Profit leaps at guarantor loans provider Amigo following its London float earlier this year November 27, 2018 Sub prime lender Amigo posted a 40 per cent jump in adjusted profit after tax today in its first results since its London flotation in June. Shares were down 1.15 per cent this morning at 262p, which also marked a dip on their original price of 275p. Revenue grew 40 per cent to £130.1m in [...]
Former UBS rogue trader Kweku Adoboli accuses Home Office of ‘state violence’ following his deportation to Ghana November 27, 2018 Six years to the month since he was sentenced at Southwark Crown Court, Kweku Adoboli – the man responsible for the biggest unauthorised trading loss in UK history – is travelling along Ghana’s coast towards an idyllic seaside retreat known for its turtles and palm trees. Adoboli’s journey, however, has been far from leisurely. Earlier this [...]
Barclays fights off cyber attack attempts every day, says digital defence head November 26, 2018 Barclays fights off attacks from cyber criminals every single day, according to the head of the bank’s cyber security operations centre. Former Europol cybercrime centre head of operations Paul Gillen told City A.M. that the number of attempts against the lender each day was “substantial”. However, the attacks vary in degree with the most common [...]
Noel Edmonds launches legal case against Lloyds Banking Group as he enters the I’m A Celebrity jungle November 22, 2018 Former Crinkley Bottom resident and Deal or No Deal supremo Noel Edmonds is set to take his fight with Lloyds Bank into the Australian jungle. Edmonds is set to use his I’m A Celebrity TV platform to blast the bank, which he blames for the failure of his business. His lawyer, Jonathan Coad of Keystone [...]
Nationwide profits fall as technology investment cuts into bottom line November 22, 2018 Profits fell by a fifth at Nationwide in its half-year results today, with the building society’s technology investment weighing down earnings. The figures Profit before tax tumbled 17.8 per cent to £516m for the six months to the end of September, compared to the same period in 2017, as it took a £135m charge for asset [...]
Danske Bank money laundering whistleblower Howard Wilkinson slams UK company structures as a ‘disgrace’ November 21, 2018 Danske Bank whistleblower Howard Wilkinson slammed British company structures for covering up money laundering activities. Wilkinson, who revealed an alleged €200bn (£178.1bn) money laundering scandal involving his former employer, said limited liability partnerships and Scottish liability partnerships “have been abused for years”. “The role of the United Kingdom is an absolute disgrace. Limited liability partnerships [...]
Paragon gets tough on property valuation to mitigate against Brexit concerns November 21, 2018 UK bank Paragon will take a “robust approach” to property valuation to mitigate against a potential economic downturn following Brexit, it announced today. The FTSE 250 lender said it has strengthened an in-house property team that conducts two thirds of valuations and validates all valuations undertaken by third party surveyors. The company said in a statement: “The [...]
Monzo teams up with Paypoint to allow users to deposit cash in shops November 21, 2018 Digital bank Monzo has today announced a strategic partnership with Paypoint, enabling its users to deposit cash into their Monzo account at any of Paypoint's 28,000-strong network of corner shops and local stores across the UK. Deposits can range from £5 to £300, with a fee of £1 per deposit and a cap of £1,000 every [...]
To restore public trust, it’s time for finance to find its purpose November 21, 2018 More than 10 years on from the collapse of Lehman Brothers, the finance industry still has much work to do to rebuild society’s trust. Given the centrality of financial services to the UK’s economy – whether through the tax revenues it pays, the two million jobs it supports, or the basic functions of our economy [...]
Deutsche Bank shares hit record lows as German bank dragged into money laundering scandal November 20, 2018 Shares in Deutsche Bank hit record lows today after the German bank confirmed it was involved in the Danske Bank money-laundering scandal. Danske whistleblower Howard Wilkinson had claimed on Monday that a major European lender was involved in processing up to $150bn (£117bn) in suspicious payments. The former head of Danske Bank’s trading unit in [...]