Monday read: Five day week is ‘in many cases not fit for purpose’, says Atom Bank chief August 29, 2022 The concept of a five day working week is " in many cases no longer fit for purpose for 21st century businesses”, the chief of digital lender Atom Bank said today as he hailed the success of a four day week at the firm.
Jupiter to sell 10 per cent stake in Starling Bank August 27, 2022 Asset manager Jupiter is reportedly in talks to sell its 10 per cent stake in digital challenger bank Starling Bank. This comes a few months after the bank hit a £2.5bn valuation. City sources told Sky News’ Mark Kleinman that Jupiter had instructed Citi to find buyers for its portfolio, which is made up of [...]
HBOS: Authorities close six year probe into former execs August 27, 2022 HBOS’s former executives are now off the hook after the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) closed a six year investigation into the bank’s collapse. The watchdogs announced yesterday they would not take any further action. “In line with standard practice, the authorities’ independent decision-makers reviewed the matters under investigation and [...]
Citi to wind up Russia operations as Wall Street giant fails to find a buyer August 25, 2022 Reuters Wall Street giant Citi will close its consumer and commercial banking businesses in Russia starting this quarter and expects to incur about $170 million in charges over the next 18 months as a result, the company said on Thursday. The U.S. bank with the largest presence in Russia announced plans in April 2021 to [...]
Changes sweep the boardrooms and C-suites of biggest businesses in the UK August 24, 2022 The boardrooms and C-suites of some of largest companies in the UK have undergone sweeping overhauls this week alone. The winds of change have blown as the country heads into autumn and buckles down for a worsening economic crisis, some two years on from the start of the pandemic. While Covid-19 measures in the country [...]
HSBC agitator Ping An claims ‘we are not an activist’ despite break-up calls August 24, 2022 The investor pushing for a break up of HSBC has claimed it is “not an activist investor” today and simply cares about returns.
Fintech lenders have failed to educate FCA on financial crime, says digital bank chief August 23, 2022 Fintech lenders have done a “poor job” of educating the UK’s financial regulators on how to stamp out financial crime as banking has shifted onto digital apps, the chief of Cashplus has said.
Credit Suisse hires new finance chief in boardroom shake-up August 22, 2022 Embattled Swiss lender Credit Suisse has hired Deutsche Bank’s Dixit Joshi as finance chief and promoted Francesca McDonagh to chief operating officer as it looks to reset after a string of crises.
China banks cut key interest rate in bid to revive stalling economy August 22, 2022 China’s banks have slashed a key interest rate in a token gesture to revive the world’s second-largest economy. The country’s central bank said yesterday the one-year loan prime rate offered by banks was cut to 3.65 per cent from 3.7 per cent, while the five-year rate dropped to 4.3 per cent from 4.45 per cent. [...]
Saturday Special: The biggest money laundering scandals in banking August 20, 2022 Financial watchdog the FCA warned challenger banks earlier this year to stop cutting corners in combating financial crime so that customers can set up accounts quickly and easily. Sarah Pritchard, who heads the market division of the City regulator, said in May that there cannot be a “trade-off” between getting customers to come into the [...]