People who get ‘poor’ bank rates should ‘shop around’, DWP sec Mel Stride says May 31, 2023 People who feel they are getting “very poor” interest on their savings should “shop around” and find a bank that will pay “a better rate”, the Work and Pensions Secretary has said. Mel Stride said some of the “stickiness” comes because there is “often inertia” and that it is “relatively easy to change and switch [...]
Goldman Sachs to make another round of job cuts as dealmaking slump continues – reports May 31, 2023 Goldman Sachs is considering another round of job cuts over the next few weeks as the drought in dealmaking continues to weigh on performance. According to Reuters, the layoffs – which would total not more than 250 – could include senior figures like partners and managing directors. The news was first reported by the Wall [...]
Proposals to relax rules for small banks in UK a ‘game-changer’ despite US regional banking crisis May 30, 2023 Experts were quick to praise proposals to relax rules on smaller domestic banks as the consultation on the so-called ‘strong and simple regime’ came to an end today. The proposals include simplifying disclosure and liquidity rules for domestically focused banks with less than £15bn in assets.. The rules, the Prudential Regulation Authority (PRA) said, aim [...]
Property fintech LendInvest sells £243m buy-to-let mortgage portfolio following financing deals May 30, 2023 London-listed property fintech LendInvest confirmed the sale of a £243m buy-to-let mortgage portfolio to digital bank Chetwood Financial. The portfolio includes mortgages originated between 1 March 2022 and 30 November 2022 during which time interest rate hikes reduced the profitability of the mortgages. LendInvest will take a £10.5m loss on the sale which will be [...]
Blockchain and Britcoin could bolster fight against ‘fraud epidemic’, experts argue May 29, 2023 The digital pound could be an important weapon in regulators’ fight against the rising tide of fraud, experts have argued. With the widespread scale of scams in the UK, Quant’s chief executive Gilbert Verdian said “we need a complete reset”. Quant builds technology for blockchains, including those underlying central bank digital currencies (CBDCs). According to [...]
Another fine mess: Credit Suisse faces £750m bill over former Georgia PM’s assets May 26, 2023 The embattled, scandal-hit and soon to cease to exist lender Credit Suisse announced this morning it will appeal a ruling in a Singapore court that it breached its duty to safeguard the assets of a former Georgian Prime Minister. The ruling, in a Singapore court, will see the bank forced to cough up $926m (£750m) [...]
How Wall Street is preparing for worst-case scenario debt default May 26, 2023 Anxiety is increasing in parts of Wall Street that rely on Treasury securities to function, with some traders starting to avoid U.S. government debt that comes due in June and others preparing to deal with securities at risk of default. U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise [...]
Monzo founder Blomfield fires parting shot at London as he packs bags for San Francisco May 25, 2023 Monzo founder Tom Blomfield has warned there are no quick fixes for London’s "very real" listings problem, in a parting blow to the capital as he packs his bags for the US.
Anne Boden to step down as chief of Starling as bank reports record profits May 25, 2023 The founder of Starling Bank, Anne Boden, has announced she will step down as chief executive of the firm at the end of June as the bank reported record profits in the year to March today.
Plans to boost scrutiny of regulators don’t go far enough, experts argue May 24, 2023 New plans to boost oversight of financial regulators have been criticised by experts, as the government responds to concerns that watchdogs face too little scrutiny. Earlier this week, the it was reported that the Treasury is planning to beef up the Financial Regulators Complaints Commissioner (FRCC) in order to more robustly hold regulators to account. [...]
