Ctrl Alt Delete: Technology could replace more than half of banking jobs, warns ex-Barclays boss August 23, 2018 Technology could replace more than 50 per cent of banking jobs, according to former Barclays chief executive Antony Jenkins. The boss of 10x Banking said that computers could replace customer service, middle and back office roles, and that the workforce will have to become more entrepreneurial. Read more: Aberdeen Standard Investments launches AI fund "We've [...]
Credit Suisse fires two London bankers after sexual harassment investigation August 23, 2018 Credit Suisse has fired two City bankers after an investigation into allegations of historic sexual harassment. The bank has fired the senior banker at the centre of the 2010 incident and a second manager who hindered the original investigation. Read more: Uber settles sexual harassment claims for $1.9m The alleged assault took place in 2010 [...]
Goldman Sachs launches UK consumer bank August 23, 2018 Goldman Sachs has soft launched its retail bank in the UK ahead of a full roll out in the next few weeks. Staff were offered access to the Marcus consumer bank and invited to give feedback before it becomes available to the general public. The 149-year-old bank will offer an online savings account to UK customers, [...]
City business groups unite in calling for EU to match UK no-deal Brexit preparations August 23, 2018 The City's top business groups today called for the EU to secure cross-border financial trade in the event of a no-deal Brexit, after the UK government set out its warnings to firms on the consequences of negotiations falling through. The government today published technical notices covering 24 issues, including financial services, which will arise if [...]
Government warns of no-deal Brexit hit to financial services including higher card payment costs August 23, 2018 Financial services customers could see “increased costs and slower processing times” for euro payments in the event of a no-deal Brexit, the government said today amid a barrage of warnings that business across the City and the broader economy could grind to a halt. The government today published technical notices covering the possible consequences of [...]
OneSavings lifts loan growth forecasts but warns of weaker Buy-to-Let mortgage market August 23, 2018 Specialised lender OneSavings Bank raised its expectations for loan growth today, despite pressure on profit margins amid a weaker Buy-to-Let mortgage market. The FTSE 250 firm’s loan book grew 11 per cent to £8.1bn during the first six months of 2018, with full-year targets for net loan book growth upgraded to high-teens percentages from an [...]
Goldman Sachs sells City of London office to Korea August 22, 2018 Goldman Sachs has sold its new City of London European headquarters to South Korea's National Pension Service for £1.7bn. The bank will enter into a 25-year lease on the building in Plumtree Court with a break option after 20 years. Staff will move into the building, which is between Chancery Lane and St Paul's station, in the middle [...]
Revolut’s Metal card offers customers cryptocurrency cashback August 22, 2018 Fintech darling Revolut today offered customers cashback in the form of cryptocurrency if they sign up to its new Metal account tier, as it aims to generate more revenue from its 2.5m customers. Those who adopt the steel card can get up to one per cent cashback in either fiat or digital currency on transactions made [...]
Banks told not to assume fraud victims are at fault as scams become more sophisticated August 22, 2018 Banks have been reminded to treat fraud victims fairly and not assume customers were “grossly negligent” following an increase in the sophistication of scams. The Financial Ombudsman Service (FOS) has told banks they should take into account the evolution and sophistication of frauds and scams. Banks are not liable for money lost if the customer is [...]
London keeps its crown as world’s top foreign exchange venue August 21, 2018 London extended its lead as the world’s premier foreign exchange trading venue last year, according to new figures which suggest the City has managed to bounce back from a fall in volumes and shrugged off Brexit uncertainty. Average daily trading volumes for foreign exchange in the Square Mile rose by 23 per cent year-on-year in [...]