Firms risk being left behind in Libor benchmark transition warn bankers October 1, 2018 A lack of awareness of the urgent need to transition away from scandal-hit Libor interest rates means some firms risk not being ready before the benchmarks become defunct, according to a top banker working on the issue. There remains a significant amount of work to educate firms about the far-reaching implications of the shift from [...]
UK banks’ share of global equity capital and loans markets slip to record lows September 30, 2018 UK banking’s global market share in equity capital market (ECM) trading and loan fees have hit their lowest and second-lowest values on record respectively, amid continued Brexit fallout and global uncertainty. The UK’s lenders fell to a 4.8 per cent share of ECM fees, and 8.7 per cent of loan fees – the latter nearly [...]
HSBC and TSB outages: Customers locked out of online banking September 28, 2018 Both HSBC and TSB’s digital banking services were down this morning for many customers. HSBC's mobile app outage started at around 7.45am, but the company has confirmed it had fixed the problem for all customers by around midday. "An earlier issue where some customers were unable to log on to the HSBC mobile banking [...]
RBS’ new digital bank to be called Bo September 27, 2018 Royal Bank of Scotland is understood to be exploring the launch of a digital-only standalone consumer bank, which will go live under the name Bo. Charging forward with RBS’ former operations chief Mark Bailie at the helm, roughly 100 staff are thought to have been briefed on the project’s name, sources told Sky News. [...]
Boss of £775m Royal Bank of Scotland competition payout confirms Santander UK is in running September 27, 2018 The head of a scheme to pay out £775m from Royal Bank of Scotland (RBS) to boost banking sector competition today confirmed that Santander UK and other large lenders are in the running for multi-million-pound award, in spite of criticisms from rival banks. The scheme, designed by the Treasury but run independently by Banking [...]
Chief exec gender imbalance will take a decade to fix, says JP Morgan boss Dimon September 27, 2018 A wave of female chief executive officers could be at least a decade away, according to chief executive of JP Morgan Chase & Co Jamie Dimon. Speaking at a female leadership event in New York yesterday Dimon said it could be between 10 to 15 years until women make up 10 per cent to [...]
World Bank sells record-breaking £1.25bn bond using ‘Libor-killer’ benchmark September 27, 2018 The World Bank has sold a £1.25bn bond using Sonia, the Bank of England-backed interest rate benchmark designed to replace the scandal-battered Libor. The record-size sale, which arrived shortly after the alternative benchmark’s first use by a lender, marks its continued emergence as an alternative to Libor, the London Inter-bank Offered Rate, its tarnished forerunner. [...]
Goldman Sachs enters British savings market September 27, 2018 US investment banking giant Goldman Sachs today entered the British savings market with a leading rate which will add to pressure on incumbents. The bank's Marcus brand, named after one of its founders, will offer an annual equivalent rate of 1.5 per cent, which includes a 12-month bonus rate of 0.15 per cent. The [...]
City firms hold back Brexodus in hope a deal can be reached September 27, 2018 City of London firms have so far held back from relocating jobs to the EU with just 630 UK finance roles moving abroad since the Brexit vote, according to an in-depth survey published yesterday. A Reuters poll of 134 major financial firms found that a total of 5,800 could still be shifted abroad in [...]
Digital banking firm FairFX enjoys 100 per cent profit rise despite weak pound and hot summer September 26, 2018 Digital banking provider and currency exchange FairFX has reached its one millionth customer and reported turnover of £1.1bn despite a weak pound and hot UK summer. The e-banking specialist, whose rivals include Monzo and Starling, enjoyed a 100 per cent increase in profit to £9.7m for the six months to 30 June. The company [...]