World Bank President Jim Yong Kim in shock resignation January 7, 2019 The global development community was left stunned this evening after World Bank President Jim Yong Kim unexpectedly resigned. The abrupt announcement means that Kim, who was not due to leave the role until 2022, will be leaving his post at the start of next month for a role in the private sector. In a statement [...]
RBS invests in digital banking startup to rival Monzo and Starling January 7, 2019 The Royal Bank of Scotland has invested in digital current account aimed at students and young people that has set out to rival challenger banks Monzo and Starling. The £2m investment in fintech startup Loot was made through Natwest’s digital-only retail bank Bo, which is due to launch this year, and takes its total shareholding to 25 per [...]
It won’t be plain sailing, but 2019 is full of opportunities for London’s finance sector January 7, 2019 People across the City are steadily returning to work, starting to burn off the holiday excesses, and turning their sights to the exciting possibilities of a new year. It’s obvious that 2019 will present us with substantial challenges, and reserves of resilience and pragmatism will be needed in order to meet them. There will be uncertainty [...]
Lending growth slows as consumers remain cautious ahead of Brexit January 4, 2019 Consumer lending growth dropped to its slowest rate in more than three years in November, according to new data from the Bank of England (BoE). The annual growth rate for consumer credit slowed to 7.1 per cent in November, reflecting weaker flows of new lending, the BoE said. The growth rate was the slowest since [...]
Mortgage approvals decline in November as Brexit uncertainty impacts housing market January 4, 2019 The number of mortgage approvals fell to a seven-month low in November as Brexit concerns continued to rattle the housing market. Mortgage approvals fell to 63,728 in November, down from 66,709 the previous month, according to new figures from the Bank of England (BoE) released today. Mortgage lending rose by £3.5bn in the same month, lower than the [...]
Ex-Credit Suisse bankers arrested over ‘$2bn fraud scheme’ in Mozambique January 4, 2019 Three former Credit Suisse bankers were arrested in London yesterday over an alleged $2bn (£1.58bn) fraud scheme involving loans to state-owned companies in Mozambique. Andrew Pearse, 49, Surjan Singh, 44, and Detelina Subeva, 37, were charged in Brooklyn, New York with conspiring against US anti-bribery law and to commit money laundering and securities fraud, Reuters reported. [...]
Sainsbury’s begins search for new banking chief as Peter Griffiths prepares to retire January 3, 2019 Sainsbury’s has begun the search for a new chief executive of its banking division after confirming Peter Griffiths will step down next year. Griffiths, who has been in charge of Sainsbury’s Bank since 2012, will step down in 2020, Sky News first reported. The supermarket chain confirmed it was in the “early stages” of finding [...]
Ex-Virgin Money boss among two women replacing men on Bank of England’s financial policy committee January 3, 2019 Former boss of Virgin Money Dame Jayne-Anne Gadhia has been added to the Bank of England’s financial policy committee alongside the chair of the Banking Standards Board Dame Colette Bowe, chancellor Philip Hammond announced today. The pair will replace Richard Sharp and Martin Taylor, who are stepping down at the end of the first quarter [...]
Resilience, risk, and regulatory changes: What lies ahead for the UK finance sector January 3, 2019 As we look ahead to 2019, the banking industry could be excused for trying to catch its breath. A decade on from the financial crisis, the path forward still remains fraught with difficulties. Return on equity remains stubbornly low across the board, while cost-income ratios remain high. This year will clearly be defined through the [...]
With mobile technology, we can empower the world’s unbanked January 3, 2019 Financial inclusion must become the watch-word for 2019. An estimated 1.7bn adults worldwide do not have access to formal financial services – that’s 31 per cent of the adult population who do not have a bank account. Incapable of borrowing, saving, or investing money and protecting themselves, exclusion from the global money system denies these individuals [...]
