How did banks get their PPI sums so wrong? September 9, 2019 Lloyds, RBS and CYBG have all had to admit they’ll take much larger hits for PPI claims than originally thought. The end is in sight for banks and PPI claims, but what’s been made abundantly clear is just how badly they estimated the losses. The total cost to Britain’s banks from PPI is now a cool £50bn. These [...]
Sainsbury’s planning major changes to struggling bank arm September 8, 2019 Sainsbury’s is plotting a radical overhaul of its loss-making banking arm as it reconsiders its business model in the wake of its failed merger with Asda. Read more: Sainsbury’s partners with Deliveroo on pizza takeaway service The household name is weighing up its options ahead of a meeting with investors in two weeks’ time. The [...]
Women’s Super League season preview: New-look division confident of building on World Cup platform September 5, 2019 The Women’s Super League kicks off a new season on Saturday looking to build on the success of the summer’s World Cup and there is every indication it is on the right path. Even before a ball has been kicked the signs are good. The 2019-20 campaign is the first with Barclays as the title [...]
Tech giants are winning the war for talent, Glassdoor finds September 5, 2019 Tech giants dominate the rankings of the UK’s most popular employers as finance firms fall behind in the race to win top talent, according to a report published today. Read more: Tech founders warn UK at risk of losing global fintech crown Amazon topped the list of the 15 most sought-after companies over the last [...]
Banks braced for rise in PPI costs after surge of last-minute claims September 5, 2019 Britain’s banking sector is bracing itself for a multi-billion pound balance sheet backlash from a worse-than-expected rush of payment protection insurance (PPI) complaints that were lodged late last month. Some of the country’s largest banks are facing huge costs following a stampede of consumers making claims for mis-sold PPI in the run-up to the August [...]
DEBATE: Would a no-deal Brexit really be bad for business? September 5, 2019 Would a no-deal Brexit really be detrimental for British business? YES, says Dinesh Dhamija, an entrepreneur and a Liberal Democrat MEP for London Crashing out of the EU with no deal will plunge us into 10 years of trade negotiations. That means even more uncertainty – and uncertainty is a cancer for business. Already, foreign [...]
Sajid Javid to meet City figures for talks on a no-deal Brexit September 1, 2019 Sajid Javid will meet key City figures tomorrow in a bid to persuade them that a no-deal Brexit could provide opportunities for businesses. The chancellor is to hold a meeting with the bosses of financial powerhouses such as Barclays, Goldman Sachs and the London Stock Exchange Group on Monday, which will also be attended by [...]
No-deal Brexit could hit UK banks’ earnings by 25 per cent, says Citigroup August 30, 2019 US bank Citigroup has estimated that the UK leaving the European Union without a deal could cut UK banks’ earnings by as much as 25 per cent. A no-deal Brexit is likely to reduce revenue of high street lenders as economic growth slows and interest rates remain low, a note to clients from Citi analysts [...]
Banks buckle under strain of PPI claims August 29, 2019 Some of Britain’s biggest banks came under fire today after suffering a series of IT failures in the run-up to a long-awaited payment protection insurance (PPI) deadline. A number of major high-street lenders were rushing to fix website glitches and jammed phone lines this evening following an 11th-hour stampede of consumers making complaints for mis-sold [...]
Italian stock market soars as new coalition takes shape August 29, 2019 Italy’s stock market jumped two per cent this morning and bond yields hit record lows as Prime Minister Guiseppe Conte took a big step towards forming a new government. Read more: Italian bond yields hit record low on hopes of new coalition Conte said he had accepted President Sergio Mattarella’s invitation to form a new [...]