Watchdog called on to publish report after “shocking” revelations about RBS October 10, 2016 The City watchdog is being urged to release a long-awaited report into RBS' Global Restructuring Group (GRG), following "shocking" leaked stories about its treatment of small businesses. RBS has long been accused of purposely pushing small businesses into financial hardship so they could be put into the GRG. This, in turn, benefited the bank through additional fees, increased [...]
Government may make RBS update as early as Autumn Statement, as it considers what Brexit vote means for offloading stake October 6, 2016 The government entity that controls the taxpayers' stake in RBS is still weighing whether to sell down its holding. It could make an announcement as early as the Autumn Statement. Last year UKFI sold down its stake in RBS from 78 per cent to 73 per cent for £2.1bn, which represented a £1bn loss for taxpayers who bailed out [...]
Article 50 challenge rumbles back into the court next week October 6, 2016 A legal challenge questioning what actions government needs to take before it triggers Article 50 is due to go to court next week. The claimants are arguing that government does not have the power to trigger Article 50, and begin the UK's process of leaving the EU, by prerogative and that it can only be [...]
Deutsche Bank confirms 1,000 German jobs to get the chop October 6, 2016 Deutsche Bank has confirmed that 1,000 jobs are to be cut in Germany. The jobs are part of the 9,000 role reductions worldwide which were previously announced as part of the bank's Strategy 2020. The bank also agreed 3,000 jobs would be cut in June as part of a restructuring, so today's announcement brings the total role [...]
Digital doors officially open at Atom Bank October 6, 2016 Brits who wish to give mobile banking a whirl have another option on the table from today, as Atom Bank has officially opened to all customers. The bank, which is built exclusively for mobile, initially launched in "invitation only" mode but the app could only be used by those who had expressed interest previously and [...]
Deutsche Bank share price lifted by IMF support October 6, 2016 Deutsche Bank's share price has risen today, lifted by comments from the International Monetary Fund (IMF) suggesting the lender is too big to be allowed to fail. Shares are currently trading up 1.2 per cent at €12.22 in Frankfurt. The German giant's share price has taken a number of twists and turns in recent days, as investors, [...]
Businesses did not emotionally prepare for Brexit, but now is not the time for excuses October 6, 2016 Despite being ready for a Leave vote on paper, many businesses were emotionally unprepared for Brexit, a report out today has found. The study by Alvarez & Marsal, written in collaboration with Henley Business School, warned that the lack of diversity among board members had lulled many into believing there was only one outcome they really needed to [...]
Equivalence can’t trump passporting, warns boss of bank trade body October 5, 2016 Many of the alternatives to passporting would not allow the financial sector to continue business as usual, the chief executive of the British Bankers' Association has warned. Writing in his monthly newsletter, Anthony Browne noted that the passporting rules have "been a key factor in enabling the UK to grow as the financial capital of Europe". [...]
