Deportation fear: UBS rogue trader Kewku Adoboli afraid he could be detained today August 20, 2018 Former UBS rogue trader Kweku Adoboli, who was sentenced to seven years in prison after causing a £1.8bn loss, fears he could be detained today ahead of deportation from the UK to Ghana. The 38-year-old told City A.M. he would walk into Livingston police station today, where he reports to immigration officials once a month. It [...]
Leisure billionaire Trevor Hemmings sues former plaintiffs over unpaid RBS legal fees August 19, 2018 A vehicle controlled by the enigmatic billionaire Trevor Hemmings has accused a swathe of groups, including nine Lloyds subsidiaries, of attempting to “unjustly enrich” themselves dodging litigation costs related to a £200m claim against RBS. Manx Capital, a group owned by Hemmings, is leading thousands of shareholders in the claim, which has been fraught with [...]
Standard Chartered executive warning over Brexit jobs exodus August 19, 2018 A Standard Chartered executive has warned that more jobs could leave the UK after Brexit. Europe and Americas regional chief executive Tracey Clarke said UK headquartered banks could be forced to move more jobs to mainland Europe than originally planned in a bid to meet banking compliance rules. The bank is planning to convert its [...]
RBS announces interim chief financial officer as Ewen Stevenson prepares to depart August 17, 2018 The Royal Bank of Scotland (RBS) said today it is to appoint deputy chief financial officer Katie Murray as interim CFO in October, replacing outgoing CFO Ewen Stevenson, who is set to join HSBC. Stevenson will step down after four years in the role on 30 September and will be placed on gardening leave until the end of November. Stevenson [...]
Pound sinks to 11-month low after Liam Fox’s no deal Brexit warning August 17, 2018 The pound has fallen to its lowest in 11 months this morning, following warnings over the weekend by international trade secretary Liam Fox that it was now more likely the UK would leave the EU without a deal. Sterling fell 0.3 per cent to $1.2954, its lowest since July 19, making it the biggest loser [...]
European Bank for Reconstruction and Development plans to remain in London after Brexit August 17, 2018 The European Bank for Reconstruction and Development (EBRD) is planning to stay in London after Brexit, in spite of the departure of other agencies with a remit covering Europe. The partly EU-owned development bank is considering a move out of its offices overlooking Exchange Square, by Liverpool Street Station, but will remain in London if [...]
StanChart reports profit surge as Winters’ restructuring takes hold July 31, 2018 Standard Chartered has unveiled a 34 per cent rise in pretax profit for the six months to June and issued an interim dividend, as the Asia-focused bank continued to grow its revenue after years of restructuring. However StanChart's share price fell 3.6 per cent on the back of the increasing cost of digitising the bank. [...]
MPs accuse Lloyds of treating HBOS Reading fraud victims ‘with contempt’ July 30, 2018 A group of MPs has written to Lloyds Banking Group accusing it of treating victims of a fraud carried out by members of its Reading branch “with contempt”. The chair of the all party group parliamentary group on fair business banking Kevin Hollinrake MP wrote an open letter to the bank’s chair Lord Blackwell today, [...]
Lloyds loses mortgage market share as HSBC and RBS rise July 18, 2018 Lloyds lost market share in UK mortgages last year as Royal Bank of Scotland (RBS), HSBC and a host of challengers gained, according to new data published today. Competitors to Lloyds bit off almost one per cent of their market share, which fell from 22.1 per cent to 21.2 per cent of mortgage balances outstanding [...]
Fintech company Revolut contacted police and regulator over money laundering worries July 17, 2018 Digital banking fintech Revolut called in police and regulators in the last few months after finding suspected money laundering on its system. Revolut contacted the National Crime Agency and City watchdog the Financial Conduct Authority after finding the suspected payments. Read more: Revolut launches Connect, its open banking enterprise marketplace The digital challenger bank was [...]