Banking Headlines

  • Virgin Money takeover by CBYG to result in 1,500 job losses

    £1.7bn deal creates UK’s sixth-largest bank with 6 million customers and 9,500 staff More than 1,500 jobs, mainly senior management posts, are to be axed in the £1.7bn takeover of Virgin Money by the owner of Clydesdale and Yorkshire banks. Clydesdale and Yorkshire Bank Group (CYBG) and Virgin Money have agreed to create the UK’s sixth-largest bank with 6 million personal and small business customers. Continue reading...

    the Guardian
  • UK debit cards transactions overtake cash for the first time

    Consumers used debit cards 13.2bn times in 2017, while the number of cash payments fell 15% Debit card payments have overtaken cash as the most popular form of payment in the UK for the first time, according to banking industry figures. Consumers used their debit cards 13.2bn times last year, up 14% compared to 2016, according to a report by UK Finance, the trade body for the UK banking and financial services sector. The number of cash transactions fell by 15% to 13.1bn transactions in the same...

    the Guardian
  • Number of card payments overtakes cash for the first time ever in the UK

    Estimated 63 per cent of Britons use contactless payment
  • Tourists and tech bring resilient Iceland back from the brink

    When the country lets its banks go bust 10 years ago, there seemed to be no timetable for recovery. Things have changed Ten years since the financial crisis in Iceland, the noise of the computer servers mining for bitcoin on a former Nato airbase is many decibels louder than the vast turbines spinning away in the hydroelectric power plant down the road. Having come through the crisis a decade ago, Iceland is now enjoying an economic revival, with technology, renewable energy and tourism...

    the Guardian
  • The case for Glass-Steagall Act, the Depression-era law we need today

    The case for reviving the Glass-Steagall Act has surprising support across the political spectrum. Here’s why we should listen Eighty-five years ago this weekend, on 16 June 1933, Franklin Delano Roosevelt signed the Banking Act of 1933, better known today as the Glass-Steagall Act. Until it was formally repealed in 1999, the Glass-Steagall Act required a separation between depository banking and investment banking (and later, insurance companies). In recent years, the idea of resurrecting the...

    the Guardian
  • MPs threaten to publish internal Lloyds report into HBOS Reading fraud

    Cross-party group to publish 2013 report by Lloyds employee unless bank agrees to publish it first A group of MPs have said they will publish a report into what Lloyds Banking Group knew about a fraud at its HBOS Reading unit, following years of campaigns for full disclosure by its victims. The fraud was one of Britain’s worst-ever banking scandals and the report claims that HBOS in 2008 concealed the fraud in an attempt to prevent the failure of a rights issue and its subsequent takeover by...

    the Guardian
  • How MPs' report into women in finance could lead to better banks

    Banks need to employ more women and pay them fairly. But men can also be put off by the City's 'alpha male' culture, the sort of men who might be less inclined to land their employers with huge fines were they hired more often
  • MPs urge banks to end 'alpha male culture' to close gender pay gap

    Treasury committee finds pay gap is 49% in favour of men at banks and 38% at building societies MPs have called on Britain’s banks and other financial firms to tackle their “alpha male culture”, in a parliamentary report that recommends measures to close the City’s gender pay gap including clearer criteria for awarding bonuses and senior male executives taking up flexible working. The Treasury committee’s report follows its investigation into women in finance, and found the alpha male culture...

    the Guardian
  • The City must tackle 'alpha male culture' to boost diversity, says Treasury Committee

    Politicians call on financial firms to do more to encourage flexible working and root out unconscious bias that hampers women's careers
  • Robots could replace as many as 10,000 jobs at Citi's investment bank

    Robots could replace as many as 10,000 human jobs at American banking giant Citi within five years, according to one of its most senior executives. Citi's president Jamie Forese described roles in operations and technology as the "most fertile for machine processing." Robots could replace as many as 10,000 human jobs at banking giant Citi within five years, its president told the Financial Times. "We’ve got 20,000 operational roles. Over the next five years could you make it 10,000?" Jamie...

    Business Insider
  • UK economy shows greatest signs of stress since 2012

    Downturn evidence mounts as poll has employer pessimism at highest for six years The British economy is showing the greatest signs of stress since the eurozone crisis and fears of a double-dip recession six years ago, as worrying reports show the steepest fall in manufacturing output and the greatest degrees of pessimism among employers since 2012. Concerns over Brexit and a slowdown for high street spending are among the major factors contributing towards 2018 being the worst time in six years...

    the Guardian
  • Could the Swiss Vollgeld referendum offer an opportunity to truly take back control?

