Banking Headlines

  • Who presided over RBS scandal?

    FCA must find a way to bring to book those who orchestrated a systematic and endemic culture of screwing customers Choose your own best illustration of the underhand and devious techniques employed by Royal Bank of Scotland’s Global Restructuring Group to gouge small business customers via fees, made-up penalties and punitive interest rates. There are dozens in the regulatory report that – finally – has been put on public display. Here’s a contender from the infamous “Just Hit Budget” memo:...

    the Guardian
  • MPs publish full unredacted report into RBS small business scandal

    Treasury committee releases details of ‘widespread inappropriate treatment’ that City watchdog refused to make public The Treasury committee has published the full unredacted report into Royal Bank of Scotland’s “disgraceful” treatment of struggling small businesses that came to it for financial assistance in the wake of the banking crisis. The influential group of MPs, chaired by Nicky Morgan, released the report after a long-running stand-off with City watchdog the Financial Conduct...

    the Guardian
  • Discovery Bank doing live system tests

    Discovery Bank is measuring its capabilities with live testing.

    @mybroadband
  • HSBC profits more than double to $17.2bn

    End of restructuring costs boosts performance but Trump tax writedown misses forecasts HSBC Holdings’ pre-tax profit for 2017 has more than doubled to $17.2bn (£12.3bn), due largely to the absence of hefty restructuring costs, but the figure still lagged behind expectations as the bank took a writedown to take in US tax changes. On the chief executive Stuart Gulliver’s last day in the job, Europe’s biggest lender by market capitalisation also announced plans to bolster its capital base by...

    the Guardian
  • Deutsche Bank is axing up to 500 trading and investment banking jobs

    Deutsche Bank planning to cut up to 500 trading and investment banking jobs globally. Redundancies are part of plans to cut costs after three years of deep losses at the bank. LONDON — Deutsche Bank is planning to cut up to 500 trading and investment banking jobs, according to multiple reports. Bloomberg, The Financial Times, The Times, and the Telegraph all reported on Tuesday that the German bank is planning major job cuts. Deutsche Bank did not respond to Business Insider's emailed request...

    Business Insider
  • Sweden's Mission to Go Cashless May Have Gone Too Far

    Cash is disappearing from Swedish businesses at a rate that threatens the country's cash infrastructure.

    Fortune
  • RBS looks to be in the money – but looming fine may put paid to that

    The bank’s reporting a profit for the first time in 10 years but its troubles aren’t over – and it’s not the only one in difficulty This week should be a landmark for Royal Bank of Scotland. The publication of its annual results on Friday should mark the first time since the financial crisis that the taxpayer-backed bank has reported a profit for shareholders. RBS’s dire run started in 2008, when it racked up a loss of £24.1bn – the biggest in UK corporate history. The bank almost collapsed that...

    the Guardian
  • Standard Bank “credit card fee” under investigation

    The National Credit Regulator will investigate Standard Bank’s new credit card fee.

    @mybroadband
  • Banking titans to report annual results in busy week for sector

    The performance of RBS will hinge on whether the lender is hit by a pending settlement with the US Department of Justice.

    Mail Online
  • Standard Life Aberdeen hit by Lloyds axing £109bn asset deal

    SLA share price dips as bank serves notice to terminate deal in 12 months Standard Life Aberdeen has been served notice by Lloyds Banking Group and Scottish Widows on a £109bn asset management deal, further denting shares in the recently merged group. Clients have pulled billions of pounds in assets from SLA in the six months since Standard Life and Aberdeen Asset Management formed one of Britain’s biggest asset managers. Continue reading...

    the Guardian
  • Virgin Money hires Irene Dorner to form female top team

    Move makes British bank the only FTSE 350-listed company with women in top two positions Virgin Money has appointed the former HSBC executive Irene Dorner as chairwoman, creating the only female duo at the top of one of Britain’s FTSE 350-listed companies. Virgin Money had said in October it was in talks to hire Dorner, who will join Jayne-Anne Gadhia, the first female chief executive of a stock market-listed British bank. Continue reading...

    the Guardian
  • Banking regulator given new crisis powers

    The banking watchdog will have beefed up powers to respond during a future financial crisis after new laws cleared parliament.The Australian Prudential...

