UBS fined £27.6m by City watchdog for transaction reporting failures March 19, 2019 UBS has been fined £27.59m by the City watchdog for misreporting 135.8m transactions. The Swiss investment bank failed to provide complete and accurate information in relation to 86.6m reportable transactions, and also wrongly reported 49.1m transactions over a period of nine years and six months, the Financial Conduct Authority (FCA) said. Read more: Former graduate [...]
Standard Life Aberdeen wins dispute with Lloyds over management of £100bn assets March 19, 2019 Standard Life Aberdeen has won its legal dispute with Lloyds Banking Group over the management of £100bn in assets. An arbitral tribunal has ruled that Lloyds was not entitled to give notice in February last year to terminate its investment management contract with Standard Life Aberdeen. Read more: Standard Life Aberdeen scraps co-chief executive structure The [...]
Germany’s forced marriage of Deutsche Bank and Commerzbank may not work out March 19, 2019 Germany seems to be obsessed with the idea of creating a national banking champion. Is it a way of standing up to the big-ticket US banks, or reaffirming Germany’s dominance as the biggest European economy? Either way, it looks like the country is pushing to create yet another “too big to fail” bank. Back in [...]
Metro Bank urged to shake up board amid regulatory probes as it looks to hire new risk managers March 19, 2019 Metro Bank has come under pressure to shake up its board amid regulatory probes into a loans blunder. The challenger bank is set to make changes to its senior management team but there are still no major casualties following the error, which has sent shares tumbling more than 50 per cent and has sparked two [...]
City jobs market ‘in slow motion’ as Brexit uncertainty hurts banking sector March 19, 2019 The City jobs market has “gone into slow motion” as Brexit uncertainty hits confidence, according to recruitment firm Robert Walters. Read more: London salaries 2019: Which jobs will get you a pay rise? Job creation at big banks in London lagged behind other European cities last year, Robert Walters said. "Headcount at the world’s biggest [...]
Deutsche Bank and Commerzbank confirm merger talks as German government signals support for the tie-up March 17, 2019 Deutsche Bank and rivals Commerzbank have started exploratory merger talks after the German government signalled it would not stand in the way of a potential tie-up. The senior management of Germany’s two largest lenders have begun discussions this morning, a step up from initial informal talks in recent weeks. Read more: Deutsche Bank hits back [...]
Contactless card payments rise by a third with transaction limit set to increase March 15, 2019 Every two in five card payments are made with contactless technology according to new data. Contactless transactions rose 31 per cent year-on-year in 2018, data from banking trade body UK Finance revealed, demonstrating a growing confidence in paying without use of a Pin. A wider adoption of the technology on public transport and in more [...]
DEBATE: As RBS trials a fingerprint bank card, is biometric technology the future for digital payments? March 14, 2019 As RBS trials a fingerprint bank card, is biometric technology the future for digital payments? YES, says Ann Cairns, vice chairman of Mastercard. As we shift towards using digital services, and the need to protect our data becomes ever more critical, the use of passwords is woefully outdated. Many people simply have more passwords than [...]
One Savings Bank and Charter Court announce terms of £1.6bn merger March 14, 2019 Challenger banks One Savings Bank and Charter Court have confirmed the terms of a £1.6bn merger. Following the completion of the deal One Savings Bank shareholders will own around 55 per cent of the combined company, the firm announced as it posted its full-year results for 2018. Read more: One Savings Bank and Charter Court [...]
Former graduate trainee takes UBS to court over handling of London rape allegation March 13, 2019 A former graduate trainee has taken UBS to court over its handling of her alleged rape by a colleague nearly 20 years her senior. The claimant, referred to as Ms A, has filed a lawsuit against the Swiss bank for sexual harassment and victimisation, her legal team said today. Read more: UBS fined €4.5bn in [...]