Vulnerable bank customers could face ‘higher barriers’ to redress in Treasury overhaul May 26, 2026 Warnings are being raised over a planned Treasury shake-up of financial services rules after an impact assessment revealed vulnerable customers could be excluded from receiving compensation when wronged. The government unveiled its Enhancing Financial Services Bill at the King’s Speech, which paved the way for reform to consumer redress protections through changes in the Consumer Credit [...]
‘It will reduce jobs’ – Jamie Dimon sounds off on AI’s impact on banks May 21, 2026 One of the world’s leading financial figures has warned AI will inevitably lead to a cut in jobs amid growing jitters around the impact the new tech will have on the banking sector. Jamie Dimon – the top boss of America’s largest bank, JP Morgan – said: “I think [AI] will reduce our jobs down [...]
‘Exceptionally challenging’: Starling puts climate target under review May 21, 2026 Starling has placed its target to reduce carbon emissions by one-third by 2030 under review after it cited “exceptionally challenging” roadblocks in its mission. The UK fintech – which published its annual report on Thursday – had targeted achieving net zero across the financial services group by 2050. On the road to this goal, the [...]
Starling’s profit slides as falling interest rates bite May 21, 2026 Starling’s profit took a dip in the latest financial year as the lower interest rate environment took a chunk out of the digital bank’s bottom line. The UK fintech notched a £217m pre-tax profit, down three per cent from the £223m secured in the prior year. This came as revenue slipped 5.6 per cent to [...]
Curve swings to £9m loss as Lloyds takeover remains incomplete May 20, 2026 Curve has swung to a loss as the Apple Pay rival’s future faces uncertainty ahead of its takeover by Lloyds Banking Group. The digital wallet provider suffered a £9.5m loss in the 2024 financial year, a major drawback from its £3m profit the 12 months prior. The tide turned on Curve’s balance sheet as revenue [...]
AI will ‘destroy and create jobs,’ says HSBC boss May 20, 2026 The boss of Europe’s largest bank has warned that the growth of AI will both “destroy” and “create” new jobs as the banking industry continues to be reshaped in the face of new technology. Georges Elhedery, chief executive of HSBC, warned that the bank’s staff must avoid “fighting us” as it unveiled its latest AI [...]
The Square Mile gets its fourth City Minister – could it soon get its fifth? May 20, 2026 Four City minsters later, in this week’s column Samuel Norman takes a look at the blow to the Square Mile from the latest reshuffle. Also on the agenda: Revolut’s plans for the high net worth faces off with ambitions of incumbents. “Look for the girl with the sun in her eyes…” So goes the lyrics [...]
Deutsche Bank hit with six-figure fine in UK for breaching Russia sanctions May 19, 2026 Deutsche Bank has been slapped with a six-figure fine by the Treasury’s financial sanctions body for processing payments that breached sanctions on Russia. The German multinational investment bank has been handed a £160,000 fine after it was found to have authorised two payments linked to a sanctioned Russian firm between the periods of June and [...]
UK finance workers weigh quitting over back-to-office mandates May 19, 2026 Financial services workers are weighing quitting their roles if their companies mandate office attendance amid a deepening feud between managers and employees. Nearly six in ten employees in the finance sector said requirements around their office presence is making them more likely to leave their role, according to new research from City recruiter Morgan McKinley. [...]
Monzo’s profit rockets as customer base grows by a quarter May 19, 2026 UK fintech darling Monzo posted a mammoth profit jump in the last financial year as its customer base swelled. The neobank’s pre-tax profit came in at £87.3m, 44 per cent higher than the £60m scored in 2024. The increase came as revenue stormed 40 per cent higher to £1.7bn. Monzo’s total users ballooned 25 per [...]