Mark Kleinman: My bold predictions for 2023 in the City – from Natwest to Spurs January 11, 2023 After the political and economic events of 2022, the idea of being able to predict anything with confidence seems even more outlandish than usual. Nevertheless, with the UK economy precariously balanced less than two years before a general election, these seem – in early January – to be sensible bets for UK plc in 2023. [...]
Number of cash withdrawals in the UK rises for first time in 13 years January 11, 2023 Cash usage increased for the first time in 13 years in 2022, according to fresh data from Nationwide, as Brits responded to the cost-of-living crisis by budgeting with physical money. “For the first time in years we are seeing a natural rise in cash withdrawals as people return to using cash to help avoid getting [...]
NatWest helps firms and customers concerned with ‘cutting back on food and groceries’ January 11, 2023 NatWest has announced new measures to help squeezed businesses and customers in debt after noticed people are cutting back on food and fuel amid decades-high inflation. The banking giant, which was majority owned by the UK Government until last March, said it was extending the repayment period for customers who have missed several payments on [...]
Barclays, NatWest and HSBC increasingly targeted by litigation funders in wave of class-action lawsuits January 9, 2023 The UK’s top banks are increasingly being targeted with class-action lawsuits as litigation funders back claims against some of Britain’s largest lenders in their pursuit of high returns. Banks listed on the FTSE 100 index are currently facing at least 109 class-action lawsuits in multiple countries around the world, according to analysis by law firm [...]
Venture’s gender gap: Top tech investors still don’t trust female founders, researchers find January 3, 2023 Tech investors still do not trust female entrepreneurs due to the prevalence of male founders and the popular perception that top tech tycoons are all young white men, researchers have found. In a new peer reviewed study, researchers at Vienna University of Economics and Business found that investors backing tech start-ups seek out certainty in [...]
NatWest chief Rose receives Damehood in King’s first new year’s honours list December 30, 2022 The head of high street and still partly taxpayer owned NatWest Alison Rose will receive a Damehood in King Charles’s first new year’s honours list since succeeding The Queen. Rose, 53, became the first woman to head a top UK lender when she was made chief executive in November 2019. She has been awarded a [...]
FTSE 100 nudges higher after BoJ tightening boosts UK banks December 20, 2022 London’s FTSE 100 nudged higher today after banks were boosted by yet more signals from the global central banking community that policy will keep tightening next year. The capital’s premier index added 0.13 per cent to close at 7,370.62 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of [...]
Relief for mortgage prisoners: Six banks to begin lending on flats with unsafe cladding December 20, 2022 A handful of the country’s biggest banks will consider mortgage applications for some flats with dangerous cladding from January, in a sigh of relief for people trapped in unsellable properties. Lenders withdrew mortgage provisions for unsafe flats following the Grenfell Tower disaster, when 72 people were killed in a fire at a high-rise block in [...]
London economy contracts as rampant inflation chills spending December 12, 2022 London’s economy contracted last month as it is squeezed by roaring inflation and swelling business costs, a new survey out today shows. Rampant price rises prompting a spending slowdown from consumers sent a chill through businesses in November, according to NatWest’s purchasing managers’ index (PMI). The high street bank’s PMI dropped to a 22-month low [...]
City Moves: Who’s switching jobs in the Square Mile? December 7, 2022 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. The Bank of London The Bank of London has poached its new chief financial officer from Metro Bank. Banking veteran Marc Jenkins, who will also join the executive management committee, spent two years as deputy and acting [...]