TSB calls on Meta to make ‘urgent’ interventions on fraud or consumers risk losing up to £250m June 14, 2023 TSB Bank has called on Meta to make urgent interventions to protect consumers from spiralling levels of fraud with customers at risk of losing hundreds of millions of pounds. According to current industry projects, consumers could lose up to £250m from Meta platforms in 2023 without action from the tech giant. Earlier this year, TSB [...]
Britcoin: Digital pound will not be introduced without a Parliamentary vote June 14, 2023 Lawmakers agreed that the digital pound, or ‘Britcoin’, should not be introduced without proper parliamentary scrutiny. Speaking in the House of Lords, Lord Forsyth said the notion that the Treasury and the Bank of England could introduce the digital pound “without having proper parliamentary scrutiny… is utterly ridiculous.” The Bank of England and Treasury are [...]
CoCos are back: European banks launch first AT1 bonds since Credit Suisse collapse June 14, 2023 AT1 bonds made a roaring comeback as European banks issued the first euro-denominated CoCo bonds since the collapse of Credit Suisse back in March. BBVA and Bank of Cyprus issued around €1.2bn (£1bn) bonds between them yesterday, and investors were only too happy to snap up the riskiest form of corporate debt. An AT1 bond [...]
Alantra gives vote of confidence to London as it switches investment banking HQ to City June 13, 2023 Spanish investment bank Alantra has shifted its investment banking headquarters to a new office overlooking St Paul’s in a boost for the City. The Madrid-based bank said the new London office, based on 25 Cannon Street, is a “natural next step…given the significance of Canada as a global financial centre”. The new [...]
HSBC to wind down New Zealand wealth and personal banking arm as pivot to Asia picks up pace June 13, 2023 HSBC will be winding down its wealth and personal banking businesses in New Zealand as it continues its withdrawal from various markets around the world. In a statement the bank said “it has become clear that we can no longer justify investing into this business given the changing operating requirements in the market and scalability [...]
Banks ditch sustainability as economic headwinds slows progress June 13, 2023 SUSTAINABILITY is falling down the list of priorities for many UK banks, after a new study found the number of banks stating sustainability was a key part of their business strategy had plummeted by 40 per cent in a year. Only 60 per cent of banking leaders in the UK say sustainability is an important [...]
London Tech Week: Sunak and Hunt’s charm offensive was no light touch June 12, 2023 Charlie Conchie, Morning Wire investment editor, reflects on day one of London Tech Week. What’s a growth mindset and how can I get one? Solving the UK’s tech investment gap is not just tweaking rules and regulation, Chancellor Jeremy Hunt said yesterday, but also “looking at our mindset”. “That’s something I think we need everyone’s [...]
Oaknorth boss: Immigration barriers are threatening the UK’s fintech sector June 12, 2023 A lack of talent is threatening to choke off growth in UK fintech and ministers must do more to open up borders to workers, the boss of digital lender Oaknorth said today.
London trial: Ukraine’s bank accuses former owners of ‘fraud on epic scale’ and money laundering June 12, 2023 Ukraine’s biggest bank has accused two former owners of “fraud on an epic scale” covered up by “money laundering on a vast scale” at a High Court trial in London. JSC Commercial Bank Privatbank says former owners Igor Kolomoisky and Gennadiy Bogolyubov misappropriated more than £1.5 billion (nearly two billion US dollars). A judge began [...]
JPMorgan agrees to settle with Epstein victim in class action suit June 12, 2023 JPMorgan agreed in principle to settle a class action lawsuit with a victim of Jeffrey Epstein, the bank said in a statement Monday. The settlement resolves one claim against the largest U.S. bank in a proposed class action by women who say Epstein abused them, and by the government of the U.S. Virgin Islands, where Epstein [...]