TSB to phase out branch cashier roles in job cuts August 10, 2020 TSB has told cashiers that their jobs will be phased out at the start of 2021, following a steep decline in customers banking in its branches due to the pandemic. Those affected by the cuts will have to retrain, change roles or take voluntary redundancy, according to a staff memo seen by Reuters. A total [...]
Natwest set to scrap top bankers in management cull August 9, 2020 Natwest is said to be preparing to oust three of its senior management team, as it trims down on costs during the pandemic. Three executives at the helm of its Natwest Markets division — which has 5,000 staff in total — are to stand down this week, the Sunday Times reported. It comes as chief [...]
The return to work: Here’s when City firms are going back to the office August 7, 2020 Prime Minister Boris Johnson on Thursday said a strong recovery for the UK economy will require people to have the confidence to return to work at the office. The government is worried that hospitality businesses are being hit hard by people working from home. But London firms have adopted a more cautious approach than the [...]
People must have the confidence to return to work, says PM August 6, 2020 An economic recovery will require people to have the confidence to get back to the office, the Prime Minister has said in his latest attempt to push the UK to return to work. During a visit to a housing development in Warrington this afternoon, Boris Johnson told reporters there were “real signs of strength in [...]
UK workers slowest in Europe to return to the office August 6, 2020 British office workers have been much slower to return to their desks than counterparts in France, Germany, Italy and Spain as they continue to work from home, according to new research. Just over one-third of UK white-collar employees have returned to work since the lockdown, compared to almost three-quarters of staff in Europe, according to [...]
Commerzbank warns of a loss in 2020 as Wirecard hits loan book August 5, 2020 German lender Commerzbank posted a 21 per cent drop in profit in the second quarter as loan loss provisions increased and warned it is set to fall to a loss in 2020. Provisions for credit losses rose to €469m as a result of the coronavirus pandemic. Around €175m of the provision was related to scandal-hit [...]
Markets live: FTSE 100 slips and dollar suffers worst month in a decade July 31, 2020 The FTSE 100 fell in early afternoon trading as investors weighed up weak company earnings and the dollar was set for its worst month in a decade as US coronavirus cases continued to rise. London’s premier stock index was down 0.3 per cent at 5,969 points. The FTSE 250 of mid-cap stocks rose 0.4 per [...]
Bank customers may need longer-term crisis support, says FCA July 31, 2020 The City watchdog has said Britain’s lenders may need to consider introducing “sustainable forbearance” for customers who will struggle with loan repayments after coronavirus relief measures end in the autumn. The Financial Conduct Authority (FCA) has launched a “call for input” to determine what measures may be needed once repayment holidays introduced during the pandemic [...]
Natwest sinks to a loss as it sets aside £2.9bn for bad loans July 31, 2020 Natwest sunk to a pre-tax loss of £770m in the first half of the year as it set aside billions of pounds in anticipation of loans turning sour due to the coronavirus pandemic. The banking group – known as RBS until earlier this month – took a hit of £2.86bn in the first half to [...]
Markets live: FTSE 100 tumbles as US GDP blow hits Wall Street July 30, 2020 The FTSE 100 slumped below the 6,000 mark after data showed the US economy suffered its biggest contraction on record amid the coronavirus pandemic and banks’ second-half results disappointed investors. The UK’s blue-chip index slid 2.9 per cent to 5,951 points in afternoon trading. The FTSE 250, comprised of slightly smaller firms, fell 1.8 per [...]