Trio of ex-Barclays bankers accused of lying in Old Bailey fraud trial October 8, 2019 Three senior former Barclays executives were today accused of lying about disguised payments to Qatar to facilitate a massive investment in the bank at the height of the financial crisis. The three senior former executives – Roger Jenkins, Thomas Kalaris and Richard Boath – are standing trial at the Old Bailey on fraud charges. The [...]
Mark Carney says Bank of England to stress test banks with ‘catastrophic’ climate scenario October 8, 2019 Bank of England governor Mark Carney has reiterated Threadneedle Street’s intention to stress test banks against a number of “climate pathways,” including a “catastrophic business as usual scenario”. Read more: Bank of England’s Mark Carney says UK now better prepared for no-deal Brexit Speaking at a summit about climate change and banking in Japan, Carney [...]
Tide secures £44.1m in ‘one of the largest ever’ fintech series B funding rounds October 7, 2019 Fintech company Tide has raised £44.1m in its first round of Series B equity funding in a bid to increase its business banking market share. Read more: Scottish fintech paysend closes £8.5m series B round Tide announced it had secured the funding yesterday in what it is calling “one of the largest ever” series B funding [...]
Trading places: A tour around the new £1bn Goldman Sachs London HQ October 7, 2019 For Goldman Sachs bankers used to living life in the fast lane, the slow lifts at their recently-opened London HQ are a new source of frustration. “Don’t get me wrong, the place is great, but it takes two minutes just to go up a few floors,” grumbles one employee. Read more: Why Transferwise denied a [...]
Weaker European market expected to be at centre of potential HSBC job cuts October 7, 2019 HSBC’s under-pressure European business is expected to bear the brunt of potential job cuts being made by the bank. The lender is understood to be looking at cutting between 5,000 and 10,000 jobs as part of a cost-cutting drive under interim boss Noel Quinn. Read more: The next BofE governor must be prepared for a [...]
Gloom thickens over Eurozone economy as German factory orders tumble October 7, 2019 German recession fears have been pushed up a notch after factory orders plunged by more than expected in August, continuing the economy’s dire 2019. Read more: Eurozone recession risk ‘very real’ with services close to stagnation New orders from German factories fell by 6.7 per cent in the year to August, Germany’s statistics body said [...]
Natwest launches UK’s first biometric fingerprint credit card October 7, 2019 Natwest has become the first UK bank to launch a biometric credit card that allows contactless payments using a fingerprint for verification. The cards have entered into circulation today as part of a three-month trial with 150 customers. It comes after a successful trial of biometric debit cards. Read more: Natwest customers wrestle with IT [...]
Tesco Bank appoints ex-Treasury mandarin to board October 7, 2019 Tesco Bank has appointed Sir John Kingman, the ex-Treasury mandarin who supervised the UK’s bank bailouts during the financial crisis, to its board as a non-executive director. Kingman was second permanent secretary to the Treasury in 2008, when Britain’s banks were given hundreds of billions of pounds by the UK government to keep them afloat [...]
HSBC reportedly mulling up to 10,000 job cuts October 6, 2019 HSBC is reportedly set to swing the axe on as many as 10,000 jobs as it becomes the latest banking giant to launch a radical cost-cutting overhaul this year. Read more: The next BoE governor must be prepared for a political storm The lender will see “a substantial reduction” in its headcount as a result [...]
Former Barclays trio face Qatar trial at Old Bailey October 6, 2019 Three former Barclays executives charged with fraud in connection with Qatar’s part in the bank’s emergency cash injection during the financial crisis face trial tomorrow. The highly-anticipated trial, which is set to last into 2020, will look into how the British bank secured billions from Qatari investors and avoided a taxpayer-funded bailout in 2008. The [...]