Monzo plans to relaunch paid-for accounts and hire another 500 staff February 17, 2020 British fintech darling Monzo plans to recruit another 500 people as it targets 5.5m users this year and bids again to turn those numbers into a profit. Monzo, which is valued at around £2bn, is set to relaunch paid-for accounts in the first quarter of 2020 after a failed introduction last year, when it reversed [...]
RBS to rebrand as Natwest as bank posts £4.2bn profit under new boss Alison Rose February 14, 2020 Royal Bank of Scotland reported profit of £4.2bn for 2019 today, beating its financial targets as new boss Alison Rose outlined a rebrand of the bank to its Natwest name. But RBS’s share price sank 6.4 per cent to lead the FTSE 100 fallers today. Traders reacted badly to a cautious outlook on growth amid [...]
Natwest Three banker slams ‘pernicious’ US-UK extradition treaty February 10, 2020 A British banker who was extradited to the US for fraud said the extradition treaty between the two countries is a “pernicious law” that is “designed for one outcome — incarceration”. Last week, Autonomy founder Mike Lynch was arrested following a US extradition request. Lynch faces charges of securities fraud, wire fraud and conspiracy in [...]
New RBS boss Alison Rose to be based solely in London February 2, 2020 New Royal Bank of Scotland chief executive Alison Rose is to be based solely in London, even though the state-owned lender is headquartered in Edinburgh. Rose’s employment contrast lists RBS’s office on Bishopsgate as her sole place of work, the Sunday Times reported. Her predecessor, Ross McEwan, had a contract for London and Edinburgh. Rose, [...]
RBS boss Alison Rose mulling thousands of Natwest job cuts January 26, 2020 Royal Bank of Scotland (RBS) is reportedly considering axing thousands of jobs at Natwest as part of a series of cost-cutting measures. Under Alison Rose, who in November became the first woman to run RBS, executives are working on the so-called Project Tusk to slash costs at the state-owned lender. One of the measures being [...]
Banks ‘use fraud warnings to avoid reimbursing victims’ January 24, 2020 Banks are not reimbursing customers who have been scammed because they have been “careless”, despite some signing a voluntary code intended to protect fraud victims, it is alleged. The voluntary industry code introduced in May 2019 was designed to help customers recover life-changing sums lost to fraudsters. However, some of Britain’s biggest banks are refusing to [...]
RBS boss Alison Rose sets aside £1bn for female entrepreneurs January 24, 2020 RBS’ new boss Alison Rose today announced £1bn in funding through Natwest to support female entrepreneurs in the UK. Rose will aim to support the creation of 50,000 startups by 2023 by inspiring half a million people to consider starting a business, of whom at least 60 per cent will be women. Read more: Female [...]
RBS’ digital banking chief to step down in coming months January 21, 2020 The chief executive of Bo, RBS’ digital banking platform, is one of a number of executives who will leave the company in the coming months as part of a reshuffle under new boss Alison Rose. Mark Bailie, who was considered a potential challenger to Rose before her appointment in the autumn, will step down just [...]
London job-seekers optimistic after election January 20, 2020 The number of people looking for jobs in the City surged between November and December, according to a new report, suggesting that Boris Johnson’s emphatic election victory could prove a turning point for the Square Mile’s jobs market. However, the rise was not enough to outweigh the bruising effects of a year of Brexit uncertainty, [...]
Provident Financial shares climb after credit card business beats expectations January 15, 2020 Shares Provident Financial rose today after the subprime lender said its credit card business, Vanquis Bank, performed “modestly above expectations” in the fourth quarter. Provident Financial led the FTSE 250 index risers on Wednesday, with shares up as much as 5.85 per cent to 446.6p by lunchtime. Read more: Non-Standard Finance abandons offer for Provident [...]