Former Barclays boss says technology is the key to scandal-free banking November 6, 2016 A former Barclays boss has said banking scandals could be slashed if there were less people across the sector and more computers. Antony Jenkins, who was suddenly let go from his group chief executive role at Barclays last year, has previously spoken about the "Uber" moment the industry is undergoing, and launched his own fintech venture, [...]
Tesco Bank alerts thousands of customers to potential fraud November 6, 2016 Tesco Bank has notified thousands of customers that they may have been targeted by fraudsters. The supermarket-owned bank said it has identified "suspicious activity" via its fraud prevention systems on Saturday and is taking action as a precautionary measure. "We are sorry for the inconvenience we know this causes, however we want to do everything we [...]
Metro Bank now allows customers to choose non-binary Mx prefix instead of Mr or Mrs November 4, 2016 Metro Bank is now giving customers the option to choose a non-binary prefix "Mx" on forms. The lender said the option will be available to customers opening products like current accounts, as well as to staff. It made the change off the back of feedback from staff and customers, and said its relatively new status enabled it to [...]
Tandem is go: Another digital challenger bank has opened its doors November 4, 2016 Tandem, one of a handful of the UK’s digital challenger banks hoping to give the big four a run for their money is opening its doors for business, City A.M. can exclusively reveal. The Tandem mobile banking app will begin rolling out from today to those who have already signed up, with ambitious plans to make [...]
Wells Fargo sets aside even more to deal with the fallout from its accounts scandal November 3, 2016 Wells Fargo revealed today that up to $1.7bn (£1.4bn) has been set aside to deal with legal costs from its fake accounts scandal. The troubled financial giant's filings were not fun reading for investors – barely a week after it announced it would be paying out $185m for a fine to settle allegations that employees had created [...]
Losing access to the single market and passporting would be “calamitous” for the financial services sector, say MPs November 3, 2016 Losing access to the single market and passporting would be "calamitous" for the financial services sector, MPs have said. In a backbench debate on the impact of Brexit on financial services, Conservative MP Stephen Hammond listed the risks of losing vital access in a deal with the EU. He called on the government to look at "cross [...]
Societe Generale’s shares head north thanks to eastern Europe resurgence November 3, 2016 Shares in Societe Generale (Soc-Gen) leapt over five per cent this morning after beating market expectations of its third quarter results. Although net income fell by 2.4 per cent to €1.1bn, this smashed what analysts had anticpated. A Reuters poll of experts had predicted net income to be nearer the €745m. "We are conquering new clients, both [...]
How much would you pay for a satanic new five pound note? This eBay seller’s hoping for more than £666 November 3, 2016 Somebody with a devilish sense of humour has put a new five pound note on eBay for a cool £300,000. Why so much, you ask? It's a satanic fiver of course – the serial number is 666 making it a pretty rare number indeed. Now people are willing to shell out for some of the rarer [...]
Your overdraft could be about to become cuddlier after the FCA outlined new rules November 3, 2016 Your overdraft could be about to become a lot friendlier, after the Financial Conduct Authority (FCA) said it wants to improve competition in the market. This morning the FCA said it wants to improve transparency in the overdraft market by introducing a maximum monthly charge, which it hopes will increase customers' engagement with their "overdraft [...]
Boom: Credit Suisse profits smash expectations November 3, 2016 A crisis in European banking, you say? Credit Suisse profits smashed expectations in the third quarter, results today showed. The figures The lender reported adjusted pre-tax income of SFr327m, up 13 per cent – pretty good going, considering analysts had expected a SFr220m loss. Net new assets in its wealth management arm rose 40 per cent to SFr30.9bn in the first nine months of [...]