Former Barclays banker tells court that bosses must have known about Libor fixes May 22, 2016 A former Barclays trader who is currently standing trial accused of Libor-rigging related offences told the court late last week that three senior figures at the bank must have known about the rate fixing. Jay Merchant, along with fellow former traders Stylianos Contogoulas, Alex Pabon and Ryan Reich and one of Barclays' former Libor submitters Jonathan Mathew, [...]
The Co-op’s having a retro rebrand May 22, 2016 The Co-op is returning to its roots with a retro rebrand in a bid to shake off several scandal hit years. The refresh of its image brings back the blue and white logo first introduced in the 1960s but phased out in the 1980s as it promised to return more than £100m a year back to [...]
Here is how banks can better compete for, and profit from, SME business May 20, 2016 SMEs are the backbone of the UK economy, generating roughly half of all private sector turnover and employing around 60 per cent of the UK workforce, according to the Federation of Small Businesses. For banks, then, addressing the needs and expectations of this fast-growing and influential segment must be high on the agenda. The good news? [...]
Contactless card payments are still on the up, but customers aren’t completely sold on them yet May 20, 2016 Contactless payments have more than doubled in the last year from one in 16 transactions to one in seven, but consumers are still not fully sold on them, according to new research. A survey of 2,000 adults by Defendernote indicated that almost a third (30 per cent) said bank customers should reserve the right to [...]
Salaries and bonuses at London banks, ranked from best to worst – plus who’s paying their staff most fairly May 20, 2016 One size rarely fits all, especially, as a study out today has discovered, when it comes to bankers' pay. The research by Emolument.com, which crunched the numbers on 1,433 salaries, found that paypackets for associates at 18 of London's well-known banks varied by up to £73,000 while the highest paid managing director (MD) is pocketing around £571,963 more than [...]
Germany’s biggest lender Deutsche Bank could be next in line for shareholder revolt over pay May 19, 2016 Shareholders at Germany's Deutsche Bank have signalled their distaste for the company's pay plan, with a vote against remuneration proposals at the group's annual meeting in Frankfurt. The bank's pay plan was voted down by 51.9 per cent of its investors, with 48.1 per cent voting in favour. Deutsche has weathered several storms during the [...]
Digital challenger bank Tandem smashes crowdfunding target in minutes May 19, 2016 Another digital challenger bank has smashed its crowdfunding target within minutes as investors continue to clamour for an opportunity in fintech – and it hasn’t even launched yet. Tandem has raised £1m in just 20 minutes through crowdfunding platform Seedrs. The fundraising was open to those who pre-registered from 12pm today and having already reached its target, the bank is now [...]
Investec banks on banking for profit boost May 19, 2016 Investec today reported that its profits for the year had inched up, thanks in part to a strong performance in its banking and wealth and investment divisions. Operating profits before tax for the specialist financial services company's year to March edged up to £567.4m, up 0.9 per cent compared with £562.5m the year before. Operating profit in [...]
Bank of England’s chief economist wants to teach children maths so they trust banks May 18, 2016 Teaching children how to look at numbers, understand bank accounts and work out interest rates will restore trust between banks and the wider public, the Bank of England’s top economist has said. Andy Haldane told a City audience that too many children were being put off maths at school and called on policymakers to make [...]
Deutsche Bank prepared for shareholder scrap on at least three different fronts at AGM May 18, 2016 Deutsche Bank’s annual general meeting (AGM) kicks off in Frankfurt tomorrow – and it’s set to be a humdinger. The German financial giant has rarely been out of the headlines in the past six months. Last October it announced a management cull and a big restructuring. In December it was linked with a $10bn (£6.8bn) [...]