Bank of America escapes $1.3bn fine after court declines to go back on decision August 22, 2016 Bank of America has dodged a $1.3bn (£990m) fine, after a US court decided to drop the issue. The 2nd US Circuit Court of Appeals in New York opted not to reconsider its previous decision to overturn the bumper penalty the bank had been initially slapped with after a jury decided the lender was liable for mortgage [...]
Panama’s banking system grows by more than $4bn in first half of 2016, but profits drop thanks to new red tape August 22, 2016 Panama's government has revealed assets held by its banking system had grown by over $4bn (£3.1bn) in the first half of the year alone, as the country continues to work towards more transparency in its financial services sector. Total assets held within the National Banking System reached $99.6bn by the end of the first half of the [...]
You wait ages for one cashback card, then this company goes and launches two at once August 22, 2016 Good news for anybody who feels like their card wallet is feeling a bit slim – Asda Money has today announced the launch of not one but two cashback credit cards. The Cashback Credit Card will offer one per cent cash back on money spent across the Asda brands and 0.5 per cent cash back on other purchases. [...]
How one simple tech trick saved HSBC customers millions August 22, 2016 It may be all about open banking APIs and blockchain in the geeky world of fintech right now, but banking giant HSBC used one incredibly simple piece of technology that's been around for years to save its customers millions of pounds. The humble text message, first devised in 1984 with the first message making its [...]
Nicholas Clegg retires as chairman at United Trust Bank after 15 years August 22, 2016 United Trust Bank has announced its 80-year-old chairman is standing down after 15 years. Nicholas Clegg, who has worked in banking for almost 60 years, took up his role on United Trust Bank's board when it was acquired by Insinger de Beaufort in 2001. "I have thoroughly enjoyed working with such an extraordinary group of people," said [...]
Co-op Bank considers bumping up base pay for executives to overcome bonus rules August 21, 2016 The Co-operative Bank is considering raising salaries to get around rules that hamper bonuses. It is understood the bank is looking for ways to increase pay packets in a bid to secure top talent, but is struggling to do so thanks to the bankers' bonus cap rules, which stems from an EU directive. More specifically, under the rules laid [...]
RBS to introduce negative interest rates on corporate investment accounts August 19, 2016 The Royal Bank of Scotland (RBS) is to start charging some of its top corporate clients to hold cash with the bank. RBS wrote to some of its largest investment banking customers this week to tell them it could no longer let them keep cash held as collateral in their accounts for free and will impose negative interest rates from [...]
CMA proposals to hit bank profits in latest squeeze on sector August 19, 2016 Banks should prepare for another squeeze on profits thanks to the latest recommendations to boost competition in the sector. Ratings agency Fitch said today proposals from the Competition and Markets Authority (CMA) to encourage customers to switch bank accounts would put even more pressure on bottom lines at the UK's top high street lenders. The central [...]
Too big to fail still too big a problem for banks August 18, 2016 Cleaning up the world's biggest banks in the event of a crisis is easier than it has been but there is still more to be done, the Financial Stability Board (FSB) has warned today. In particular, the papers published by the FSB, which is chaired by Bank of England governor Mark Carney, said more could be [...]
Lloyds Banking Group, HSBC and Royal Bank of Scotland in firing line in Australian rate rigging case brought in the US August 18, 2016 Lloyds Banking Group, HSBC and Royal Bank of Scotland are all in legal hot water after a case was filed in the US against a slew of banks on allegations they rigged a key Australian benchmark rate. The US lawsuit claims the lenders manipulated the bank bill swap rate (BBSW), a benchmark used mainly in Australian [...]