City chiefs warn Healey bank tax hike could drive businesses out of UK Banking Top finance industry chiefs have warned the Chancellor that hiking taxes on the banking sector in the forthcoming Budget could drive businesses and capital out of the UK. Bosses of the City’s biggest industry bodies – including UK Finance, TheCityUK and the CBI – have written to John Healey calling for him to avoid raising [...]
Stages of tax grief: Is it time for bankers to bargain? Banking Banks are in the firing line at the Budget and in a meeting with bosses on Tuesday chancellor John Healey played coy on any increased rates. In this week’s column Samuel Norman looks at what trade-off could be made. Also on the cards, fresh data shows fintechs are lurching ahead of the incumbents on customer [...]
Raising bank taxes will reduce jobs, former Chancellor Hunt warns Healey Banking Former Chancellor Jeremy Hunt has issued John Healey a major warning over any increase to the level of taxes paid by UK banks ahead of the forthcoming Budget. The top Tory MP, who has sat on the back benches since Labour came to power in 2024, said Healey must ignore the “siren voices” calling for [...]
Citi hit with £5m fine for violating UK sanctions on Russia September 2, 2026 Citi has been hit with a fine of nearly £5m after regulators found it violated the UK’s sanctions regime on Russia. The Wall Street giant’s London branch was found to have processed £19.7m in illicit transactions spanning 970 payments. The Office of Financial Sanctions Implementation (OFSI) ruled that, in one instance, Citi failed to freeze [...]
Monzo faces outage as thousands of users unable to make payments or transfers August 19, 2026 UK fintech Monzo has suffered an outage that has left thousands of its users unable to use its banking services. The digital bank said it had “identified some issues” and initiated a stand-in backup service, which would allow users to still complete card payments and receive transfers. But some users have continued to raise concerns [...]
JP Morgan boss issues bank tax warning to John Healey August 17, 2026 The boss of JP Morgan has issued a bank tax warning to John Healey as the Chancellor gears up to deliver his first Budget in October. Jamie Dimon, who has led Wall Street’s biggest bank since 2006, held a call with Healey on Thursday where the bank chief emphasised “getting public policy right” as crucial [...]
HSBC kicks off $1bn share buyback after profit smashes forecast August 4, 2026 HSBC has resumed its share buyback programme after profit soared past expectations in the second quarter of 2026. The FTSE 100 bank – whose market cap of £274bn makes it the London Stock Exchange’s most valuable company – posted $10.1bn (£7.5bn) in pre-tax profit for the last three months, surging past an internal forecast of [...]
Revolut will become $1 trillion company by 2035, says early VC backer July 31, 2026 Revolut will secure a price tag of $1 trillion within a decade, an early backer of the fintech has claimed. The digital banking juggernaut is in the midst of a secondary share sale at an expected valuation of $115bn and was last valued at $75bn in November 2025, when it landed investment from chip giant [...]
Mahmood called for banker bonus tax to fix youth unemployment July 17, 2026 Shabana Mahmood has previously called for a tax on banker bonuses to fix youth unemployment in a move that will renew fears the sector could be targeted for a cash grab. The front-runner to be Andy Burnham’s Chancellor was a staunch supporter of a bill set out by Labour in opposition that sought to levy [...]
UK fintech Starling to axe 130 roles in AI-powered simplification drive July 3, 2026 Starling is gearing up to cut some 130 roles in a bid to streamline its operations following a fall in profit over the last year. The London-based fintech told staff this week it would restructure its banking and tech operations as it leveraged AI across operations ahead of an influx of new projects. It said [...]