Senior MPs condemn banks quango chair over dodging questions July 14, 2025 Senior MPs have blasted the chair of the Financial Ombudsman Service (FOS), the banks quango which settles complaints made by consumers against banks, for obstructing scrutiny after Abby Thomas was dismissed as chief executive. Zahida Manzoor, Baroness Manzoor, the Tory peer who leads governance of the public body settling complaints between consumers and banks, has [...]
HSBC splashes $5m on new London wealth centre despite non-dom exodus July 12, 2025 HSBC has opened a new wealth centre in the heart of London to cater to high-earning customers in defiance of fears of an exodus of wealthy investors from the UK. Britain’s most valuable bank has leased two floors of a fifteen-storey tower in Piccadilly, formerly the home of British magazine The Economist, in a $5m [...]
Which UK banks are next in line for a takeover? July 11, 2025 As the next wave of banking consolidation kicks off, specialist lenders are in the fray to be swallowed up. The industry has seen a flood of mergers and acquisitions in recent years, of which the latest was a landmark tie-up between Santander and TSB Bank. Santander snapped up 12-year old British high street lender TSB [...]
British banking chiefs take a leaf from Elon Musk’s DOGE July 4, 2025 The chiefs of the UK’s Big Four banks are taking a leaf out of the Elon Musk playbook in their strident bid to slash costs. Natwest’s Paul Thwaite, Lloyds’ Charlie Nunn, HSBC’s Georges Elhedery and Barclays’ CS Venkatkrishnan are in the midst of major cost-cutting endeavours that bear similarities to Musk’s Department of Government Efficiency [...]
Standard Chartered slapped with $2.7bn lawsuit over fraud scandal July 1, 2025 Standard Chartered has been hit with a $2.7bn lawsuit over its alleged role in one of the world’s largest financial fraud cases, known as the 1MBD scandal. The London-headquartered lender is being accused of helping move and hide billions of dollars that were stolen from Malaysia’s 1MDB fund, by not sufficiently checking to see where [...]
Saga shares jump after revealing banking tie-up with Natwest June 24, 2025 Shares in over-50s group Saga rose on Tuesday after the firm revealed it was in “final negotiations” with FTSE 100 juggernaut Natwest for a banking partnership. The London-listed company quickly climbed three per cent in early trading to 176.80p. The firm posted the update ahead of their AGM on Tuesday, confirming it had “agreed heads [...]
Challenger banks scout exit routes as giants circle Metro and TSB June 19, 2025 Analysts are pencilling in a fresh wave of banking deals with challenger banks set for a market departure. Moody’s analysts have said challenger banks will “seek exit after weak performance” as industry juggernauts set their sights on ramping up their market share. Takeover talk has gripped the City after reports Shawbrook’s private equity owners were [...]
Natwest rules out TSB takeover June 19, 2025 Natwest has ruled out a takeover of UK high street bank TSB. The FTSE 100 juggernaut was viewed as the “most likely acquirer” by analysts, with the firm hotly anticipated to begin a deal spree after it re-entered private ownership last month. TSB’s Spanish owners, Banco Sabadell, confirmed earlier this week that it had received [...]
Natwest top pick to acquire TSB June 17, 2025 British banking juggernaut Natwest Group has been pegged as the “most likely acquirer” of TSB Bank. Natwest returned to private ownership last month, ending a nearly two-decade-long banking saga and setting the lender up for a deals spree. The bank has purchased over £5bn worth of shares from the Treasury as part of its directed buyback [...]
Barclays calls in McKinsey to find savings in investment arm June 17, 2025 Barclays has tapped global consultancy giant McKinsey in a bid to identify cost-saving areas across its investment banking arm. The FTSE 100 bank is looking to simplify its investment bank, with consultants examining the front office, finance, risk and technology divisions. The consultants will be looking at duplication of work and whether tasks can be [...]