We need more competition in business finance — and Open Banking can help August 20, 2020 SME banking has been a persistent problem. In 2016, the government set out to challenge the oligopoly of high street banks. A sizable alternative lending sector was created, accounting for up to 30 per cent of SME lending pre-coronavirus, and challengers have managed to capture over 20 per cent of business current accounts. Many have [...]
So what if Sajid Javid has a new job? Outside interests can make for better MPs August 19, 2020 A former Deutsche Bank board member has joined JP Morgan as part of the US bank’s EMEA advisory council. Hardly front-page news, you would imagine — notices in brief in a financial publication, at best. Except that the DB alumnus is Sajid Javid, former chancellor of the exchequer and currently MP for Bromsgrove. The reaction [...]
Lending through key UK coronavirus schemes tops £52bn August 18, 2020 Bank lending to struggling businesses through the government-backed coronavirus lending programmes has topped £52bn, figures today showed. The bounce back loan scheme (BBLS), under which the government backs 100 per cent of loans up to £50,000, has seen by far the most use. Treasury figures showed £35.5bn had been lent out through the programme by [...]
Brexit: City faces wait beyond 2020 for EU financial market access August 18, 2020 Canada may not know whether it will gain post-Brexit access to EU markets until next year, according to Brussels’ financial services chief. European Commission executive vice president Valdis Dombrovskis warned yesterday that regulatory equivalence – which would give City firms access to the EU – could still take months to be granted. [...]
JPMorgan appoints former Chancellor Sajid Javid to advisory role August 17, 2020 JPMorgan has hired former Chancellor Sajid Javid as a senior adviser, the bank announced on Monday. Javid will take up a role on the Wall Street giant’s advisory council for Europe, the Middle East and Africa (EMEA). It’s a move that sees him resume his career in investment banking. He quit his role at the [...]
Ranked: Monzo and Starling top list of best UK banks August 17, 2020 Digital fintechs Monzo and Starling are better than traditional banks at providing the best service to personal banking customers, according to a recent survey. The Competition and Markets Authority (CMA) conducted a survey of around 1,000 customers of each of the 19 largest personal current account providers in Britain to rank the best and worst [...]
Bank of England paper says banker bonus cap can reduce excessive risk-taking August 14, 2020 The European Union’s cap on banker bonuses introduced after the financial crisis a decade ago can help to curb excessive risk-taking, a Bank of England study showed today. Britain had unsuccessfully opposed the cap, but bankers in London have been nurturing hopes that it could be discarded now that the country has left the EU [...]
Natwest to bring wealth management divisions under single leadership August 14, 2020 Natwest has today announced that it will bring all of its wealth management businesses under the single leadership of private banking chief executive Peter Flavel. In a bid to strengthen its relationship with its high and ultra-high net worth clients, the lender said the move would bring together Coutts, Adam & Company, Holt’s, Drummonds, PCAIS [...]
Goldman and Barclays eye General Motors’ credit card business August 12, 2020 Goldman Sachs and Barclays are reportedly among bidders for General Motors credit card unit. The two banks are among a small number of suitors for the car company’s credit card business which has about $3bn (£2.3bn) in outstanding balances, according to The Wall Street Journal. Goldman currently has a relatively small presence in consumer banking, [...]
Coronavirus: Natwest to slash 500 jobs and shut London office August 12, 2020 Natwest today said it will cut at least 500 jobs across its retail business and shutter one of its London offices as it battles to cut costs during the Covid-19 crisis. The bank said it will carry out a voluntary redundancy plan affecting 550 roles in its branches and premier banking service. It will also [...]
