Case alleging Libor-rigging launched against raft of major banks January 20, 2019 A string of major banks have been accused of rigging the Libor benchmark again, five years on from a major scandal. A class action has been filed in the US against banks such as the Royal Bank of Scotland, Barclays, Lloyds Banking Group, HSBC, UBS, Bank of America, Citi and Deutsche Bank. The action, which [...]
Prominent MP slams City watchdog over lack of action on allegations of interest swap mis-selling January 20, 2019 A prominent MP has blasted the head of the Financial Conduct Authority (FCA) Andrew Bailey over the watchdog’s response to alleged mis-selling by Clydesdale Bank. Conservative MP Kevin Hollinrake, head of the all party parliamentary group on fair business banking, said the FCA had failed to “press the case for justice and compensation” for thousands [...]
CYBG could face shareholder unrest over executive pay following Virgin Money deal January 20, 2019 Virgin Money’s new owner CYBG could face an investor backlash after a respected shareholder advisory group slammed its executive pay plans which it said are “not supported by compelling rationale”. The report by advisory group ISS said that following the acquisition of Virgin Money for £1.7bn last year, the company plans to nearly double variable [...]
Lloyds Bank suffers IT outage as customers struggle to send and receive money January 18, 2019 Thousands of Lloyds Bank customers were unable to make payments this afternoon after the bank experienced an IT outage. Customers complained of difficulties transferring money from their accounts due to issues related to the lender's Faster Payments system, which allows customers to send and receive payments by internet or phone. "We are aware that some customers [...]
Royal Bank of Scotland wants to speed up privatisation by buying back government shares January 18, 2019 The Royal Bank of Scotland (RBS) wants to buy back shares from the government in a bid to speed up the company's privatisation. The bank has proposed the move by tabling a special resolution that will seek permission to make off-market share purchases from the treasury. It will allow the lender, which is currently 62 [...]
Lloyds prepares for Brexit with Berlin banking licence January 18, 2019 Lloyds Banking Group has secured a banking license for its Berlin subsidiary as the Brexit deadline date approaches. The lender has previously run the office on a standard passporting licence, however all British banks with customers in the EU could lose the licence after March 29 therefore Lloyds is seeking further regulatory approval, Reuters reported. [...]
We can’t let financial inclusion become just another buzzword January 18, 2019 Over the last decade, the world has made significant progress towards universal financial inclusion. Today, traditionally underserved individuals have greater access to financial products than ever before. And with mobile networks reaching more than 90 per cent of the population in developing nations, digital payments – a key on-ramp to financial inclusion – are becoming [...]
Citi appoints banking veteran David Livingstone to head up European operations ahead of Brexit January 17, 2019 Banking giant Citi has appointed veteran banker David Livingstone to run its European operations ahead of Britain leaving the EU in March. Livingstone, most recently the head of the bank’s Australia and New Zealand division, will move to head up its Europe, the Middle East and Africa region, according to a memo seen by City [...]
Morgan Stanley trading revenue hit by sharper fall than peers as shares plummet January 17, 2019 Morgan Stanley suffered the sharpest fall in trading revenue among its peers at the end last year, sending shares plummeting. Fixed income trading at the US bank fell 30 per cent year-on-year to $564m – the largest fall in a week of mixed fourth quarter results by major US banks – the bank said today [...]
Hard Brexit risks ‘manageable’ says Irish central bank official January 17, 2019 The risks of a “cliff edge” Brexit to the stability of the Irish financial system are manageable and the majority of its “most significant” firms are already executing contingency plans, the Central Bank of Ireland deputy governor Ed Sibley said today. Sibley said: “I am satisfied that from a financial stability perspective the most material [...]