‘Clouds are lifting’: UBS looks back to the stock market as recession risks recede August 21, 2023 The “clouds have started to lift” on the global economy and investors are beginning to warm to the idea of backing stocks again, according to a UBS executive.
Goldman Sachs weighs investment adviser sale as it doubles down on ultra-rich clients August 21, 2023 Goldman Sachs is weighing the sale of a part of its wealth business catering to high net worth clients, it said on Monday, as it shifts its focus back to serving the ultra-rich. The Wall Street bank is evaluating alternatives for its registered investment adviser unit, called Personal Financial Management (PFM), which manages about $29bn (£22.8bn), [...]
Challenger Cynergy Bank secures £20m funding boost August 21, 2023 Challenger bank Cynergy Bank has secured a £20m Tier 2 investment from British Business Investments in a boost for its expansion plans. The funding will go towards supporting Cynergy Bank’s growth plans, which include delivering over £250m of new lending across the SME and property sectors. The challenger bank was formerly a part of the [...]
London’s finance industry a ‘jewel in Britain’s crown’ despite concerns over City’s future, Griffith says August 21, 2023 City minister Andrew Griffith said the financial services industry was still a “jewel in Britain’s crown that even the doomsters cannot deny” after jobs in the finance sector hit a record high. Figures out last week showed that the number of jobs in financial services climbed to a record high of 1.2m in the first [...]
Citi eyes shake up to give Brit-born boss more influence August 21, 2023 Citigroup boss Jane Fraser is reportedly contemplating a major corporate shake up, potentially dissolving the bank’s largest division, the Institutional Clients Group (ICG). Under this plan, according to the Financial Times, the ICG would be divided into its core segments: investment and corporate banking, global markets, and transaction services. In what would mark the most [...]
British firms face ‘debanking’ for trading with Ukraine, business leaders warn August 16, 2023 UK businesses reportedly face being ‘debanked’ over trading relationships with Ukraine, business leaders have warned. Firms are increasingly “afraid to trade with Ukraine from the UK” due to the risk of having their accounts forcibly closed by overly risk-averse financial institutions, it has been claimed. According to Politico, both the British-Ukrainian Business Council (BUBC) and [...]
Natwest gets slap on the wrist after flouting customer service rules August 15, 2023 Natwest and the Co-Operative Bank have been given a slap on the wrist by the competition watchdog today after potentially misleading customers over the quality of service they were receiving. In letters to the two banks today, the Competition and Markets Authority said Natwest and Co-Op Bank had both breached part three of the Retail [...]
Financial watchdog to ask MPs about debanking experiences August 15, 2023 British politicians are to be asked to reveal whether they have encountered problems or faced being “debanked”, as part of an inquiry by the UK’s financial watchdog. The Financial Conduct Authority (FCA) said it is looking into the rules surrounding politically exposed persons (PEPs), which includes MPs. The regime was thrust into the spotlight after [...]
Ranked: The best banks for customer service? Monzo and Starling steam ahead August 15, 2023 Which banks are the best for customer service? A new official ranking has been produced by the consumer regulator
UK banks handling interest rates better than US counterparts – but are lagging on AI August 15, 2023 UK financial services execs are coping better with the bleak market conditions compared to their US counterparts, according to a study by New York-listed Fidelity National Information Services (FIS). While 91 per cent of financial services company executives in the US have expressed that soaring interest rates have been hampering their investments, only 78 per [...]