Ranked: The banks that have closed the most branches since 2015 – and which regions have been hardest hit June 15, 2018 New analysis has revealed which of banks have shut the most branches since 2015, with NatWest, HSBC and Lloyds Bank reporting the highest number of closures. Some 2,868 UK retail branches will have shut up shop by the end of this year, with 879 bank closures during last year, according to Which? Money research. That [...]
UBS London HQ is sold for £1bn as Asian investment in London’s “trophy buildings” rises June 14, 2018 The London headquarters for multinational investment bank UBS has been bought for £1bn by a Hong Kong property tycoon, as Asian demand for "trophy buildings" in the capital grows. CK Asset Holdings, run by Victor Li after he took over the company from his father Li Ka-shing earlier this year, has purchased the prime office [...]
British Business Bank seeds new £2.5bn patient capital investment fund with £400m June 13, 2018 The British Business Bank (BBB) has today launched a £2.5bn programme with £400m of seed capital as part of an effort to match the US in creating the next generation of "unicorn" firms. The newly launched British Patient Capital (BCP) will be a subsidiary of the government-owned BBB, with the aim of providing long-term finance [...]
HSBC to invest up to $17bn in expansion and tech as it swings to ‘growth mode’ June 11, 2018 HSBC will invest as much as $17bn (£12.7bn) in expanding its network and adopting new technology as it puts a period of restructuring behind it, its chief executive announced today. The UK's largest bank by assets will invest between $15bn and $17bn "primarily in growth and technology", chief executive John Flint said in an announcement. [...]
TSB denies boss Paul Pester misled MPs over extent of computer issues June 10, 2018 TSB has denied that its chief executive Paul Pester misled MPs over the extent of a crippling computer meltdown at the bank, after reports that he had seen evidence contradicting his statements to a parliamentary committee. The bank called in IT giants IBM after its migration to new computer systems in April went disastrously wrong, [...]
Co-operative Bank boss Liam Coleman to step down after five years at the lender June 7, 2018 The boss of Co-operative Bank Liam Coleman is to step down after five years at the bank. A statement from the board today said that Coleman made the decision after successfully completing the lender's recapitalisation process last year. The board said it was "mindful" of the need to manage a timely and orderly succession, telling [...]
Top City regulator Andrew Bailey criticises TSB and chief executive Paul Pester following IT meltdown June 6, 2018 Top City watchdog Andrew Bailey has criticised TSB and its chief executive for poor communication following the IT meltdown which left thousands of customers without access to their accounts for weeks. The Financial Conduct Authority (FCA) boss wrote that the regulator is “dissatisfied with TSB’s communications with its customers”. TSB’s “poor” communications could “reduce trust [...]
TSB faces fresh data crisis as MP claims bank may have broken GDPR laws June 1, 2018 Bank TSB may have broken new General Data Protection Regulations (GDPR) laws after a botched mail out to customers, an MP said today. John Mann, who is part of the parliamentary committee investigating the recent TSB IT meltdown said that the bank could be facing a backlash from the information commissioner after customers were sent [...]
Morgan Stanley’s CEO calls Soros’ prediction of a global crisis ‘ridiculous’ May 31, 2018 The chief executive of Morgan Stanley, James Gorman, has hit out at doom-mongering comments which billionaire investor George Soros made earlier this week. At a think tank conference on Tuesday, Soros said the EU was in an "existential crisis" and may be "headed for another financial crisis". But Gorman played down the economic risks raised [...]
Standard Life Aberdeen’s share price falls as firm reveals plans to return £1.75bn to shareholders May 29, 2018 Standard Life Aberdeen's share price fell this morning after the firm revealed plans to return £1.75bn to its shareholders following the sale of its UK and European insurance business to Phoenix Group. The finance giant this morning announced plans to gift £1bn to shareholders via a B share scheme, in which new B shares will [...]