Ex-Barclays executives ‘made secret Qatar payments to avoid government bailout’, court told January 23, 2019 The ex-boss of Barclays and three former executives were accused today of committing fraud to avoid a government bailout at the height of the financial crisis. The case, filed by the Serious Fraud Office (SFO), says senior Barclays employees made secret payments to Qatar in exchange for substantial investment in the bank, in order to avoid [...]
UK household debt not at unsustainable levels, says Bank of England deputy governor Ben Broadbent January 23, 2019 Bank of England deputy governor for monetary policy Ben Broadbent said household debt in the UK has not hit unsustainable levels. Rapid debt growth is a better predictor of potential financial distress than debt levels, he said, and argued that British household debt has not grown at a worrying rate. Traditional unsecured debt, including credit card [...]
Santander closures: 14 London branches to be shut down January 23, 2019 Santander has announced that 14 London stores will be shuttered as part of the bank's plan to close a total of 140 branches across the UK. Three branches will be closed in the Square Mile, with the Gracechurch Street, Leather Lane and Ludgate Circus banks facing closure this year. Read more: Santander cuts 140 branches – putting 1,270 [...]
Santander cuts 140 branches – putting 1,270 jobs at risk January 23, 2019 A total of 1,270 jobs are at risk after Santander announced plans to close 140 branches across the UK today. The bank said it expects to redeploy around a third of the employees affected within the business. A shift in customer behaviour is to blame for the closures, the lender said, after research found that [...]
Metro Bank shares plummet as lender misses profit expectations January 23, 2019 Shares in Metro Bank dropped to their lowest point ever this morning as the lender warned that profits had “softened” in the final quarter of last year. Underlying profits reached £50m in 2018, the banks said, up 138 per cent from the year before. Read more: Metro Bank profits treble as UK's newest high street bank [...]
AJ Bell assets fall in first post-IPO market update January 23, 2019 AJ Bell today revealed that assets fell in the months leading up to its blockbuster December float. Read more: AJ Bell prepares for London IPO Underlying platform inflows grew 20 per cent to £1.2bn in the three months to the end of December compared to the same period in 2017, AJ Bell said today in [...]
Davos: Citigroup CEO admits London focus will wane after Brexit January 22, 2019 Citigroup has warned that it will do less work in London after Brexit. Speaking at Davos today, chief executive Michael Corbat warned that the firm will move jobs to the EU in preparations for Brexit, adding that “the outcome is that we will be doing less there [London]”. Read more: Citigroup appoints new investment bank [...]
Mastercard slapped with €570m fine by EU antitrust watchdog over fee limits January 22, 2019 The European Commission has hit Mastercard with a €570.6m (£501.2m) fine for limiting the ability of banks to shop around for lower fee structures among member states. "By preventing merchants from shopping around for better conditions offered by banks in other member states, Mastercard's rules artificially raised the costs of card payments, harming consumers and [...]
Danske Bank faces shareholder action over money laundering scandal January 22, 2019 Danske Bank is facing shareholder action from investors seeking compensation over a €200bn (£175.6bn) money laundering scandal. IMF Litigation Funding Services, Njord Law and Quinn Emanuel allege that Denmark’s largest bank failed to disclose the scale of the crisis to investors, causing them to lose vast amounts of money. Read more: Danish minister says Danske Bank may [...]
This is the year for businesses to find their purpose in life January 22, 2019 One year ago, BlackRock chief executive Larry Fink called on businesses to define their societal purpose, sending a message to the corporate world that working towards profit alone was no longer good enough. Last week, Fink’s push towards purpose was in the papers again, when a hacker concocted an elaborate hoax in the form of [...]