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) [...]
85 per cent of Brits would rather their bank didn’t offer unauthorised overdrafts May 18, 2016 Almost nine out of 10 UK adults would rather their bank did not offer unauthorised overdraft facilities, according to a new survey. The survey, commissioned by digital current account provider Ffrees, asked 2,014 Britons about overdrafts, and found that 85 per cent would reject the opportunity to go overdrawn without previously agreeing to it. Of those surveyed, [...]
BNP Paribas to cut hundreds of investment banking jobs in London May 18, 2016 BNP Paribas is reportedly going to slash more than 200 jobs from its UK investment banking arm, as part of its billion-euro cost cutting drive. According to Reuters, 233 jobs based in London will be cut this year – representing seven per cent of its UK workforce – while they will be replaced by just 60 [...]
Why Google’s Android Pay UK launch is far more exciting than Apple’s May 18, 2016 Less than a year after Apple Pay reached the UK, Android Pay has landed. Since last July only a lucky few – those who own an Apple Watch or one of the recent raft of iPhones (including the SE) – could pay for goods and services via their phones. This was merely the green shoots [...]
Google’s Apple Pay rival Android Pay is finally here in the UK May 18, 2016 Good news for anyone eager to pay using just the swipe of their mobile, but who doesn't own an iPhone. Google's Android Pay is launching in the UK today, bringing the tap and pay technology to millions of smartphone users across the country. A rival to Apple Pay which launched last year, the app lets users pay by [...]
Has the Competition and Markets Authority missed a golden opportunity to overhaul the banking sector? May 18, 2016 Rishi Khosla, chief executive and co-founder of OakNorth, says Yes. While the CMA’s proposals will make it easier for individuals and businesses to compare and switch current accounts, and should help improve awareness and shopping around in the market, SMEs have once again been overlooked. The CMA has simply passed the buck to the Treasury, which [...]