Tesco Bank pulls plug on all personal current accounts July 28, 2021 Tesco Bank is to close all of its personal current accounts at the end of November after it found that the vast majority of its customers were not using it for their main account. Customers will soon receive a message asking them to withdraw all their money from the accounts before 30 November, and change [...]
Deutsche Bank profit beats estimates despite trading revenue dip July 28, 2021 Deutsche Bank have today announced better-than-expected quarterly results despite a decline in its investment banking revenue. Shares in Germany’s biggest lender had gone up by 2.2 per cent in pre-market trading. It marks Deutsche’s fourth quarterly profit in a row, its longest streak in the black since 2012. The net profit attributable to shareholders in [...]
Metro Bank pulls in solid revenue as asset growth looks sluggish July 28, 2021 Metro Bank has pulled £179.8m in revenue in the past six months, as the British bank looks to return to a more profitable growth in the second half of the year. Revenue was up some £26.5m in the six months to 30 June, which the bank put down to the recovery of much of the [...]
Barclays UK assets hit £219bn as easing lockdown sees fewer loan costs July 28, 2021 Barclays UK assets have hit £219bn in the past six months as lockdown measures have eased, allowing for fewer loan costs. The bank’s UK division pulled in a total income of £3.2bn, which was up one per cent in comparison to last year but was partially offset by its operating expenses of some £2.1bn. Shares [...]
Visa-backed Brazilian payments firm Conductor eyes US IPO July 27, 2021 Brazilian payments firm Conductor has tabled plans for a US initial public offering that could come as soon as this year, according to reports. Conductor, which is backed by Visa, has already hired banks for the IPO, Reuters first reported citing three sources close to the matter. No figure has yet been put on the [...]
Virgin Money personal lending up as more people shop with credit cards July 27, 2021 Banking group Virgin Money today reported that personal lending and relationship deposits have grown as consumers pick up their credit cards again. Personal lending grew 2.5% to £5.2bn in the three months to 30 June 2021, driven by more customers using their credit cards to shop. Relationship deposits increased 3.7 per cent to just under [...]
Senior management redundancies spike in the wake of Brexit July 26, 2021 Structural changes to the financial services sector following Britain’s exit from the EU has led to a spike in redundancy rates for senior managers. Research from Fox & Partners indicates a nine-fold increase in senior management redundancies. Last year saw 559 senior managers in the sector lose their jobs, up from 61 the year before. [...]
Ian Hudson given four years in prison for fraudulent trading July 26, 2021 The unauthorised financial adviser was sentenced to four years imprisonment today for fraudulently carrying on regulated activities, bringing to a close charges laid by the FCA in May. Ian James Hudson was food guilty of fraudulent trading by Judge Tomlinson at Southwark Crown Court. The length of his sentence is made up of one count of [...]
Credit Suisse settles spying case with former executive banker July 26, 2021 Credit Suisse has reached an out-of-court settlement with its former star banker Iqbal Khan whose explosive allegations of corporate espionage led to the resignation of chief executive Tidjane Thiam, the Swiss bank said on Sunday. “All involved parties have agreed to settle,” said Credit Suisse, according to the Financial Times. “This matter is now closed.” The [...]
NatWest’s Ulster bank to sell €7.6bn of assets to Irish bank Permanent TSB July 23, 2021 NatWest’s Ulster Bank is set to sell €7.6bn of loans and 25 branches to Irish bank Permanent TSB, as the British bank backs out of Ireland. Permanent TSB (PTSB) and Ulster Bank’s owner, NatWest, have signed a deal that will see between 400 and 500 Ulster Bank employees’ transfer over. The proposal will also have [...]