Santander returns to negotiating table for RBS’ Williams & Glyn November 7, 2016 Santander has had a change of heart about Royal Bank of Scotland's Williams & Glyn, tabling a new bid for the bank. RBS has been told to divest of its interest in Williams & Glyn, and its more than 300-strong branch network, by the end of 2017 as part of its £45bn state bailout deal. Now, [...]
Meet the 18 companies joining the FCA’s regulatory sandbox November 7, 2016 The UK's foward-thinking financial regulator has chosen 18 companies to participate in its so-called regulatory sandbox, where they will be able to test out new technologies without breaching rules. Launched over the summer, the sandbox is designed to foster fintech innovation while remaining under the supervisory eye of the City watchdog, the Financial Conduct Authority. Read more: [...]
Here’s everything you need to know about the Tesco Bank fraud attack November 7, 2016 Tesco Bank has halted online payments as it deals with a massive fraud attack on its current account customers. The bank discovered a number of its customers' accounts had been subject to online criminal activity over the weekend. Here's what we know so far: Money was taken from 20,000 current accounts Tesco Bank's chief executive Benny [...]
Andrew Tyrie on Tesco Bank fraud attack: “We can’t carry on like this.” November 7, 2016 A senior MP today slammed banks' IT systems in the wake of a fraudulent attack on Tesco Bank current accounts over the weekend. Money was taken from around 20,000 Tesco accounts, the bank confirmed today, in an attack that was discovered on Saturday. Customers have been unable to make transactions online as a result of [...]
How SoftBank won “national interest” backing from Theresa May for its “game-changing” Arm takeover November 7, 2016 Even the most devout follower of the London Stock Exchange’s RNS feed may have been confused by a statement issued by SoftBank last week. The Japanese lender published the number of staff employed by British tech giant Arm, a company it acquired in a £24bn mega-deal over the summer, as at 5 September. The figure, [...]
Here’s why HSBC’s share price is up when its profits are down November 7, 2016 Despite reporting an 86 per cent slide in statutory pre-tax profits this morning, shares in HSBC have soared and are trading up five per cent at 624.4p at time of writing. Why are investors so enthusiastic when profits are plummeting? HSBC's bottom line is being dragged down by hefty one-off hits, such as the disposal of [...]
HSBC’s shares rise four per cent despite larger-than-expected profit slump after Brazil disposal November 7, 2016 HSBC's share price rose by more than four per cent this morning, despite a sharper-than-expected slump in profits in the third quarter – although stripping out currency fluctuations, things looked rather better… The figures Pre-tax profit at the British lender fell 86 per cent to $843m in the quarter ended 30 September, down from $6.1bn in [...]
Tesco Bank halts online payments after thousands of customers affected by fraudsters November 7, 2016 Tesco Bank has halted online payments for its current account customers due to fraudulent activity over the weekend. The bank identified "suspicious activity" via its fraud prevention systems on Saturday and yesterday warned thousands of customers that they may have been targeted by fraudsters. Today, chief executive Benny Higgins said online transactions from current accounts had [...]
OneSavings’ boss wants to know. Until then he’ll “carry on ploughing” November 7, 2016 Clarity. It's a real buzz word at the moment, especially when referring to exactly how Prime Minister Theresa May plans to extract Britain from the EU. Andy Golding, the 25-year banking veteran in charge of challenger OneSavings Bank, is one of many business leaders calling for clarity. “I think that in any situation of change [...]
Profit slump expected for HSBC this quarter November 6, 2016 HSBC is expected to report its profits have plunged when it releases its third quarter results in the early hours of tomorrow morning. Analysts have predicted the banking giant, which is listed in Hong Kong, New York and Paris as well as London, will announce statutory pre-tax profits of $2.4bn (£1.9bn), down 60 per cent compared with [...]