Is fintech the new black? Lower trust in disruptors gives banks reason to cheer June 10, 2016 Digital innovation – and more specifically the impact of fintech – is currently the most intensely debated topic in the financial services sector. Two years ago hardly anyone outside the industry had heard of fintech. Now it’s the hottest investment class globally for VCs. PwC recently produced a report claiming that over 20 per cent [...]
Accused ex-Barclays banker likely kept in the dark about any supposed Libor conspiracy by boss, court told June 9, 2016 An ex-Barclays submitter currently standing trial accused of Libor-rigging offences was likely kept in the dark about the full extent of any fixing activity by his boss, a court was told today. Jonathan Mathew, along with former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich, has been charged with conspiracy to defraud on allegations [...]
Challenger banks will take “years” to make money June 8, 2016 Ambitious digital challenger banks hoping to topple the big high street players will take "years" to make money according to one of the founders of a mobile bank with ambitions to do just that. Entrepreneur Tom Blomfield, founder and chief executive of the yet to launch digital bank Mondo which recently became the fastest ever crowdfunded business, told City [...]
Four of the best bank accounts: Get paid £100 just to change your current account June 8, 2016 Banks are offering customers free cash for switching their current accounts. The UK’s big four – Barclays, HSBC, Lloyds and RBS – have been shaken up by the arrival of newcomers, from online-only “challenger” banks to European giants. Banks are working harder to draw customers, with several offering between £100-£200 to newcomers. “It appears free-in-credit accounts [...]
Retail and manufacturing slowdown hits the logistics industry June 7, 2016 Logistics firms are being squeezed by a higher cost of doing business and increasing pressure from struggling retailers and manufacturers, according to a new report. Barclays found 49 per cent of businesses said trading conditions had become more difficult over the last six months, as its measure of confidence hit its lowest level since the [...]
City Moves for 6 June 2016 | Who’s switching jobs June 6, 2016 Deloitte Deloitte has announced Matt Ellis as new managing partner for tax in the UK and Switzerland. He takes over from Andy Hodge who led the practice for the past five years and is retiring from the firm. Matt has held a variety of positions in Deloitte, including in regional offices in Southampton and Reading as well as London. Most [...]
Shell’s balance sheet, renewables strategy to be drawn into focus on Tuesday June 5, 2016 Royal Dutch Shell's balance sheet and renewables policy could be drawn into focus when the oil major holds an investment day on Tuesday. The FTSE 100-listed oil major — which bought BG in a £35bn deal — recently revealed profits slumped 83 per cent in the first three months of 2016. This added to pressure on chief executive, Ben van [...]
JP Morgan relaxes dress code and tells employees business casual is the bank’s new look June 3, 2016 JP Morgan has given its staff a little Friday boost, with the news that the bank is adopting a firm-wide business casual dress code. "As we continue to look for different ways to enhance our workplace, we’ve decided to expand the business casual dress code firmwide, starting tomorrow," the US bank said, adding that the new [...]
City Moves for 3 June 2016 | Who’s switching jobs June 3, 2016 Dollar UK Dollar UK, a provider of consumer finance – both online and on the high street – has appointed Tony Deakin as its new chief financial officer. Tony, the former CFO of LaSer UK, the consumer finance arm of BNP Paribas, will report directly to chief executive Stuart Howard. Tony is a fellow of [...]
Mental health: First aid could save your company money June 3, 2016 With knock-on effects like sickness absence, loss of productivity and diminished morale, it is estimated that mental health issues cost the UK economy anywhere between £70bn and £100bn a year. Personal experience of working in a range of occupational health settings has shown me that being at work is actually beneficial for the majority of people [...]