Five UK banks given Open Banking deadline extension by CMA December 19, 2017 Five UK banks have been given more time by the Competition and Markets Authority (CMA) to comply with Open Banking regulations. Barclays, Royal Bank of Scotland (RBS), HSBC, Santander and Bank of Ireland appealed to the CMA for a delay to the January deadline. Open Banking is a new digital standard that aims to give [...]
The UK is still the world’s top financial services exporter generating more than its next two competitors combined December 15, 2017 The UK has managed to retain the title of the world's biggest financial services exporter by a country mile, new data from TheCityUK has revealed. Last year the tiny island netted a total trade surplus from financial and related professional services of $93.6bn (£69bn) – more than the US and Switzerland, its next biggest competitors, [...]
A financial crisis in 2018? The danger signs are starting to emerge December 15, 2017 It is 10 years since the last financial crisis, and it has taken that long for normality to return. For the first time since the crisis, major economies are expanding together. Unemployment rates in the US and UK economies have halved. However, productivity and investment growth has been on a declining trend in major economies. [...]
Bank spending on consultants jumps as fintech challenge and regulation keep lenders on their toes November 27, 2017 Banks across the world upped their spending on consultants by 8.4 per cent last year as they tried to navigate changing regulation and fight off the challenge from more nimble, newer competitors. Globally banks spent $13.6bn (£10.2bn) on consultants, a rise from the $12.5bn spent during the year before, according to data from Source Global [...]
Challenger bank OakNorth hits unicorn status as it grabs £154m to take its fintech global October 12, 2017 Money seems to be growing on the tree for OakNorth, a challenger bank which has just raised another £154m to take its proposition global. The business, which specialises in providing smaller loans to UK businesses, secured investment from Singapore's Clermont Group, Martin Hughes' asset management firm Toscafund and New York's Coltrane who have together bought [...]
Lloyds Bank chief executive Antonio Horta-Osorio on stress: “It nearly broke me” October 7, 2017 Lloyds’ chief executive has said the job nearly “broke” him, dealing with serious insomnia shortly after joining the bank in 2011. In an interview with the Times magazine, Antonio Horta-Osorio discussed the details of his troubles. Within months of starting the top job, he spent nine days at the Priory clinic to prevent a nervous [...]
Goldman Sachs enters British savings market September 27, 2017 S investment banking giant Goldman Sachs today entered the British savings market with a leading rate which will add to pressure on incumbents. The bank's Marcus brand, named after one of its founders, will offer an annual equivalent rate of 1.5 per cent, which includes a 12-month bonus rate of 0.15 per cent. The [...]
Brevan Howard US fixed income head jumps ship and heads to Barclays September 6, 2017 A top trader from Brevan Howard’s New York office has left the renowned hedge fund to head up Barclays' macro trading team. The exit comes after City PM revealed last week that Brevan Howard’s chief operating officer had resigned and the fund was considering headcount reductions in New York and Israel. Michael Lublinsky will start [...]
Deutsche Bank bags Tesco’s Thomas Nielsen as its new chief digital officer for global transaction banking September 5, 2017 Deutsche Bank has hired Tesco’s chief digital officer, Thomas Nielsen. The German firm said today that Nielsen, as chief digital officer for global transaction banking, will drive its “digitalisation strategy”. At Tesco, Nielsen was responsible for a portfolio of digital platforms, websites and apps, including loyalty programme Clubcard. He previously spent more than 20 years [...]
