HSBC fined £64m for eight years of anti-money laundering failures December 17, 2021 Britain’s financial watchdog has fined HSBC Bank £63.9m for failings in its anti-money laundering processes in the eight-year period between 2010 and 2018, it said this morning. The Financial Conduct Authority (FCA) said it had identified “serious weaknesses” in three key parts of the automated processes that the banking giant uses to monitor hundreds of [...]
Millions of homeowners will see mortgage rate rises as ‘softer’ house price growth forecast December 16, 2021 Major banks have hiked mortgage interest rates in response to the Bank of England hiking rates 0.15 percentage points to 0.25 per cent. Banks raised rates following the decision on Thursday, meaning millions of households will pay heftier monthly mortgage repayments. Barclays, Halifax, Lloyds Bank, NatWest, Nationwide and Santander will pass on the increase to [...]
FTSE: Lloyds, Barclays and Natwest shares surge on Bank of England surprise interest rate hike December 16, 2021 London markets are up around one per cent this lunchtime after a surprise interest rate hike from the Bank of England saw Lloyds Bank, Barclays and Natwest shares take off. The capital’s premier FTSE 100 index was still up 0.99 per cent after the rates call from Threadneedle Street, while the mid-cap FTSE 250 index, [...]
State-owned NatWest slapped with £265m money laundering fine December 13, 2021 State-owned bank NatWest has today been slapped with a £265m fine for failing to stop millions of pounds of dirty money flowing through its system. The judgement concludes the first money laundering case against a British lender. The verdict sparked speculation among City expects over whether it will prompt global regulators to pursue other financial [...]
Global banking bigwigs slapped with millions in fines for FX rigging December 2, 2021 Some of the world’s largest banks were today slapped with millions of pounds in fines for their role in rigging foreign exchange markets. HSBC, Barclays, Credit Suisse and NatWest were each reprimanded by the European Commission for having employees on their books that created a cartel that spiked currency markets. HSBC was hit with the [...]
New ‘purpose-built’ $1bn UK clearing bank launches in London November 30, 2021 London gets its second new clearing bank in 250 years today, as The Bank of London launches in the city to approve and process cross-border payments. Founded by Anthony Watson, a former chief information officer at both Nike and Barclays, The Bank of London is taking on the four banking giants HSBC, Lloyds Banking Group, [...]
Facebook Marketplace a hotbed for scams warns Natwest November 25, 2021 People doing their Christmas shopping online should beware of scammers on social media sites according to new Natwest data.
IMServ hires former British Gas CEO Ian Peters as chairman November 25, 2021 IMServ has appointed former British Gas CEO Ian Peters as chairman to drive the data collection specialist's growth plans.
City Moves: Who’s switching jobs in the Square Mile today? November 25, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Deloitte Deloitte’s Financial Advisory practice has hired a new partner in its Financial Institutions Group (FIG) Corporate Finance M&A Group, to help offer advisory services to banking clients. Joining from investment bank Alantra after beginning his career at Lloyds [...]
It starts with a chat: FinnCap CEO Sam Smith on the female IPO deficit November 24, 2021 Sam Smith has led FinnCap through a particularly busy six months, as a flurry of activity in the M&A and IPO markets helped the City broker achieve record half year results last week. Earnings jumped 55 per cent to a record £32m, pre-tax profit was up around three-quarters to £6.3m, and the firm enjoyed a [...]