Sadiq Khan calls for more government engagement on financial services post-Brexit March 15, 2021 Sadiq Khan has called for the government to provide greater clarity for Canada post-Brexit, with the mayor telling Rishi Sunak to “address the concerns of London’s financial and professional services sector”. Khan wrote to the chancellor today to call for the government to secure equivalence for the financial services sector, in order [...]
Provident Financial reveals watchdog probe of home credit division March 15, 2021 Doorstep lender Provident Financial has today revealed that it is being investigated by the Financial Conduct Authority (FCA) over its home credit business. The probe will focus on “consideration of affordability and sustainability of lending to customers” at the division between February 2020 and February 2021. Provident said that it was aware of the need [...]
Andrew Bailey under pressure over link to RBS scandal March 15, 2021 Bank of England Governor Andrew Bailey is under fire after it emerged that he played a role in designing a scheme that left thousands of small businesses in ruin after the financial crisis. Bailey was one of those who helped the Treasury design its Asset Protection Agency, which pressured lender RBS (now Natwest) to withdraw [...]
Central banks must play ‘clear role’ in greening financial system, argues think tank March 15, 2021 Central Banks, including the Bank of England, must have a strategy for helping countries achieve net zero emissions, according to a report published today. The report, funded by the European Climate Foundation, argues that achieving a net zero economy is the best way of minimising the risks of climate change. It calls for central banks [...]
Why Greensill’s collapse could spell calamity for Gupta’s steel empire March 12, 2021 Australian financier Lex Greensill’s financial empire has collapsed just a year after seeking a $7bn valuation. On Monday Greensill Capital filed for administration and it risks taking Sanjeev Gupta’s steel empire down with it. What went wrong for the banker and the steel magnate and how will its demise affect thousands of British steel jobs? [...]
GFG Alliance in talks with Greensill’s administrators over ‘standstill’ deal March 12, 2021 Sanjeev Gupta’s GFG Alliance is in negotiations with Grant Thornton, the administrators of collapsed Greensill Capital, over a “standstill agreement” between the two parties. It comes after court filings submitted earlier this week revealed that GFG, Greensill’s biggest client, had begun to default on repayments to the boutique bank. It has been reported that Gupta [...]
Natwest winds down online lending platform Esme March 12, 2021 Natwest’s foray into the fintech world has come to an abrupt end with the closure of its standalone SME lending platform Esme Loans. Esme launched in 2017 offering loans between £5,000 and £150,000 for small business customers. The terms were usually between between one and five years and backed by personal guarantees. Now the platform [...]
Diversity blow: UK banks lost 10,000 women in 2020 March 12, 2021 The number of women at the UK’s five biggest lenders shrank by three per cent during 2020, according to new Bloomberg data. Men saw a decline of around 2.1 per cent as banks pushed ahead with long-planned cuts and navigated the Covid-19 crisis. At NatWest, roles filled by women fell by nine per cent compared [...]
Deutsche Bank boosts CEO pay by 46 per cent following return to profit March 12, 2021 Deutsche Bank raised CEO Christian Sewing’s pay by 46 per cent to $8.8m in 2020 as the bank revelled in profit after years of losses. Bonuses for the entire bank were up 29 per cent as it rewarded its senior staff for a pandemic-related trading boom. Some were less impressed with the rise, as call [...]
Barclays must pay £33m legal bill for Amanda Staveley court case March 11, 2021 Barclays will have to pay £33m in legal bills despite winning its case against Amanda Staveley over how bank bosses negotiated investment deals during the financial crash. In the High Court today Judge David Waksman said he made “no order as to costs”, so both sides will pay their own bills. According to court documents, [...]
