British Business Bank seeds new £2.5bn patient capital investment fund with £400m June 13, 2018 The British Business Bank (BBB) has today launched a £2.5bn programme with £400m of seed capital as part of an effort to match the US in creating the next generation of "unicorn" firms. The newly launched British Patient Capital (BCP) will be a subsidiary of the government-owned BBB, with the aim of providing long-term finance [...]
HSBC to invest up to $17bn in expansion and tech as it swings to ‘growth mode’ June 11, 2018 HSBC will invest as much as $17bn (£12.7bn) in expanding its network and adopting new technology as it puts a period of restructuring behind it, its chief executive announced today. The UK's largest bank by assets will invest between $15bn and $17bn "primarily in growth and technology", chief executive John Flint said in an announcement. [...]
TSB denies boss Paul Pester misled MPs over extent of computer issues June 10, 2018 TSB has denied that its chief executive Paul Pester misled MPs over the extent of a crippling computer meltdown at the bank, after reports that he had seen evidence contradicting his statements to a parliamentary committee. The bank called in IT giants IBM after its migration to new computer systems in April went disastrously wrong, [...]
Co-operative Bank boss Liam Coleman to step down after five years at the lender June 7, 2018 The boss of Co-operative Bank Liam Coleman is to step down after five years at the bank. A statement from the board today said that Coleman made the decision after successfully completing the lender's recapitalisation process last year. The board said it was "mindful" of the need to manage a timely and orderly succession, telling [...]
Top City regulator Andrew Bailey criticises TSB and chief executive Paul Pester following IT meltdown June 6, 2018 Top City watchdog Andrew Bailey has criticised TSB and its chief executive for poor communication following the IT meltdown which left thousands of customers without access to their accounts for weeks. The Financial Conduct Authority (FCA) boss wrote that the regulator is “dissatisfied with TSB’s communications with its customers”. TSB’s “poor” communications could “reduce trust [...]
TSB faces fresh data crisis as MP claims bank may have broken GDPR laws June 1, 2018 Bank TSB may have broken new General Data Protection Regulations (GDPR) laws after a botched mail out to customers, an MP said today. John Mann, who is part of the parliamentary committee investigating the recent TSB IT meltdown said that the bank could be facing a backlash from the information commissioner after customers were sent [...]
Morgan Stanley’s CEO calls Soros’ prediction of a global crisis ‘ridiculous’ May 31, 2018 The chief executive of Morgan Stanley, James Gorman, has hit out at doom-mongering comments which billionaire investor George Soros made earlier this week. At a think tank conference on Tuesday, Soros said the EU was in an "existential crisis" and may be "headed for another financial crisis". But Gorman played down the economic risks raised [...]
Standard Life Aberdeen’s share price falls as firm reveals plans to return £1.75bn to shareholders May 29, 2018 Standard Life Aberdeen's share price fell this morning after the firm revealed plans to return £1.75bn to its shareholders following the sale of its UK and European insurance business to Phoenix Group. The finance giant this morning announced plans to gift £1bn to shareholders via a B share scheme, in which new B shares will [...]
Financial Conduct Authority ups scrutiny on senior manager appointments May 29, 2018 The City watchdog increased its scrutiny of the appointment of senior managers at financial services firms last year as part of its efforts to tighten up its regulatory supervision, according to data to be published today. The number of vetting interviews by the Financial Conduct Authority (FCA) rose by a third in 2017 to reach [...]
Government poised to start Royal Bank of Scotland share sale May 28, 2018 The government is to offload a multi-billion pound stake in Royal Bank of Scotland as early as this week, according to reports. Banks have been placed on high alert as ministers kick off a process to reduce the taxpayer's 70.5 per cent stake in RBS. Precise details on the sell-off remain unclear but bankers warned [...]
