul, a fitness studio in Mansell Street near Aldgate, launched in November 2018 and turned a profit from last November. The business offers high intensity training [...]
Treasury Committee calls on banks to provide daily updates on coronavirus business interruption loan scheme lending April 20, 2020 The Treasury Committee has today written to the British Business Bank (BBB) and UK Finance to request daily updates on lending under the coronavirus business interruption loan scheme (CBILS). Critics of the scheme, ranging from shadow business minister Ed Miliband to former Conservative chancellors George Osborne and Sajid Javid, have warned that slow lending by [...]
Metro Bank to return £11.4m to customers after breaching unarranged overdraft charge rules April 20, 2020 Metro Bank is to return £11.4m to customers after it breached a legal order by failing to send texts warning people about unarranged overdraft charges. The Competition and Markets Authorty (CMA) said the bank breached Part 6 of the Competition and Market Authority’s (CMA) Retail Banking Market Investigation Order 2017 which requires banks to warn [...]
Andrew Bailey: Banks should ‘put their back into’ coronavirus lending April 17, 2020 Bank of England governor Andrew Bailey has sternly told banks to “put their back into” lending to struggling firms during the coronavirus outbreak. Lenders have come in for criticism that they are being too slow at handing out money through government-backed support schemes designed to stave off business collapses. Last week, City A.M. revealed that [...]
Exclusive: Lloyds staff facing redundancy fear being left jobless by bank amid pandemic April 17, 2020 Staff at Lloyds Banking Group who are being made redundant fear the bank will leave them jobless amid the savage economic downturn triggered by the coronavirus pandemic. The bank publicly committed last month to pause plans to cut 780 jobs amid surging customer demand and the economic uncertainty leavers would face. However, it has not [...]
Funding Circle receives accreditation for government’s CBILS coronavirus loan scheme April 17, 2020 Peer-to-peer lender Funding Circle said today it had received accreditation from the British Business Bank (BBB) to take part in the government’s coronavirus business interruption loan scheme (CBILS). It is the first alternative lender to receive accreditation to lend to customers via the emergency scheme which is designed to help small and medium-sized businesses stay [...]
Morgan Stanley profit drops by nearly a third April 16, 2020 Morgan Stanley today said profit for the first quarter fell 32 per cent as its advisory and wealth management businesses took a hit from the economic fallout of the coronavirus pandemic. Morgan Stanley’s wealth management unit, which contributes roughly half of its total revenue, fell eight per cent to $4.04bn (£3.23), after it was hit [...]
Bramson calls coronavirus truce in Barclays battle April 16, 2020 Activist investor Edward Bramson has called a temporary truce in his battle with Barclays chief executive Jes Staley during the coronavirus pandemic. Bramson’s investment vehicle Sherborne said today it would withhold its vote against Staley at Barclays’ upcoming annual meeting in recognition of the difficulties posed by the coronavirus pandemic. Sherborne said it still thinks [...]