Bank of England: Hold fire until there is Brexit certainty says the shadow MPC September 13, 2018 City economists are all but certain that the Bank of England will hold interest rates steady today, only six weeks after raising interest rates and with the Brexit endgame fast approaching. The Bank’s rate-setting monetary policy committee (MPC) will announce its latest decision at midday, with all eyes on any tweaks to guidance around the [...]
Lloyds Banking Group closes another 15 branches September 12, 2018 Lloyds Banking Group today announced the closure of another 15 branches as the steady whittling down of the British bank network continues. Britain's biggest retail bank said 23 jobs will be at risk, with the closures taking place between January and March 2019. The bank is aiming for none of the job losses to be [...]
Lloyds Banking Group closes another 15 branches September 12, 2018 Lloyds Banking Group today announced the closure of another 15 branches as the steady whittling down of the British bank network continues. Britain's biggest retail bank said 23 jobs will be at risk, with the closures taking place between January and March 2019. The bank is aiming for none of the job losses to be [...]
RBS warns of peer-to-peer lending and shadow banking risks September 12, 2018 Risks to the financial system are being pushed out of the regulated banking sector to less regulated areas, according to the chair of Royal Bank of Scotland (RBS). Sir Howard Davies highlighted peer-to-peer lenders and the shadow banking system as areas where systemic risks could build up in a speech today. Read more: RBS chief [...]
The rise of Chinese finance puts pressure on London and New York as top financial centres September 12, 2018 London and New York remain the top two financial centres in the world but Asian cities are hot on their heels, according to an authoritative ranking to be published today. A major report from London-based think tank and consultancy Z/Yen will show the average ranking of financial centres in Asia and the Pacific region rose [...]
Data issues are the fastest-rising risks to the City says Financial Conduct Authority boss Andrew Bailey September 11, 2018 Data poses “the fastest-rising risk on our landscape” for the Financial Conduct Authority (FCA), its boss, Andrew Bailey, said today. The watchdog has scrutiny of issues around data “high up our agenda” because of financial services’ “heavy use of personal data”, Bailey said in a speech. The data issues faced by the FCA include the [...]
Wage growth jumps in boost to Bank of England ahead of monetary policy decision September 11, 2018 The wages paid to British workers grew at the joint-fastest rate since the summer of 2015 in the three months to July, according to data published today which supports the Bank of England's contention that a tight labour market is finally pushing up pay. Average regular pay, which excludes bonuses, rose by 2.9 per cent [...]
British economy enjoys surprise July jump in activity to record strongest growth in almost a year September 10, 2018 The British economy surprised economists in July as output grew by 0.3 per cent, with a sunny services sector outlook alongside unexpected support from the construction sector contributing to the pick-up. The three months to July saw GDP expand by 0.6 per cent, picking up from 0.4 per cent growth in the second quarter of [...]
City watchdog Andrew Bailey calls for open financial services trade after Brexit September 6, 2018 The City's top watchdog has urged the EU to remain open to British financial services and warned against a power grab post-Brexit. Financial Conduct Authority (FCA) boss Andrew Bailey said there is a “strong case for the UK and the EU to find each other equivalent on ‘day 1’” of Brexit, letting firms continue to [...]
Standard Chartered revamps top team with hire of new group chief operating officer September 6, 2018 Standard Chartered has hired David Whiteing as its new group chief operating officer as the bank revamps its top team to put more focus on technology. The newly expanded role will join together the chief operating officer team with the previously separate IT operations function. Michael Gorriz, group chief information officer, will continue to lead [...]
