Barclays, HSBC, JP Morgan back Wealthiher initiative to help women with wealth March 8, 2019 Some of the City’s biggest firms and major international banks have thrown their weight behind an initiative to help women grow and protect their wealth. Read more: Women-led startups win under 10 per cent of VC funding Wealthiher will showcase the rise in women’s wealth, and highlight the different needs that wealthy women have. The [...]
BNY Mellon backtracks on home working crackdown after staff outcry March 7, 2019 US bank BNY Mellon has U-turned on a proposed crackdown on flexible working arrangements after an outcry from staff. The bank had launched a review of flexible working with staff expected to work from the office in most circumstances. Financial News first reported the story on Monday which triggered a backlash from staff and diversity campaigners. Read [...]
The big banks are losing their grip on the market to fintechs and challengers, but can big data save the day? March 7, 2019 Over a year on from the launch of Open Banking, and following last year’s IT catastrophes at Visa and TSB, it is no surprise that many in our industry are considering how effectively the big banks are reacting to this era of transformative technological upheaval. It is estimated that the five biggest UK banks hold [...]
Nationwide invests in former Barclays CEO’s fintech firm in bid to shake up business banking March 7, 2019 Nationwide has acquired a £15m stake in fintech startup 10x Future Technologies as it looks to boost its digital offering and shake up the business banking sector. The UK’s largest building society has invested in the firm founded by former Barclays boss Antony Jenkins to build a digital platform for its new business current account. [...]
Three directors to leave Barclays board as bank faces threat from activist investor Ed Bramson March 6, 2019 THREE directors will leave Barclays in May, the bank said today, as it looks to fight off activist investor Ed Bramson’s bid for a seat on the board. The bank said Mike Turner, former chief executive of BAE Systems, would step down as the arrival of new chairman Nigel Higgins “presented an opportunity to review [...]
Fearless girl statue who faced down Wall Street bull comes to London Stock Exchange March 6, 2019 The “fearless girl” statue, which was was installed on Wall Street in 2017 facing down the statue of a charging bull, has come to London to mark international women’s day. The bronze statue was installed today in Paternoster Square against the backdrop of St Paul’s Cathedral and adjacent to the London Stock Exchange. Read more: High-earning [...]
Financial Conduct Authority issues warning to high cost lending firms March 6, 2019 The City watchdog has warned that high-cost lending firms must take action to protect customers from risk. The Financial Conduct Authority (FCA) said companies that offer credit to consumers that may be rejected by mainstream banks must be aware of customers that display patterns of relending, which could be a symptom of unsustainable borrowing patterns. [...]
Provident Financial resolves regulation issues with City watchdog March 6, 2019 Doorstep lender Provident Financial has said it has "substantially resolved" recent regulatory issues as it revealed that it has hired a new boss to lead its Vanquis Bank business. The company, which has rejected a £1.3bn takeover bid from rival Non-Standard Finance (NSF), revealed that the Vanquis refund programme was more than 99 per cent [...]
Financial institutions beware – big tech is moving into banking March 6, 2019 Despite Brexit uncertainties and stock market collapses, British banks concluded their 2018 earnings season with improved performance. Profitability increased thanks to cost drives, while balance sheets strengthened through derisking assets. Banks’ ability to grow revenue, however, remains a perennial challenge. The quest to growth may be harder in the digital age. In a recent report [...]
Let it all hang out: Goldman Sachs scraps office dress code March 5, 2019 Goldman Sachs said today that it is relaxing its employee dress code to reflect the “more casual environment” of the modern workplace. In a memo from new chief executive David Solomon, who also DJs under the name D-Sol, the bank announced its new “firm wide flexible dress code” turning its back on the traditional banker [...]