Mortgages, real estate and government debt: Three things that worry the Bank of England March 27, 2024 The FPC, which was established in 2013, monitors financial stability risks and tries to prevent those risks developing into threats to wider UK financial stability.
London homeowners saving less money as gap between renting and buying narrows March 27, 2024 In London, the monthly difference between renting and buying is just one per cent. Buyers in the capital save £12 a month compared to their lodging counterparts.
The Co-operative Bank to slash 400 jobs in cost-cutting drive March 26, 2024 The Co-operative Bank has announced that it plans to cut around 400 jobs as the lender looks to reduce costs.
Atom Bank boss on rapid growth, London IPO and why high street challengers are a ‘dying breed’ March 24, 2024 City A.M. speaks to Atom Bank CEO Mark Mullen about the challenger bank landscape, his firm's rapid growth and plans for a London IPO.
House prices show stability despite higher interest rates, but rents continue to surge March 20, 2024 The average price of a home was £2,000 cheaper in January when compared to the exact same period the year before, according to new government figures.
Nationwide’s Virgin Money bid heralds new era for mutuals’ challenge to big banks March 18, 2024 Nationwide, the world's largest building society, is gearing up for the UK's biggest banking tie-up since the financial crisis as it looks to finalise a £2.9bn takeover deal for high street rival Virgin Money in the coming weeks.
OneSavings Bank shares tank as profit slumps on mortgage customers racing to refinance March 14, 2024 OneSavings Bank has posted a slump in annual profit after the bank took a £181.6m hit from changing customer behaviour, while it has softened the blow to investors by announcing a new £50m share buyback.
Metro Bank swings to first annual profit since 2018 while slashing 1,000 jobs March 13, 2024 Metro Bank has swung to its first annual profit since 2018 after the branch-focused lender was rescued from potential collapse by a major refinancing package and embarked on a restructuring set to involve 1,000 job cuts.
Mortgage arrears surge 50 per cent to seven-year high as Brits squeezed by higher rates March 12, 2024 The proportion of UK mortgages in arrears rose to its highest level since 2016 at the end of 2023, according to data from the Bank of England, as borrowers are squeezed by high interest rates and household costs.
Richard Branson ‘set for £650m payout’ from potential Nationwide takeover of Virgin Money March 10, 2024 Sir Richard Branson is set to receive upwards of £650m from a potential takeover of his challenger bank Virgin Money by Nationwide, it has been estimated.