London is home to more of the hottest fintech startups than ever before according to the Fintech50 2017 June 7, 2017 London’s status as the world leading centre of fintech has been questioned in the wake of Brexit, but new figures suggest the capital continues to be a global powerhouse for financial technology. The city has produced more of the hottest fintech startups than ever before, with over half of the Fintech50 calling it home. Challenger [...]
Is it still worth investing in bank shares? May 31, 2017 Bank shares rose sharply toward the end of 2016 leaving many investors questioning whether the rally would continue. The global banking sector returned 13.7% in 2016 with dividends included, according to MSCI data. In comparison, the MSCI World index returned a more modest 8.2%. Among banks, the biggest gains were made by the US and [...]
After financial crisis hit, retail banks are building up their reputations (to “average”): These are the UK’s most and least trusted lenders | City A.M. May 31, 2017 The reputation of UK retail banks is growing, with Nationwide, Virgin Money and Halifax leading the way. But Royal Bank of Scotland, TSB and HSBC are trailing others in the latest UK RepTrak ranking, compiled by the Reputation Institute. The figures, based on more than 35,000 UK customer ratings collected in the first quarter of [...]
Blockchain consortium R3 has raised a $107m series A round of funding from top banks like HSBC, Barclays, UBS and Wells Fargo May 23, 2017 One of the biggest consortium’s working on blockchain technology has raised $107m from the world’s top banks and other big name investors, it’s been revealed. R3 founder and chief executive David Rutter announced the huge figure for its series A round on stage at a blockchain conference in New York, calling the investment “unprecedented”. Investors [...]
WannaCry ransomware NHS cyber attack: A final warning for banks and fintech May 15, 2017 It was the most high profile cyber attack in some time, and one of the largest ever carried out. Governments, hospitals, companies and universities in over 150 countries were affected by the recent ‘WannaCry’ cyber attack, which affected more than 230,000 computers with ransomware and demanded bitcoin payments. Media coverage in the UK focused on [...]
Charlotte Hogg’s resignation as Bank of England’s deputy governor was “disproportionate” to her offence, say Bank directors May 10, 2017 Charlotte Hogg’s departure from her role as the Bank of England’s deputy governor was “disproportionate” to her offence, according to directors of the Bank. Hogg resigned from her role in March following a report by the Treasury select committee questioning her competence for failing to disclose that her brother works for Barclays. Hogg joined the [...]
Barclays AGM: Boss Jes Staley apologises to shareholders for whistleblowing scandal and plays down Brexit concerns May 10, 2017 Barclays chief executive Jes Staley today kicked off the bank’s annual general meeting (AGM) with an apology over his attempts to identify a whistleblower. “I made a mistake in becoming involved in an issue which I should have left with the business to deal with. I have apologised to the board, and I would today [...]
Sunday Times Rich List 2017: Who topped the under-30 list, and who lost money this year? May 7, 2017 Singer Adele joined the Sunday Times Rich List of 1,000 richest people for the first time, and was the highest-ranking musician on the young rich list with a £125m fortune. Other musical millionaires on the under-30 list included Ed Sheeran, with £52m, and the boys from One Direction, who ranked higher than their former bandmate [...]
The Financial Conduct Authority just spent £70,000 on a new logo, including hiring a Saatchi & Saatchi agency May 7, 2017 The industry-funded Financial Conduct Authority has spent almost £70,000 on a refresh of its brand, including a brand new logo designed by Saatchi & Saatchi, City A.M. can reveal. The FCA recruited B2B specialists Saatchi & Saatchi Pro ahead of its planned move from Canary Wharf to the edge of the Queen Elizabeth Olympic Park [...]
Sunday Times Rich List 2017: The wealth of Britain’s billionaires has boomed despite Brexit, but Mike Ashley, Sir Philip Green and Selfridges owning Weston family lose millions May 7, 2017 The wealth of Britain’s richest has rocketed with more billionaires than ever before, new figures reveal. Brexit failed to derail the rise of the super-rich and the collective cash of the world’s wealthiest topped a whopping £658bn – that’s up 14 per cent on last year. There are now 14 more billionaires in Britain than [...]