Close Brothers to scale back lending after motor finance hit July 9, 2025 Close Brothers is set to scale back its premium finance division in a bid to cut costs and focus on its offerings for businesses. The lender said on Wednesday it would begin to prioritise insurance products designed for businesses in its commercial lines, which the firm said offered better risk-adjusted returns and long-term growth potential. This will [...]
Revolut banking licence bid goes down to the wire as key deadline looms July 8, 2025 Revolut is facing a fresh regulatory headache in the UK amid mounting expectations it may miss a key deadline in the ongoing process to become a fully operational bank. The digital banking juggernaut received the green light for its UK banking licence from Britain’s banking watchdog last year after a three-year wait, which triggered a 12-month [...]
Financial services brace for more job cuts as clouds gather July 7, 2025 Financial services firms are expecting a rapid increase in jobs losses over the coming months as investment plans and optimism levels sink to fresh lows. The sector’s activity fell at the fastest rate since December 2023 in the three months to June, according to the Confederation of British Industry (CBI). This marked the first time [...]
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 [...]
Bank of England ‘open minded’ on use of stablecoins in wholesale markets July 3, 2025 A director at the Bank of England has said Britain’s central bank is “open minded” on the use of stablecoins in wholesale markets in a marked softening of its stance in the technology. Speaking at the City Week conference, Sasha Mills, Executive director of Financial Market Infrastructure, said the Bank was “considering” what role stablecoins [...]
Why did Santander buy TSB? July 3, 2025 Santander might have hoped its takeover of TSB would make waves across the banking industry, but analysts have dubbed it a more modest splash. The deal, which is set to be worth £2.9bn when closed in 2026, will add TSB’s five million customers, £34bn in mortgages and £35bn in deposits to Santander’s portfolio as well [...]
HSBC sells UK life insurance arm in latest European retreat July 3, 2025 Banking juggernaut HSBC has marked its latest retreat on European operations after selling its UK life protection arm to insurance firm Chesnara. HSBC have offloaded the division for £260m, which Chesnara will fund through a combination of external resources, credit facility and a equity raise. The move comes amid Georges Elhedery‘s sweeping changes at the [...]
Secure Trust Bank: Jobs at risk as lender exits motor finance July 2, 2025 Specialist lender Secure Trust Bank has announced a “strategic pivot” away from its motor finance division in a bid to boost returns. The group said it will pause new lending within its vehicle finance division and “run off” its existing book, meaning it will manage its current portfolio until it naturally winds down. The bank [...]
British banks shed workers at fastest pace since 2018 July 2, 2025 British bankers were on the chopping block in 2024 as UK lenders marked the steepest drop in headcount since 2018 amid an industry-wide digital push. Total employee numbers at British lenders slumped 5.25 per cent to 580,371, falling to the lowest number in a decade. Standard Chartered and HSBC made the biggest culls at 4.5 [...]
Santander snaps up TSB Bank for £2.9bn July 1, 2025 Santander UK has acquired high street bank TSB in a landmark £2.9bn deal that will significantly beef up the lender’s market share. The bank’s bid for an all-cash takeover from its Spanish peer Banco Sabadell values TSB at five times its expected 2026 net income. TSB will add five million customers, £34bn in mortgages and [...]