FCA fines Barclays for oversight failings as bank agrees to compensate customers of collapsed Premier FX February 28, 2022 City watchdog the Financial Conduct Authority (FCA) said this morning it has fined Barclays Bank £783,800 for oversight failings in its relationship with collapsed payments firm Premier FX. Barclays was Premier FX’s sole banker in the UK. “The financial penalty takes into account that Barclays has agreed voluntarily to cover the losses of Premier FX [...]
Shares in BP slump sharply following decision to sell stake in Russian oil giant Rosneft February 28, 2022 Shares in BP slumped sharply after the markets opened lower again in London. The oil giant initially dropped by as much as seven per cent, before moving back to roughly 5.58 per cent lower at 363p per share following its decision to sell its nearly 20% stake in Russian oil business Rosneft. The FTSE 100 [...]
Exclusive: BNY Mellon plots launch of crypto custody platform February 26, 2022 US bank BNY Mellon is planning to launch a digital asset custody platform to enable institutional clients to gain exposure to crypto.
Lloyds Bank boss warns of ‘heightened’ Russian cyberattack threat February 24, 2022 The boss of Britain’s biggest mortgage lender today sounded the alarm on potential Russian cybersecurity attacks after Vladimir Putin ordered a full-blown incursion of Ukraine in the early hours of this morning. Charlie Nunn, chief executive of Lloyds bank, said the lender’s top team have “been on heightened alert” to spot any Russian interference with [...]
1MDB Scandal: Trial of former Goldman Sachs banker Roger Ng put on hold after US fails to disclose documents February 24, 2022 The trial of former Goldman Sachs banker Roger Ng, over his involvement in the multi-billion-dollar 1MDB scandal, has been put on hold, after it emerged the US Department of Justice (DoJ) had failed to hand over some 15,500 documents. The decision to pause the trial comes after US prosecutors admitted that a DoJ team had [...]
Booming mortgage lending swings Co-op Bank back to profit February 24, 2022 A sharp rebound in mortgage lending amid a rampant UK housing market swung Co-operative Bank back to profit last year, the bank announced today. A near three-fold increase in net mortgage lending pushed profits at Co-op Bank to over £30m, up from a £103.7m loss in 2020. An ultra-low interest rate environment stoked demand in [...]
Lloyds Bank’s profits in the lift as lender’s mortgage book surges to £293bn February 24, 2022 Lloyds Banking Group has become the latest lending giant to post a bumper annual profit haul after releasing Covid loan loss provisions thanks to the UK’s economic recovery. The group has reported pre-tax profits surging to £6.9bn in 2021, up from £1.2bn the previous year after releasing Covid loan loss provisions thanks to the UK [...]
City banks launch record recruitment drive February 24, 2022 The City banking jobs market is booming as lenders rush to reverse jobs cuts launched during the pandemic, reveals fresh figures published today. The UK’s top banks are looking to hire nearly 3,000 new candidates, according to research by recruiter Morgan McKinley and Vacancysoft. A shortage of skilled workers is intensifying competition between City banks [...]
Southampton FC launches its own Bitcoin Hunt as English football dabbles in crypto February 23, 2022 Southampton Football Club has teamed up with Sportsbet.io to launch its first ever Bitcoin Hunt competition. Launching ahead of the game on Friday, it will give Southampton fans the chance to win a Bitcoin, which has this year been worth between £25,000, with a current price of £28,600. The competition is also set to extend [...]
Exclusive: Most UK businesses failing to offer employees workplace pension support February 23, 2022 Most British businesses do not offer their employees adequate support in understanding their workplace pension plans, according to the results of a survey shared exclusively with City PM In a poll of 365 decision makers from financial services company Mintago, 60 per cent said they do not believe their businesses provide sufficient support to employees [...]
