Bank customers missing out on financial advice as mobile channel fails to drive engagement May 24, 2016 Banks are failing to provide customers with enough financial advice, a new survey has shown. The second annual Performance Against Customer Expectations (PACE) index from banking software firm FIS has revealed 82 per cent of UK banking customers receive no financial advice as the fast growing mobile channel struggles to offer the same level of engagement [...]
More national newspaper job losses (and a canteen closure) as Telegraph seeks savings May 24, 2016 More national newspaper jobs are being lost this week as part of a cost-cutting push by the publisher of the Daily Telegraph. Telegraph Media Group (TMG) chief executive Murdoch MacLennan set out several money-saving measures on Monday, including the closure of the staff canteen. And the company, which is owned by the Barclay brothers, Sir David [...]
China just joined a major blockchain consortium May 24, 2016 A Chinese insurer is the latest business to join the major R3 blockchain consortium and the first financial institution in the country to become a member alongside the likes of Barclays, HSBC and Goldman Sachs. Ping An, the second largest insurance firm in China, has joined the group, which was formed late last year to work on [...]
Investment banks endure worst first quarter since financial crisis May 24, 2016 The world's 12 largest investment banks endured their slowest start since the financial crisis, in what's typically their most lucrative period. Their revenue fell 25 per cent in the first quarter from a year ago as a wave of volatility rippled through financial markets, according to research by industry analytics firm Coalition. European bank shares hit multi-year lows [...]
Why Brexit won’t be a disaster (and as former City minister, I should know) May 24, 2016 As someone who spent 25 years working in finance, four years scrutinising the Treasury as a backbencher, and then two years first as City minister, now as Energy Minister, I've seen at first hand the economic cycles, the disasters and triumphs. These experiences tell me that the UK has an outstanding future as a free trading global [...]
If businesses in the leisure and hospitality industry listened to their customers it could add £3.2bn to the sector May 24, 2016 The hospitality and leisure industry could get a £3.2bn boost if it responds better to reviews, research published today suggested. Improving how the sector manages and responds to customer feedback could add an extra £2bn to the UK economy with the impact on the sector’s large supply chain contributing a further £1.2bn, according to a report [...]
Bosses feel the strain on their entrepreneurial motivation and drive as work woes increase May 24, 2016 London's top executives are being beaten down by regulatory issues and the daily grind of corporate life research out today has revealed. This is having a knock on effect on entrepreneurial motivation and drive, according the survey, commissioned by London-based private bank Kleinwort Benson. The YouGov poll shows that 39 per cent of senior executives [...]
We’re fintech investors, but here’s why we’ll never be based in Silicon Valley May 23, 2016 In 1934, Willie Sutton was asked by FBI agents “why do you rob banks, Willie?”. Sutton replied dryly, “because that's where the money is”. We create rather than rob banks, so why did we set up outside of Silicon Valley, where the tech money is? Because that’s where the banks are. Anthemis is in London, New York and Geneva, [...]
Libor latest: Accused ex-Barclays trader says he was just doing what he was trained to May 23, 2016 A former Barclays trader accused of Libor-rigging related offences told the court today that email requests by staff for certain rates were indicative of what they were trained to do. Jay Merchant, along with fellow former traders Stylianos Contogoulas, Alex Pabon and Ryan Reich and former Libor submitter Jonathan Mathew, is standing trial charged with conspiracy to defraud [...]
At the close: FTSE falls after oil price drop erases earlier gains May 23, 2016 A meandering start to the week saw the FTSE 100 climb strongly shortly after the open only to fall back before lunch time. The blue-chip index ended the day at 6,136.43, down 0.32 per cent from yesterday's close price. The falling oil price, down over one per cent and moving away from the psychologically important $50 per [...]