Visa ‘facing US investigation’ over debit card practices March 19, 2021 Visa is said to be facing a regulatory investigation in the US over concerns it is engaging in anti-competitive practices in the debit card market. The US Department of Justice has been looking at whether Visa limited merchants’ ability to route transactions over card networks that are often less expensive, the Wall Street Journal reported. [...]
Goldman Sachs junior staff slam bank’s ‘inhumane’ 100-hour working weeks March 18, 2021 Junior bankers at Goldman Sachs claimed they have suffered ‘inhumane’ treatment and workplace abuse, leading to a deterioration in mental health while employed by the US investment bank. A survey circulated on Twitter today that was presented to the bank last month, showed that all of the 13 respondents felt their working hours had negatively [...]
OneSavings Bank flags £28.6m fraud by corporate customer March 18, 2021 OneSavings Bank has delayed its results after discovering potential fraud by one of its corporate customers. In a late statement on Wednesday the buy-to-let lender, which was scheduled to publish results this week, said it had recently become aware of possible fraud but maintains it is likely an “isolated incident”. The maximum possible loss could [...]
Credit Suisse replaces asset management head after Greensill collapse March 18, 2021 Credit Suisse has replaced the chief executive of its asset management business and announced plans to separate the division that has faced scrutiny over its Greensill-backed funds. The Swiss bank announced the appointment of Ulrich Korner as chief executive of the asset management business who will report directly to the bank’s chief executive Thomas Gottstein. [...]
HSBC poised to sell French retail network to US private equity subsidiary March 17, 2021 HSBC is poised to sell its French retail network to a subsidiary of US private equity firm Cerberus. Yesterday HSBC France chief executive Jean Beunardeau told employees the firm had decided to progress discussions with the subsidiary, though “discussions are still ongoing and are expected to be for some weeks,” the Financial Times reported. Beunardeau [...]
Female representation in finance improves despite pandemic March 17, 2021 Five years since the launch of a review into female representation in finance, the vast majority of firms have reached or are on track to meet their targets according to new research. The Treasury launched its Women in Finance Charter after a review led by Dame Jayne-Anne Gadhia in 2016 which called on firms to [...]
Aviva boss Amanda Blanc appointed Women in Finance Champion March 17, 2021 Amanda Blanc, chief executive of Aviva, has been appointed the Treasury’s Women in Finance champion. She succeeds Dame Jayne-Anne Gadhia, former chief executive of Virgin Money, who led the 2016 review into the representation of women in the industry. The Treasury launched its Women in Finance Charter after the review and it now has over [...]
Visa plans to increase online interchange fees for UK customers buying from EU firms March 16, 2021 Visa – the UK’s biggest debit card provider – is reportedly planning to increase fees on purchases made by British customers from most of Europe. The payments giant is preparing to inform its 4,000 clients that the interchange fees will be hiked to 1.5 per cent for online credit card payments, Sky News reported. Meanwhile, [...]
City minister calls for ‘responsible capitalism’ in financial services sector March 16, 2021 The UK’s financial services sector should move toward a more “responsible” form of capitalism that takes into account a broader ranger of interests and not just shareholders, according to City minister John Glen. Glen wrote today that the Square Mile was “ideally placed to showcase this responsible capitalism” through, but that firms should “reject some [...]
On-demand pay: is it here to stay? March 16, 2021 | City Talk Millions around the globe depend on regular salaries and plan their budgets based on paydays. But the lockdown has made personal budgeting much more challenging. Many workers have lost their job and many others are now working remotely. Compounding near universal worries about future and immediate financial security are the added stress and logistical challenges [...]
