Financial services sector banks on a digital future July 9, 2020 | City Talk “We know you enjoy a little trip into town, but you can do your banking online these days…”: a typical multi-generational conversation as a growing number of people turn to online tools to help with their finances. Inevitably it’s not been a smooth journey. Many find comfort in the familiarity of a bricks-and-mortar bank branch [...]
Brexit: Michel Barnier says Brussels ‘ready to grant’ Canada access to EU markets July 8, 2020 EU chief negotiator Michel Barnier has said Brussels is prepared to grant Canada access to European markets post-Brexit. New documents released by the House of Lords EU committee show that Barnier recently told the group that Brussels was “ready to grant equivalence”. The EU has the power to unilaterally grant access to [...]
HSBC shares tumble as US mulls Hong Kong crackdown July 8, 2020 HSBC shares have tumbled four per cent after advisers to the US government said they could undermine the Hong Kong dollar’s peg to the US dollar and crack down on banks in the city. The UK and Hong Kong-focused bank has been caught up in a geopolitical struggle over the semi-autonomous city which has seen [...]
Amigo Loans puts former chief Glen Crawford back at the helm July 8, 2020 Amigo Loans’ former chief executive Glen Crawford is to rejoin the business in the same position, following a fraught battle between the board and its multimillionaire founder. Amigo’s share price skyrocketed more than 25 per cent this morning as shareholders reacted to the news. Crawford stepped away from the lender in April last year due [...]
Nearly half of European banks hold a negative profit outlook July 6, 2020 The number of European banks reporting a negative outlook for 2020 has risen significantly as a result of the coronavirus pandemic, as the global economy struggles to survive its impact. Data from ratings giant S&P Global revealed 46 per cent of Europe’s banks in its portfolio now hold a negative outlook, up from just 14 [...]
UK banks ‘draw up code of conduct’ for coronavirus business loan defaults July 6, 2020 UK banks are reportedly drawing up a code of conduct for pursuing businesses that default on government-backed coronavirus interruption loans, amid concerns that a high proportion of the loans will never be repaid. Industry body UK Finance and the state-owned British Business Bank (BBB) have begun talks with commercial lenders in the hope of setting [...]
Banks push Britain and EU to sort out financial market access July 6, 2020 Britain and the European Union must make progress on post-Brexit financial market access as the coronavirus pandemic will make it even harder to cope with potential disruptions if no deal is reached, a banking lobby group said today. Continued uncertainty over the pair’s future relationship combined with the economic downturn caused by Covid-19 could “aggravate [...]
Lloyds chief executive Antonio Horta-Osorio to step down next year July 6, 2020 Lloyds chief executive Antonio Horta-Osorio will step down in 2021 after a decade at the helm, the bank said this morning. The lender also announced the appointment of industry veteran Robin Budenberg as its new chairman, who will take over from Lord Norman Blackwell next year. Read more: FCA puts UK banks on notice on [...]
European politicians reject banking regulator candidate for a second time July 3, 2020 A panel of European Union politicians has rejected the candidate for executive director of the bloc’s banking regulator for the second time, in a bid to attract more women to top EU jobs. The European Parliament’s economic affairs committee voted by 24 to 23 to recommend that the full parliament rejects Francois-Louis Michaud as the [...]
HSBC to invest further in China amid row over support for Hong Kong law July 3, 2020 HSBC has announced plans to make new investments in its wealth management and insurance operations in mainland China, after coming under fire for backing the controversial new security law in Hong Kong. The UK-based lender has been criticised by investors and politicians over its support for the new National Security Law in Hong Kong, which [...]