RBS chairman calls for transitional Brexit deal for banks November 13, 2016 The chairman of RBS, Sir Howard Davies, has backed calls for a transitional deal with Europe when Britain leaves the union, warning of the risk to banks if they swiftly lost access to the single market and passporting rights. "I think it is damaging if we don't get a transitional deal, because I think you will then see banks [...]
Lloyds Bank to cut 665 jobs and close further 49 branches November 11, 2016 Lloyds Banking Group said yesterday it will cut another 665 jobs and shut down 49 branches as part of a three-year restructure of the business aimed at cutting costs. The business will create 145 new roles across the business, but will lay off staff in retail, commercial banking, insurance and consumer finance, the bank said [...]
Donald Trump signals plans to dismantle Dodd-Frank November 10, 2016 Donald Trump's team has signalled its intention to tear up a key piece of banking regulation. "The Dodd-Frank economy does not work for working people," a statement on the new president-elect's website read. "Bureaucratic red tape and Washington mandates are not the answer. "The Financial Services Policy Implementation team will be working to dismantle the Dodd-Frank Act [...]
Tesco Bank fraud tars UK financial image, warns home secretary Amber Rudd November 10, 2016 Scandals like the recent cyber attack on Tesco Bank risk damaging the UK's prized financial reputation, the home secretary has warned today. Speaking at a conference hosted by the Financial Conduct Authority (FCA), Amber Rudd cautioned that public confidence in financial institutions was rocked when such incidences occurred and the government saw cyber crime as a [...]
Reports: Donald Trump considering JP Morgan chief Jamie Dimon for treasury secretary spot November 10, 2016 Although Donald Trump's policies might still look a little vague, it looks like his advisers have started dropping hints about who they want to take the top spot in the treasury. Trump's advisers have suggested the new president-elect should take on JP Morgan chairman and chief executive Jamie Dimon as treasury secretary, according to CNBC. [...]
Thanks Carney: Aldermore’s results boosted by Bank of England scheme November 10, 2016 Aldermore revealed today that it has boosted its new lending during the first nine months of the year, with a little help from a recently introduced Bank of England funding scheme. The figures The challenger bank announced it had generated £2.3bn in new lending during the first nine months of 2016, up 20 per cent [...]
Bye-bye Dodd-Frank? What Donald Trump’s win means for the banking red tape November 9, 2016 Donald Trump's victory for the White House could spell the end of a key piece of banking regulation, but only if he can convince others to get on board. Trump has previously pledged to repeal the Dodd-Frank Act, an extensive set of reforms designed to address risk on Wall Street following the financial crisis which [...]
The Bank of England has revealed the startups in its fintech accelerator November 9, 2016 The Bank of England has lifted the lid on its groundbreaking fintech accelerator which launched back in June. Speaking at the Web Summit in Lisbon on Wednesday, the central bank's chief operating officer Charlotte Hogg said it had been focused on three key areas: "data analytics, information security, and some work exploring distributed ledgers." "Just over [...]
Don’t be fooled by the Tesco Bank hack – Hackers are more likely to go after firms outside of financial services November 9, 2016 Despite the recent high profile hack on Tesco Bank, cyber criminals are increasingly unlikely to target financial services firms. The Tesco Bank attack – branded unprecedented by top regulators – runs against the trend for hackers to focus on non-banks with lower levels of cyber security, City law firm RPC has warned. According the law firm data [...]
Thinking of switching to Co-op Bank? Here’s why you should move quick November 9, 2016 Those weighing up their options for a new current account might want to make their move before the end of this week. Co-op Bank's £150 bonus for those switching to one of its current accounts is ending on Friday. The bank started offering the sweetener six months ago, and, since then, current account sales have rocketed [...]