Lloyds invests in new digital banking platform November 7, 2018 Lloyds Banking Group said today it had invested in a fintech company whose tech it plans to roll out next year, in the bank’s latest bid to enhance its digital presence. Lloyds has invested £11m for a 10 per cent stake in Thought Machine, which is building a new cloud-based platform aimed at replacing current [...]
Bank of England slaps rare personal fines on Japanese bankers for failing to disclose ban November 7, 2018 THE BANK of England has fined a Japanese banker for not disclosing that he was about to be banned from activities in the US. Akira Kamiya, former chair of Mitsubishi UFJ Securities’ (MUFG) EMEA division, was charged £22,700 by the Prudential Regulation Authority (PRA) for not disclosing he was personally investigated when the bank was [...]
Thousands could have PPI claims retried after FCA issues new guidelines November 7, 2018 UK banks could be forced to write to around 150,000 customers who may have been mis-sold payment protection insurance (PPI) as next year’s deadline to claim compensation looms. The Financial Conduct Authority said it is proposing the new rules so that customers who have complained unsuccessfully will know they have a second chance. Customers will [...]
Azerbaijani woman who spent £16m in Harrods has reportedly been arrested and faces extradition November 6, 2018 The wife of an Azeri banker who spent £16m in Harrods and was the subject of the UK’s first unexplained wealth order (UWO) has reportedly been arrested, pending extradition. Zamira Hajiyeva, 55, was exposed as the subject of a UWO which forced her to reveal how she was able to afford two UK properties worth a [...]
Top HSBC executive probed by Financial Conduct Authority November 6, 2018 A top executive at HSBC is being probed by city regulator the Financial Conduct Authority (FCA). Sky News reports that Paul Watson, whose online profile lists him as head of regulatory compliance for the global banking and markets division of HSBC, is being investigated by the regulator. The inquiry, which is thought to have started [...]
Danske chairman to resign as investor forces board meeting at scandal-prone bank November 6, 2018 Scandal-prone Danske Bank’s main shareholder has nominated two directors to the board as under-fire chairman Ole Andersen prepares to resign. Ole Andersen, who said in September he was looking to leave the role, will step down alongside chair of the audit committee Jorn Jensen at a special meeting in two weeks. AP Moller Holding, the [...]
Provident Financial appoints ex-Just Group finance director as CFO after difficult 18 months November 6, 2018 Doorstep lender Provident Financial has appointed Simon Thomas as chief finance officer as it begins to recover from a turbulent 18 months. Thomas will join from FTSE 250 company Just Group where he was also finance director. Current finance chief Andrew Fisher will step down from the role in December but will remain employed for [...]
Co-operative Bank reports £87m loss but mortgage completions reach highest quarterly level for five years November 6, 2018 The Co-operative Bank reported a pre-tax loss of £87m in the first nine months of the year but had its best quarter for mortgage completions in five years. The bank posted a third quarter profit of £14.3m – a marked improvement on the £25m loss over the same period the previous year – as it [...]
Lloyds Banking Group set to create 8,000 new UK jobs November 5, 2018 Lloyds Banking Group is reportedly set to announce plans tomorrow to create 8,000 jobs in the UK as part of a £3bn technology and transformation investment programme. The bank will also announce that it is cutting 6,000 roles, leading to a net jobs creation figure of 2,000. Sky News reports the reorganisation is part of [...]
Citigroup appoints Philip Drury to top EMEA investment bank role November 5, 2018 Citigroup has appointed Philip Drury as head of banking, capital markets and advisory (BCMA) in Europe, the Middle East and Africa (EMEA), the bank announced today. The move comes after the group announced it would reconfigure its structure to combine its capital markets and corporate and investment banking divisions. Drury, whose most recent role was [...]