Bank of England could cut interest rates if Brexit uncertainty persists, says MPC member September 27, 2019 The Bank of England may need to cut interest rates even if a no-deal Brexit is avoided, according to a member of the monetary policy committee (MPC), which sets the rates. Michael Saunders has said that the Bank may have to cut rates if the “slow puncture” effect on the economy from Brexit uncertainty persists. [...]
How can online-only banks win over cautious consumers? September 27, 2019 The direction of travel for banking is clear – we’re moving away from highstreets and onto smartphones. But tech should not outpace consumer confidence, and lessons on how to do that can be drawn from the payments industry. This week Which? reported that a third of UK bank branches have closed in the last five [...]
Woman who spent £16m in Harrods will not be extradited to Azerbaijan September 26, 2019 A judge ruled today that a woman who spent £16m in Harrods and was the target of the UK’s first unexplained wealth order (UWO) will not be extradited to Azerbaijan. Zamira Hajiyeva, whose banker husband is serving a 15-year sentence for fraud and embezzlement, faced extradition to Azerbaijan to stand trial on multiple fraud charges. [...]
Workers in the City of London broke half a million in 2018 September 26, 2019 The number of workers employed in the City of London broke half a million last year, according to new data. Office of National Statistics data released today showed there were 507,000 workers in the City of London last year, up from 495,000 in 2017. Catherine Mcguinness, policy chair at the City of London Corporation, said: [...]
Dutch bank ABN Amro probed under terror financing rules September 26, 2019 Prosecutors in the Netherlands have opened a investigation into Dutch bank ABN Amro over potential money laundering or financing of terrorism. The bank said it was informed of the decision yesterday. “ABN Amro will cooperate fully with the investigation,” it said. Read more: Former head of Danske Bank in Estonia found dead Prosecutors told Reuters [...]
How banks should be looking at the climate change challenge September 26, 2019 Mitigating the impact of climate change is not just an environmental responsibility – it is also an economic necessity. This is a clear message as global leaders met for the UN Climate Summit this week in New York. The impact of climate change will only intensify over time: rising seas and greater storm surges alone [...]
HSBC’s SME loan fund to double help for international businesses September 26, 2019 HSBC is set to double the amount ringfenced for international businesses in its small and medium-sized enterprises (SME) loans fund this year, with the help available for the agriculture sector also set to rise. The bank’s 2019 SME fund will total £14bn, a £2bn increase on last year’s figure and the largest fund since the [...]
Deutsche Bank CEO: Central banks lack tools to prevent economic crisis September 25, 2019 The turnaround boss of Deutsche Bank struck a gloomy tone over the future of the world economy today, warning that central banks have already “turned on the money tap to the limit” and forecasting that the current US-China trade war will persist. Christian Sewing, who is chief executive of the struggling German lender, told banking [...]
Former head of Danske Bank in Estonia found dead September 25, 2019 The former head of Danske Bank’s Estonian unit has been found dead near his home after being missing for two days, local police have said. Aivar Rehe led the scandal-hit branch that is at the centre of a major money-laundering case. Read more: Danske Bank misses profit estimate after troubled 12 months “There are no [...]
Metro Bank shares crash to record low after it scraps £250m bond issue September 24, 2019 Shares in Metro Bank closed over 35 per cent down at a fresh record low after the lender cancelled a crucial £250m bond issue designed to bolster its balance sheets to meet regulatory demands. The challenger bank’s shares opened down as much as 17 per cent before trimming losses slightly, but then crashed again in [...]