German digital bank N26 quits UK ‘due to Brexit’ February 11, 2020 German digital bank N26 has announced it is pulling out of the UK, saying it will no longer be able to operate in Britain with its European banking licence. The Monzo and Revolut rival, which is valued at $3.5bn after raising $670m in total, said all UK accounts will be shut down by 15 April [...]
Bank of England’s Mark Carney says infrastructure investment needed to boost growth February 11, 2020 Bank of England governor Mark Carney has said more public investment in infrastructure and higher corporate spending is needed to boost the UK’s struggling economy. Speaking to the House of Lords’ economic committee, Carney also said he expects interest rates to remain low for the foreseeable future as structural factors such as weak productivity weigh [...]
Deutsche Bank taps US tech giants to help with overhaul efforts February 11, 2020 Deutsche Bank has reportedly invited bids from Google, Microsoft and Amazon to overhaul its outdated technology networks as part of a wider turnaround effort by the German lender. Deutsche approached the US tech giants as part of a €13bn (£11bn) technology investment it has planned up to 2022 as it seeks to recover from years [...]
Deutsche Bank’s plans to simplify corporate structure win regulatory backing February 11, 2020 Deutsche Bank’s plan to simplify its complex corporate structure in Germany has won the backing of local and European regulators, in a boost for boss Christian Sewing’s turnaround plan for the German lender. Under the plans, Deutsche will eliminate the separate legal entity that houses its domestic detail operations, known as Deutsche Bank Privat- und [...]
Bank of England deputy Sir Jon Cunliffe warns EU to stay close to the City February 11, 2020 Bank of England deputy governor Sir Jon Cunliffe has warned the European Union that it will need to maintain close financial ties with London if it wants “to be part of global pools of capital and liquidity” after Brexit. He was also bullish about London’s future prospects, saying that although markets could transfer to EU [...]
Revolut launches open banking for retail and business customers February 11, 2020 Digital bank Revolut today announced the launch of open banking for all UK retail and business customers as it ramps up its challenge against money management rivals. The new feature allows UK customers to connect their external bank accounts to Revolut’s platform, allowing them to view all their balances in one app. Open banking was [...]
Starling Bank gives shares to employees as it raises £60m February 10, 2020 Challenger bank Starling today said it will hand out shares to all 800 employees after raising £60m to boost its expansion plans. The cash injection, led by existing investors Merian Global Investors and JTC, brings the total raised by Starling to £323m and follows two funding rounds of £105m last year. The digital bank said [...]
Barclays braces for pressure from activist investor and climate campaigners February 9, 2020 Barclays is facing intense scrutiny on two fronts as the bank prepares to release its annual results on Thursday, as the bank tries to shake off an activist investor and address campaigners’ concerns over its financing of fossil fuels. Barclays came under pressure last year from activist investor Edward Bramson to reduce the size of [...]
The financial services sector will be key as we chart a new course on the world stage February 8, 2020 The UK’s financial services sector has charted a pragmatic course since the EU Referendum, and recent figures show that it continues to flourish. Indeed, research from Innovate Finance revealed how investment in the UK’s fintech sector reached a record high of nearly $5bn in 2019, with industry growth far outstripping that of the US, China, [...]
Credit Suisse chief executive Tidjane Thiam ousted in wake of spying scandal February 7, 2020 Credit Suisse chief executive Tidjane Thiam has stepped down from his role following a bitter power struggle which was sparked by a lurid spying scandal that erupted in September. Thiam’s departure – the board said it had “unanimously accepted” his resignation today – came despite powerful investors only this week backing the chief executive and [...]