Revealed: The 10 fintech startups in Barclays’ 2019 Techstars accelerator February 1, 2019 It's that time of year again: Barclays has unveiled the 10 startups that have made the cut for its annual fintech accelerator programme, powered by venture capital giant Techstars. Now in its sixth year, the 13-week programme puts the young companies through an intensive training course with access to mentorship from Barclays and industry experts, and [...]
Deutsche Bank returns to annual profit but fourth quarter loss disappoints investors February 1, 2019 Deutsche Bank returned to full-year profit in 2018 for the first time in four years but fourth quarter losses further spooked investors, sending shares down. Germany’s biggest lender reported annual profit of €341m (£299m), an improvement on the €735m losses of 2017 but well below average analyst forecasts of €422m. In the fourth quarter, the [...]
TSB to pay former boss £800,000 this year despite IT meltdown bonus ban February 1, 2019 TSB’s former boss could be paid £800,000 this year after resigning in the wake of the bank’s IT meltdown, while other bankers miss out on last year’s bonuses. Paul Pester, who stepped down in September, will receive the previously agreed notice payments in monthly installments, the bank’s annual accounts showed today. Read more: TSB swings to [...]
Troubled Danske Bank’s profit slips in wake of money laundering scandal February 1, 2019 Danske Bank's profit slipped and it missed its expected dividend target for 2018 as it continues to grapple with a money laundering scandal that has rocked the company. Net profit for 2018 fell to 15bn (£1.76bn) Danish krone from 20.9bn Danish krone last year, its annual report revealed today. The bank proposed a dividend of 8.5 Danish [...]
TSB falls to £105m loss after IT disaster sparks customer exodus February 1, 2019 TSB has swung to a £105.4m loss for 2018 after its IT meltdown, it revealed today, but claimed it has emerged stronger from the experience. The bank also lost 80,000 customers compared to 50,000 the year before, it said, after the IT upgrade fiasco saw executives hauled in front of MPs before boss Paul Pester [...]
Sir Vince Cable condemns ‘shocking’ link between Treasury targets and RBS bosses’ pay January 31, 2019 Former business secretary Sir Vince Cable has hit out at “shocking” evidence that appears to suggest the pay of RBS’s top brass within its controversial global restructuring unit (GRG) was linked to Treasury targets. Fresh questions are being asked about the extent of the Treasury’s involvement in RBS’s GRG unit following allegations that emerged in [...]
Barclays fraud allegations implicate Qatar, says trial judge January 31, 2019 The jury in the trial of four former Barclays executives charged with conspiracy to commit fraud have been told that Qatari entities would be implicated if the prosecution’s case proves correct. Justice Robert Jay warned of the potential repercussions of the case, in which the ex-bank bosses stand accused of making secret payments to Qatar [...]
Deutsche Bank shares slump on reports of possible merger with rival Commerzbank January 31, 2019 Deutsche Bank shares have tumbled on reports the crisis-stricken German lender could be set for a merger with rival Commerzbank by the middle of this year. The deal is being brokered by the German government and would only go ahead if the bank’s restructuring fails to meet targets, Bloomberg first reported. The bank is set to [...]
Metro Bank admits accounting error was found by Bank of England, sending shares to record lows January 31, 2019 Metro Bank shares have slid to record lows after the company admitted an accounting error it reported last week was actually uncovered by the Bank of England. Chief executive Craig Donaldson had insisted the mistakes, in the way it classified loans, were found by the bank’s own staff through an internal review. Read more: Metro Bank [...]
Barclays gets go-ahead to shift £160bn of assets to Dublin amid Brexit uncertainty January 30, 2019 Barclays has been given the green light to transfer £160bn of assets to its Irish business as the bank “cannot wait any longer” to implement its no-deal Brexit strategy amid ongoing political uncertainty. A High Court judgement revealed that the bank is pushing forward with its Brexit contingency plan to transfer all of its European [...]