Bitcoin: Banks are worryingly complacent about the coming digital currency storm January 25, 2016 The financial services industry is dangerously complacent in its approach to digital money. Some of the major banks almost look like they fear technological change that promises greater transparency, efficiency and security at a lower cost. Too many industry players and regulators have spent more time shutting down innovations than driving them. Barclays, Chase, Westpac [...]
Astbury Marsden warns City workers face bonus shock this year January 25, 2016 City workers are anticipating bumper bonuses this season, but recruitment experts have warned that they could be in for disappointment. Two thirds of employees are expecting a hefty bonus payout, according to a survey published by Astbury Marsden this morning. Yet the job specialist’s MD, Adam Jackson, added: “This optimism is being severely tested. The current [...]
British banks face landmark legal challenge over mis-selling of interest rate swaps January 24, 2016 Britain's biggest banks are set to face yet another legal challenge tomorrow, when a hearing relating to the mis-selling of rate swap products begins in the Royal Courts of Justice. The hearing, which is expected to last no more than three days, could have far-reaching implications for a multi-billion pound scheme to compensate victims of [...]
Debrett’s 500 most influential people: Who’s in and who’s out in business and finance – Mark Carney and Richard Branson joined by Neil Woodford and Nemat Shafik January 24, 2016 The City movers and shakers of the year have been named by Debrett's, in its annual list of the most influential people in the world – from actors and writers to scientists and politicians. In business and finance, it's a who's who of the top men and women at the biggest companies and the most powerful names [...]
Banks told to fix failing technology and put IT experts on board by Andrew Tyrie after RBS, Barclays and HSBC online banking issues January 24, 2016 Banks have been told to fix their technology and add better IT expertise to their boards after a series of failures and glitches. RBS, Barclays and HSBC have all suffered problems which left customers without access to online services or unable to make payments over the last six months of 2015. “Every few months we have [...]
City Moves for 22 January 2016 | Who’s switching jobs January 22, 2016 RateSetter Marketplace lender RateSetter has appointed Paul Marston as head of SME lending and Angela Yotov as head of legal. Paul joins from Secure Trust Bank, a challenger bank, where he was managing director of the business and commercial division which provides funding for SMEs and property development loans. Prior to that he was a [...]
Ex-Barclays chief executive Bob Diamond’s daughter Nell takes on the business world with luxury interiors company Hill House Home January 21, 2016 Former Barclays chief executive Bob Diamond has moved from banking to blog-design according to his daughter Nell, who this week launched a startup selling high-end bedding in New York. “My dad’s area of expertise obviously isn’t e-commerce and retail, but he’s so excited I’ve gone this route as an entrepreneur,” said Diamond Junior, speaking exclusively to [...]
Memo to Barclays staff from Tom King confirms job cuts at its investment bank as it closes its Moscow and Brazil offices January 21, 2016 Barclays has confirmed hundreds of job cuts as it unveiled plans to pull out of some emerging markets. In a memo to staff today, Tom King, the new chief of Barclays' investment bank, said the bank will re-focus on its businesses in the UK and US, as well as maintaining a presence in key markets including China, Hong [...]
Euro plummets as Mario Draghi opens the door for more easing in March January 21, 2016 Eurozone monetary policy could be loosened further in March, European Central Bank (ECB) chief Mario Draghi has suggested. The euro immediately dropped 0.6 per cent against the dollar. European stocks shot up, with the German Dax rising over one per cent, building on earlier gains. The French Cac 40 also jumped an extra one per cent after [...]
Challenger Shawbrook poaches Evelyn Hamilton from Lloyds Banking Group January 21, 2016 Shawbrook has hired a new managing director of consumer finance, announcing in a statement this morning that Evelyn Hamilton has joined the challenger from Lloyds Banking Group. Hamilton becomes just the latest high-profile hire for the challenger, which floated on the London Stock Exchange last April. The bank announced last autumn that it had poached Santander's then-head [...]