Record 267 bank branches were closed across UK within just three months November 10, 2021 Data from the Financial Conduct Authority (FCA) shows that 267 bank and building society branches were closed permanently between April and June of this year, leaving the overall network 4.55 per cent smaller at 5,599. The closures meant less than two-thirds of the UK population (60.1 per cent) are now within 2km of a bank [...]
Barclays rings the c-suite changes after Staley exit November 9, 2021 British bank Barclays is ringing the changes in the c-suite after former chief Jes Staley decided to leave the lender to fight the findings of a probe into his characterisation of his relationship with convicted sex offender Jeffrey Epstein. The lender has appointed Paul Compton as its new head of investment banking, it announced today, [...]
Senior Tory MP Geoffrey Cox starts £400k-a-year job at City law firm November 8, 2021 Senior Tory Geoffrey Cox has revealed he has started a £400,000-a-year job at a City law firm as parliament prepares to discuss whether MPs should be able to have lucrative second jobs. Cox, a former attorney general, started his new role at multinational law firm Withers LLP on 1 November and will be working 41 [...]
COP26: HSBC makes green push as it pumps £500m into new fund for SMEs across UK November 8, 2021 HSBC has launched a £500m Green SME Fund, the banking giant said. The new £500m fund is available for businesses with a turnover of less than £25m and will offer 1 per cent cashback on loans, starting from £1,000 to help SMEs invest in green activities, HSBC clarified. “This is the first green offering for small businesses with a [...]
Credit Suisse chair Antonio Horta-Osorio says largest investors back bank overhaul November 7, 2021 Credit Suisse chairman Antonio Horta-Osorio has today revealed that the six largest investors of the bank back its newly announced strategy, according to reports. “We are in close contact with our shareholders – in particular the six largest, who together own around 30 per cent of the capital,” Horta-Osorio told Swiss newspaper NZZ am Sonntag, [...]
State Street denies bank staff must get special approval to hire white men November 7, 2021 Investment bank State Street tonight forced to push back against reports it will insist managers get special approval to hire white men over female or minority candidates. The bank wants to triple the number of black, Asian and other minority staff in senior roles by 2023 and has mandated lower bonuses for execs if they do not hit [...]
Virgin Money restructuring plans push shares down 7 per cent November 4, 2021 Shares in Virgin Money have fallen 7.3 per cent this afternoon after the digital bank revised its strategy to include an expensive cost-cutting exercise. In an unscheduled trading update the lender unveiled plans to “accelerate” its switch to digital banking services, but warned of the cost-cutting exercise this would incur over the next three years [...]
Metro Bank shares surge on Carlyle Group takeover approach November 4, 2021 Shares in high street lender Metro Bank jumped 35 per cent today after it confirmed it was in talks with funds linked to the Carlyle Group regarding a takeover. Shares are currently up 35 per cent at 139p per share. It added in a statement there was no certainty an offer would be made and [...]
Revolut backing venture capital firm Draper Espirit portfolio value jumps to £1.3bn November 4, 2021 UK venture capital firm Draper Esprit, which backed fintech star Revolut, expects its gross portfolio value to exceed £1.3bn. The results, predicted for its interim results for the period ended 30 September, would mark a jump of over half a billion pounds compared to the same period last year when the venture capital firm recorded [...]
Top finance brass: City grandees need to show off green stripes to rake in bonuses November 3, 2021 City grandees will need to show off their green stripes to rake in bumper bonuses, some of the finance industry’s top brass said today. The chief of one Britain’s biggest banks, part state-owned NatWest, sent a warning shot to the bank’s top dogs that their environmental track record will be considered when awarding bonuses. Speaking [...]
