Rachel Reeves warned on bank tax by lobby group boss September 4, 2025 Rachel Reeves has been hit with a firm warning from the banking industry to avoid taxes on the sector or risk harming economic growth. The Chancellor has received a letter from the boss of UK Finance – a lobby group for the banking industry – which details the harm of tax on the sector. David [...]
Lloyds Bank: 3,000 jobs at risk in performance overhaul September 4, 2025 Lloyds Bank is planning a major overhaul of its operations that could put five per cent of workers on the chopping block. The bank is set to review its approach to performance management with the bottom 3,000 of the firm’s 63,000 employees at risk of losing their role. The new plans, as reported by the [...]
The spectre of 2008 haunts banks’ push into private credit September 2, 2025 Britain’s biggest banks are trying to grab a slice of the rapidly expanding private credit market, but as they look to grow, memories of the financial crisis are coming back to haunt the lenders. The global private credit market notched $2 trillion (£1.5 trillion) assets under management in 2024 and is expected to grow to $2.8 trillion [...]
Finance bosses back AI despite job loss concerns September 2, 2025 The financial services industry is set to drive more investment into AI as the industry’s senior leaders turn bullish on the tech. More than half of UK institutions expect to up their AI investment in the next 12 months while one in five said they would maintain current levels, data shared with City AM revealed. [...]
Natwest and Lloyds shares lead £8bn plunge amid bank tax fears August 29, 2025 Shares in a number of Britain’s biggest banking giants tumbled on Friday as speculation that Rachel Reeves would use the sector for an easy cash grab ramped up. Natwest topped the FTSE 100’s fallers, losing over five per cent. Meanwhile, Lloyds was down nearly four per cent, Barclays just over two per cent, whilst HSBC [...]
Atom chair: Big banks don’t know their role in economic growth August 20, 2025 The chair of digital bank Atom has slammed Britain’s banking giants for failing to drive the country’s economic ambitions. Lee Rochford, who had tenures at Virgin Money, RBS and BNP before Atom, said it was “increasingly unclear what role [top banks] are playing in driving better customer outcomes or supporting UK economic growth”. Chancellor Rachel [...]
FTSE 100 banks outperform but face tougher waters ahead August 4, 2025 The FTSE 100’s banking constituents breezed through the second quarter results season as interest income remained stable and trading income soared on the back of market volatility. The ‘Big Five’ banks of London’s flagship stock index – Barclays, HSBC, Natwest, Lloyds and Standard Chartered – pocketed a combined £12.8bn in the three months to June [...]
Motor finance: Lloyds shares jump after ruling August 4, 2025 Shares in Lloyds Banking Group and Close Brothers jumped in early deals this morning after the Supreme Court’s landmark motor finance ruling last week. Lloyds shares jumped 5.5 per cent in early deals to 80p – a five-year high. Shares in Close Brothers jumped 22 per cent. Analysts at Jefferies had said Lloyds shares would [...]
Motor finance redress scheme to cost up to £18bn, FCA says August 3, 2025 The Financial Conduct Authority has confirmed it will consult on an industry-wide redress scheme following the Supreme Court’s motor finance ruling last Friday. The City watchdog is aiming to publish a consultation by early October, with total costs of the redress expected to be between £9bn and £18bn. The regulator said in June that any [...]
HSBC boss: Rachel Reeves hiking bank tax would dent growth July 30, 2025 The boss of FTSE 100 juggernaut HSBC has become the latest banking voice to warn Rachel Reeves against raising taxes on banks over fears it would harm economic growth. Georges Elhedery, HSBC’s chief executive, said on Wednesday any further financial pressures on lenders could spark trouble for the UK economy. “Additional taxation on banks runs [...]