Make £££ interest on top current accounts this year August 17, 2016 Savers have been dealt a double whammy of blows this month. The Bank of England cut interest rates from their already-record low of 0.5 per cent down to a paltry 0.25 per cent, which is likely to have an impact on the already poor levels of interest paid on savings accounts. The 0.5 level was considered [...]
Santander UK braces itself for bumpy road post-Brexit vote, as it considers what to do in a world of lower for longer interest rates August 16, 2016 The chief exec of the UK division of banking giant Santander has warned the UK economy slowed noticeably in the run up to June's Brexit vote, and it was unlikely to get rolling again any time soon. In the company's half yearly report, Nathan Bostock wrote that the slowdown in the UK economy was expected to continue [...]
Handelsbanken chief exec Frank Vang-Jensen handed marching orders August 16, 2016 Handelsbanken announced today it was waving goodbye to group chief executive and president Frank Vang-Jensen. Vang-Jensen is being replaced immediately by Anders Bouvin, who was the bank's UK chief up until today. Meanwhile, Andrew Copsey is replacing Bouvin as acting chief executive of Handelsbanken UK. The Swedish bank revealed the board had reached a unanimous decision to give Vang-Jensen, who was [...]
Ex-Barclays trio in bid to appeal their Libor convictions August 15, 2016 Former Barclays bankers Jonathan Mathew, Alex Pabon and Jay Merchant have applied to appeal their convictions for Libor-rigging offences, which were handed down last month. City A.M. can reveal that applications have been lodged on behalf of the three men, who were found guilty of one charge each of conspiracy to defraud on grounds they conspired to [...]
Saving no longer as easy as 1, 2, 3: Santander chops interest rate on top account – and now Lloyds is considering a rate change too August 15, 2016 Santander has today confirmed it is slashing interest rates on its popular 1,2,3 account to 1.5 per cent, while Lloyds has revealed it is mulling its options. Santander's change in rate will be effective from 1 November, and it is also making some changes to the overdraft rates. In a statement issued this morning, the bank [...]
Never mind the Brexit: Meet JP Morgan’s “glass half-full” European chief August 14, 2016 JP Morgan Chase employees were left in little doubt about how damaging the UK’s Brexit vote could be. In early June, chairman and chief executive Jamie Dimon spoke to staff in Bournemouth alongside now-former chancellor George Osborne and warned that a vote to leave the European Union could lead to as many as 4,000 job losses [...]
Bank of England considers easing challenger burdens August 14, 2016 The Bank of England is considering easing regulatory burdens on challenger banks, amid increasing pressure from the small lenders. Challengers are concerned about capital requirements imposed on them, which they say disadvantage them to bigger players and stop them from being able to offer loans and credits to small business. There was anger among the [...]
RBS is “too big” for the economy of an independent Scotland August 14, 2016 The bank formerly known as the Royal Bank of Scotland would be "too big" for the Scottish economy if the country were to become independent from the rest of the UK, its top boss has said. And that would prompt a move of its headquarters to the UK, despite the vote for Brexit. RBS boss [...]
Royal Bank of Scotland to ditch “RBS” in brand shake-up August 13, 2016 The Royal Bank of Scotland (RBS) will become a name of the past for the majority of people across the UK, its chief executive said yesterday. The bank is set to kill off the RBS retail brand for everywhere outside Scotland, using less-toxic local brand names instead. That will mean in England and Wales, all RBS [...]
Banks scramble to get rid of €100bn in junk loans August 11, 2016 European banks either sold or begun working on deals to dump more than €100bn of bad loans in the first half of the year. Research from Deloitte found EU lenders sold a total of €44bn in non-performing loans in the six months to end of June, with another €68bn of offloads in the pipeline. The [...]