Bank of England sets 2020 deadline to overhaul interbank payment system September 16, 2016 The Bank of England has said it will aim to overhaul the UK's interbank payment system by 2020 to create a new service that is "resilient but flexible". Future users will pay for the revamp of the "next generation" Real-Time Gross Settlement (RTGS) service through a temporary increase in charges, the bank's executive director Andrew Hauser [...]
Five things we learned about Mark Carney when schoolchildren grilled him on live TV September 16, 2016 Bank of England governor Mark Carney is used to being grilled by journalists, but today he faced questions from schoolchildren and they didn't pull their punches. The children were putting the Canadian on the spot as part of a Q&A session hosted on the BBC. Jay, 13, went straight for the jugular, asking Carney: "Who is easier to work [...]
It’s eight years since the Lehman Brothers collapse. What’s changed? September 15, 2016 Eight years ago today US banking giant Lehman Brothers filed for bankruptcy. This was an unprecedented event in the modern financial world and it sent shock waves through global markets. We're still recovering from some of them. The bank's collapse has now entered the vocabulary as a term for when an industry has a potentially catastrophic moment. It is used again. And again. And again. And again (maybe it [...]
Metro Bank leads post-referendum challenger bounceback September 14, 2016 Metro Bank shares climbed again today, as the challenger bank's mighty post-referendum run continues. Shares rose by one per cent to £27.39, leaving the bank up 67 per cent from levels hit amid frantic trading on 27 June. Banks were some of the worst affected in the aftermath of the UK's shock vote to leave [...]
Secure Trust Bank eyes graduation to London main market September 14, 2016 Secure Trust Bank, one of the UK’s challenger bank brands, is planning to move to from London’s junior market to the main market. The move is expected to happen around 12 October. Shares in Secure Trust have rebounded after hitting yearly lows on 7 July and have climbed by almost 30 per cent. Challenger banks [...]
UK could tie global Bank for International Settlements currency trading code into new senior managers rules September 14, 2016 The UK could be set to add another layer of scrutiny to its senior managers regime, by adding a requirement that bankers stick to the Bank for International Settlements' (BIS) new global code of conduct for the FX market. The first full draft of the code is expected by the market in October, with the final [...]
Finance watchdog slaps former Barclays wealth and investment management boss Andrew Tinney with ban September 14, 2016 A former boss of Barclays wealth and investment management has been told by the regulator he should be banned from working in any senior management positions at financial institutions. The Financial Conduct Authority (FCA) found that Tinney failed to carry out his job with integrity and accused him of willfully obscuring a report criticising Barclays senior management. Tinney, who now works in the [...]
Bob Diamond’s Atlas Merchant Capital searching for a new partner in Barclays Africa bid September 13, 2016 Atlas Merchant Capital, an investment vehicle led by former Barclays boss Bob Diamond to create a pan-African bank giant, is searching for a new partner to table a bid for Barclays Africa, City A.M. understands. It was yesterday revealed that private equity giant Carlyle had walked away from its consortium with Atlas in April this year. [...]
Plastic fantastic: The new fiver has gone into circulation today September 13, 2016 A mini revolution in British banking becomes reality today, with the most eagerly-anticipated launch of a bit of paper in living memory. That's because this isn't just any old bit of paper. This is a Bank of England bit of paper. And, truth be told, it isn't even paper. Read more: Who's going to be [...]
Two Lloyds execs set to leave as pressure grows on banking group September 12, 2016 Two of Lloyds’ most senior executives are set to leave the banking group. The company’s group director of digital Miguel Angel Rodriguez-Sola is to depart after three years in his position. And Mary Hall, the bank’s group audit director, is also set for an exit, Sky News first reported. Read more: RBS and Lloyds shares tumble [...]