    Unknown to most of the population, 90 per cent of Switzerland's money is created by private banks 'out of thin air' when they lend
  • FNB rolls out nav>> Money tool for banking app

    FNB has launched its nav>> Money tool for its banking app.

  • Swiss voters rejected a radical move to reform banking

    Reuters Swiss voters  have rejected a radical reform of their banking system, which would have moved control of money creation  from private to public hands. The Vollgeld reform was vetoed in a referendum on Sunday by a vote of 76% opposed. Executive bankers and other opponents have expressed relief after calling the attempts at reform a “reckless experiment.” Swiss voters have rejected a referendum proposal that sought to bring an end to fractional reserve banking. The Vollgeld (Sovereign...

    Business Insider
  • TSB report raises further questions over parliament appearance

    IBM indicates bank’s IT problems were more wide-ranging than Paul Pester said TSB has come under further pressure over the information it provided to parliament about its recent computer meltdown following the disclosure of a technical report into the IT crisis at the embattled bank. The leak comes after MPs on the Treasury committee were told by the Financial Conduct Authority, the City watchdog, that the TSB chief executive, Paul Pester, may have been aware that more wide-ranging problems had...

    the Guardian
  • Bad weather delayed a rate rise. Now the political climate’s the problem

    The Bank of England is signalling that interest rates might increase. There are still good reasons to hold off It’s early February all over again inside the Bank of England. Not that governor Mark Carney and his colleagues in Threadneedle Street are missing out on the good weather: it’s just that they are all making speeches about how they are poised, should the economic climate be conducive, to raise interest rates. Carney wrote to the chancellor, Philip Hammond, on 8 February to say it was...

    the Guardian
  • Even after the crash, voters still don’t want safe lending

    A Swiss referendum on responsible banking looks likely to be defeated. And if it fails there, it would have no chance in Britain Ten years after the financial crash, most Britons remain suspicious of calls to be adventurous with public money. Aware that the pre-2008 economy was akin to a high-wire act, they believe lapsing back into the old borrow-to-spend routine will only herald another disaster. That’s why the chancellor, Philip Hammond, feels secure when he bats away calls to throw off his...

    the Guardian
  • SMS payment notifications when the “money has not gone through”

    MyBroadband spoke to Standard Bank, FNB, Absa, and Capitec about the issue.

  • TSB chief under pressure to quit after rebuke from MPs

    Treasury select committee says Paul Pester had ‘not been straight’ about bank’s IT crisis The TSB chief executive is under mounting pressure to quit after MPs said the bank’s board should give “serious consideration as to whether his position was sustainable”. The Treasury select committee said Paul Pester had “not been straight with” MPs and customers about TSB’s recent IT meltdown, and that the bank’s public communications had often been “complacent and misleading”. Continue reading...

    the Guardian
  • Global stocks higher as investor worries on Italy ease

    Global stock markets were higher Thursday as remarks by a European Central Bank board member eased worries about the new Italian government's spending plans. KEEPING SCORE: France's CAC 40 rose 0.6 percent to 5,488.91 and Germany's DAX gained 0.3 percent to 12,866.20. Europe opened mostly...

    ABC News
  • TSB apologises (a lot) but its real problem is about competence

    Paul Pester might also have made his job easier with some generosity in his compensationTSB admits 1,300 customers lost money from accountsPaul Pester, chief executive of TSB, apologised unreservedly, then profusely, then deeply, which showed he’d learned something from his first appearance in the front of the Treasury select committee a month ago. Back then, his priority seemed to be to play down the scale of the IT shambles and boast about how the “underlying engine” was doing its job. This...

    the Guardian
  • TSB admits 1,300 customers lost money from accounts

    Bank’s chief tells MPs TSB is losing 400-500 customers a day since botched IT switch TSB has admitted that 1,300 customers had money stolen from their accounts – in some cases their life savings – by fraudsters exploiting the bank’s recent IT meltdown. Related: Timeline of trouble: how the TSB IT meltdown unfolded Continue reading...

    the Guardian
  • Humble TSB offers more 'sincere' apologies than F bombs in South Park movie in appearance before MPs

    In the wake of an unprecedented and sharply critical letter from its regulator, the bank's bosses struck a markedly different tone to their earlier appearance
  • Timeline of trouble: how the TSB IT meltdown unfolded

    Why the chief executive, Paul Pester, faces a second round of questions from MPs Paul Pester, the under-pressure boss of TSB, will face a second round of questions on Wednesday from MPs on the Treasury committee over the bank’s botched IT upgrade that left up to 1.9 million customers locked out of their accounts. More than six weeks on from the systems meltdown, here is a timeline of how events unfolded. Continue reading...

    the Guardian