TSB apologises to customers as it is hit by further website outages September 3, 2018 Troubled bank TSB has apologised to its customers today after its online banking service crashed, leaving some customers unable to remotely access their accounts. The bank’s online and mobile banking services suffered “intermittent issues” on Sunday which has led to a slow service today. Read more: TSB plunges to bottom of banking customer service poll [...]
Funding Circle confirms IPO that could value it at £2bn September 3, 2018 Small business loans platform Funding Circle this morning confirmed its intention to IPO in a move that could value it at £2bn. The firm plans to float 25 per cent of its shares to generate £300m on the London Stock Exchange, with its debut being underpinned by Danish billionaire Anders Povlsen, who has committed to [...]
Aiming high: Junior stock market to hit £1bn of dividends by the end of the year September 3, 2018 Dividends paid out on London’s junior stock market are set to smash the £1bn mark for the first time ever later this year. Companies listed on the Alternative Investment Market (Aim) are projected to deliver investors £1.16bn by the end of 2018, growing nearly 20 per cent this year and expected to soar another 14 [...]
RBS chief warns it may have to turn away customers in event of no-deal Brexit September 2, 2018 Royal Bank of Scotland’s chief executive Ross McEwan said the bank may have to turn away business customers if there is no Brexit deal. The bank has sent 150 staff to Amsterdam to set up a new entity to act for its European customers in the event of a no-deal Brexit. "We're having to put [...]
HSBC goes on hiring spree for new digital business banking initiative September 2, 2018 HSBC has hired more than 100 new staff to work inside its Aldwych offices on Project Iceberg, an internal digital initiative to revamp its small business banking effort and to counteract competition coming in from Shoreditch’s fintech stars. A source familiar with the matter told City PM the bank has chosen to innovate on its [...]
TSB plunges to bottom of banking customer service poll following IT meltdown August 31, 2018 TSB has plummeted from 4th to 11th in a banking customer service poll following its recent IT disasters. Forty nine per cent of those who graded TSB’s service in the MoneySavingExpert.com poll rated it as “poor” with just 23 per cent describing its service as “great”. Read more: TSB forced to delay switch from Visa to [...]
What went Wronga? Payday lender pays price of poor reputation and rip-off loans August 30, 2018 As recently as five years ago, Wonga was flying high. A £1bn New York listing was on the cards even on a fairly conservative valuation for a firm mentioned in the same breath as tech unicorns – and which even featured as Newcastle United’s shirt sponsor for four years. Yet today the payday lender collapsed [...]
Wonga goes under: Controversial payday lender placed into administration August 30, 2018 Controversial payday lender Wonga has filed for administration, after a barrage of compensation claims pushed it over the edge. Grant Thornton will be appointed as administrator of the stricken lender's UK operations tomorrow. The collapse threatens the jobs of around 250 UK employees in the firm's London Bridge headquarters. The firm's operations in South Africa, [...]
Deutsche Boerse boss rows back on landgrab, but German finance minister Olaf Scholz insists ‘large parts’ of euro clearing will leave London after Brexit August 30, 2018 The head of the Deutsche Boerse has appeared to row back on his immediate plans for a post-Brexit landgrab on London's euro clearing industry. Speaking on Thursday morning at a conference organised by German newspaper Handelsblatt, Theo Weimer put the odds of increasing his exchange's current market share of around eight per cent at just “50-50”, according to [...]
UBS hires Freshfields to help with misconduct procedure investigation after rape allegation August 29, 2018 UBS has hired magic circle law firm Freshfields to carry out a review of its misconduct procedures after a young female trainee alleged a senior colleague raped her. In a statement, UBS said it “has decided to conduct a review, as we regularly do after significant cases”. UBS had not instigated a disciplinary procedure against [...]
