Former RBS executive John Hourican to return to UK as NewDay CEO March 2, 2019 Former Royal Bank of Scotland (RBS) executive, John Hourican is set to return to UK and join credit card company NewDay as chief executive. NewDay is a consumer finance firm that runs co-branded credit cards with retail giants like Debenhams, Amazon and Sir Philip Green's Arcadia Group. Read more: Revolut outage: Digital bank's customers unable to [...]
Customers unable to access Revolut app after digital bank suffers outage March 1, 2019 Revolut customers were unable to use the digital bank’s app this morning after the firm suffered a technical glitch. The Revolut app was unable to process card top ups and money transfers for at least four hours today while the challenger bank attempted to fix the problem. Read more: Revolut pushes ministers for fast-track tech [...]
The magic of finance can help make the world a better place March 1, 2019 When Hollywood created a sequel to the original Mary Poppins film, the producers introduced a new character: a villainous banker who could give everybody a good scare. But why exactly is the banker the villain? After all, a healthy economy requires a healthy financial sector that is at the service of people as they pursue [...]
City watchdog under fire for delaying report into RBS’s GRG unit February 28, 2019 The City watchdog has been accused of delaying a report into its controversial decision not to enforce action against individuals within RBS's disgraced global restructuring unit GRG. One MP has said he expects the report to be a "whitewash" when it is published. The Financial Conduct Authority (FCA) caused widespread dismay last year when it [...]
Customers locked out of Barclays app as banking giant suffers IT outage February 28, 2019 Barclays customers were locked out of the bank's mobile banking app this morning after it suffered an IT outage. Read more: Barclays suffers online banking outage The latest glitch follows an outage earlier this month which left customers unable to access the mobile banking app or online services for hours. In a statement posted on Twitter this morning the [...]
Co-operative Bank returns to operating profit for first time in five years but heavy IT costs leads to overall loss February 28, 2019 The Co-operative Bank returned to operating profit last year for the first time since 2013 but heavy IT costs and PPI payments led to the bank to widen overall losses. The bank said the return to profit was a “key milestone” as it continues to recovery from a restructuring in 2017 but warned of challenges [...]
Ex-Barclays director says controversial deal with Qatar helped it win work in the Middle East February 27, 2019 A former Barclays executive told a court today that the bank’s two controversial £322m services agreements with Qatar at the time of its £12bn financial crisis fundraisings subsequently helped it win work in the Middle East. Former Barclays director Glenn Leighton said projects he had worked on in Bahrain and Kuwait were landed with the [...]
Metro Bank boss remains defiant as shares continue to plunge following £350m cash call February 27, 2019 Metro Bank chief executive Craig Donaldson has remained defiant despite shares plunging a further 26 per cent following its emergency £350m cash call. Donaldson implored shareholders to focus on the challenger bank’s growth and look beyond the mounting problems it faced, which now includes regulatory probes into an accounting error. Read more: Metro Bank shares continue [...]
Digital banking challenger N26 is expanding to Brazil February 27, 2019 German fintech challenger N26 is expanding to Brazil, making it the first of Europe's biggest retail digital banks to enter the South American market. Announcing the move on stage at Mobile World Congress in Barcelona, N26 said Eduardo Prota would head up the new region. Prota has previously worked for Santander and Cielo, as well as having [...]
Metro Bank shares plummet a further 20 per cent after dramatic £350m cash call February 27, 2019 Metro Bank shares have continued to plunge this morning after its dramatic results release and revelations of a regulator probe. The challenger bank rushed out its full year results last night in a bid to ease concerns after announcing a plan to tap up investors for a further £350m following an accounting error last month. [...]