    Mail Online
  • Japanese bank Sumitomo ignores Brexit to sign a 20-year lease on a new London office

    Sumitomo Mitsui Banking Corporation Europe signs a 20-year lease for 160,000 square foot of space in central London. British Land: "A strong endorsement of London as a global city." LONDON — Japanese bank Sumitomo Mitsui Banking Corporation Europe has signed a 20-year lease on 160,000 square foot of space in central London. British Land, which is leading the development of the 100 Liverpool Street building, announced the deal on Tuesday. Sumitomo is taking three floors in the development,...

    Business Insider
  • Confidential report into RBS small business scandal 'to be published'

    MPs minded to publish widely leaked FCA report which details banks ‘endemic’ mistreatment of customers A confidential report into Royal Bank of Scotland is set to be published by MPs after it was widely leaked, revealing details of the bank’s treatment of nearly 6,000 struggling small businesses in the aftermath of the 2008 banking crash. The Commons Treasury select committee has been locked in a stand-off with the Financial Conduct Authority, which wrote the report, after giving the City...

    the Guardian
  • Are Barclays’ branches at risk over $3bn Qatar loan?

    SFO charge against retail division could mean loss of licence but it is the nuclear option In October 2008, almost a decade ago, the British banking system stood on the brink of collapse. Royal Bank of Scotland and Lloyds Banking Group were rescued by a government bailout, while a third bank – Barclays – avoided the need to take taxpayers’ money through its own fundraising efforts in the UAE and Singapore. Part of that arrangement – a $3bn loan the UK bank made to Qatar – has now come back to...

    the Guardian
  • Lloyds becomes first FTSE 100 firm to set ethnic diversity target

    Bank aims to have 8% of senior management from a black, Asian or minority ethnic background by 2020 Lloyds Banking Group plans to raise the proportion of staff from black, Asian or minority ethnic backgrounds to 8% of senior management by 2020. The bank, Britain’s biggest high street lender, is the first FTSE 100 company to set a formal target to improve ethnic diversity among its top executives. It also aims to increase the proportion of non-white staff to 10% of its total workforce by the end...

    the Guardian
  • Barclays Bank faces fresh SFO charges over £2.2bn Qatar loan

    Charges relating to emergency fundraising in 2008 follow case against parent company last year The Serious Fraud Office (SFO) has charged Barclays Bank over a $3bn (£2.2bn) loan given to Qatar as part of a side deal linked to its emergency fundraising in 2008. It extends a charge brought against the parent firm for “unlawful financial assistance” last July. Continue reading...

    the Guardian
  • Banking dominates consumers' concerns

    THE FINANCIAL SERVICES ROYAL COMMISSION GETS UNDER WAYWHAT ISSUES HAVE CONSUMERS RAISED?The 385 public submissions received so far mainly relate to:* Banking...

    Mail Online
  • Fed President Neel Kashkari has an ominous warning for bank regulators as market volatility surges

    Minneapolis Fed President Neel Kashkari tells us he's still concerned about banks being too big to fail. "The biggest banks need more capital, and that’s the best way to protect taxpayers," he said in an interview. The Fed and other regulators may be moving in the opposite direction under President Donald Trump. The Federal Reserve and other regulators are considering loosening post-crisis financial regulations aimed at preventing another historic meltdown of the sort experienced on Wall...

    Business Insider
  • Let’s Limit Spending

    Some people have called for a balanced budget amendment to our Constitution as a means of reining in a big-spending Congress. That's a misguided vision, for the simple reason that in any real economic sense, as opposed to an accounting sense, the federal budget is always balanced. The value of what we produced in 2017 -- our gross domestic product -- totaled about $19 trillion.

    NewsBusters
  • The power of the big banks remains as they take advantage of customer's loyalty

    The government has chosen banking sector stability over competition, and that’s not good for borrowers or the economy The draft report by the Productivity Commission into competition in the financial sector released on Tuesday is a withering attack on the banking sector – one that paints it as bloated and uncompetitive, and which has seen a focus on stability override a desire for competition. The Australian banking sector is dominated by the big four – Commonwealth, Westpac, ANZ and NAB....

    the Guardian
  • Bank Zero can be good for existing banks – Standard Bank executive

    Standard Bank executive Lunga Siyo states that Bank Zero could have a positive impact on the market.

    @mybroadband
  • Banking customers flee NatWest, Co-op and Barclays

    NatWest, Co-op and Barclays had the biggest net losses of current account customers from high street banks in the second quarter of 2017, according to the latest statistics.

    Mail Online
  • Bank Zero Q&A with Michael Jordaan

    Bank Zero promises lower fees, richer functionality, and transparency to South Africans.

    @mybroadband