Make green the new normal of financial services August 12, 2020 On the 26 March, the UK was bedding in to the first week of a “new normal”. Lockdown had just begun and we were all adjusting to a completely different way of interacting with our colleagues, friends and family. On the same day, $26 trillion was wiped off the value of global equity markets, as [...]
Government coronavirus business loans total nears £52bn August 11, 2020 The government has lent nearly £52bn to businesses via its emergency coronavirus loans funding schemes as companies try to weather the pandemic-triggered downturn. Data released by the Treasury today showed the total lent to businesses had hit £51.7bn by 9 August. The bounce back loan scheme (BBLS) accounted for £34.96bn with 1,157,296 facilities approved and [...]
TSB to phase out branch cashier roles in job cuts August 10, 2020 TSB has told cashiers that their jobs will be phased out at the start of 2021, following a steep decline in customers banking in its branches due to the pandemic. Those affected by the cuts will have to retrain, change roles or take voluntary redundancy, according to a staff memo seen by Reuters. A total [...]
US Federal Reserve sets out capital ratios for major banks August 10, 2020 The US Federal Reserve today set out capital requirements for major banks following a round of stress tests. It marks the first time the Fed has mandated custom capital requirements for each bank under its new so-called stress capital buffer. The new requirements take effect from 1 october. Goldman Sachs and Morgan Stanley were ordered [...]
Monzo? I’d rather invest my tuppence in the bank August 10, 2020 “Railways through Africa. Dams across the Nile. Fleets of ocean greyhounds. Majestic, self-amortizing canals.” So enthuses Mr Banks to his dubious son Michael. An investment in the Fidelity Fiduciary Bank, in the words of director Mr Dawes, “fires the imagination”. And tuppence is all you need to open an account. Never has the promise of [...]
Natwest set to scrap top bankers in management cull August 9, 2020 Natwest is said to be preparing to oust three of its senior management team, as it trims down on costs during the pandemic. Three executives at the helm of its Natwest Markets division — which has 5,000 staff in total — are to stand down this week, the Sunday Times reported. It comes as chief [...]
Barclays probed by privacy watchdog over reports of spying on staff August 9, 2020 Barclays is being investigated by the Information Commissioner’s Office (ICO) following accusations that it spied on its staff. The UK’s data and privacy watchdog said a formal probe is ongoing, but could not say when it may conclude. It follows a report by City PM earlier this year that Barclays was piloting a system which [...]
The return to work: Here’s when City firms are going back to the office August 7, 2020 Prime Minister Boris Johnson on Thursday said a strong recovery for the UK economy will require people to have the confidence to return to work at the office. The government is worried that hospitality businesses are being hit hard by people working from home. But London firms have adopted a more cautious approach than the [...]
Standard Life Aberdeen profit hit by coronavirus and £25bn Lloyds withdrawal August 7, 2020 Standard Life Aberdeen’s pre-tax profit slumped 30 per cent to £195m in the first half of 2020 after Lloyds withdrew £25bn in the peak of the pandemic. The figures Fee-based revenue fell 13 per cent to £706m as clients pulled their money out to lower fee assets and Lloyds’ scheduled withdrawal of assets. That missed [...]
Let’s give our SMEs all the help they need to expand overseas — by tackling unfair payment charges August 7, 2020 Coronavirus has changed our lives, there’s no denying that. But it’s also changed the way a huge number of businesses operate on a daily basis. We’re not just seeing SMEs cope with new track and trace systems and social distancing rules. They’re revolutionising the way they make money, moving operations online, and even going cashless [...]
