Dominic Raab hits out at HSBC over its support for Hong Kong security legislation June 15, 2020 Foreign secretary Dominic Raab has lashed out at HSBC’s stance on proposed security legislation in Hong Kong, saying the government “will not sacrifice the people of Hong Kong over the altar of banker bonuses”. Raab said the UK had a “historic commitment to the people of Hong Kong to protect their autonomy and protect their [...]
Commerzbank set to cut more jobs and branches, says board member June 15, 2020 Commerzbank is set to announce “considerably” more branch closures and job cuts when it lays out its strategy review in August, a member of the German lender’s supervisory board said today. Stefan Wittmann, who represents labor on the supervisory board and is a trade union secretary at the Verdi union, also criticized a public campaign [...]
Metro Bank confirms talks to buy peer-to-peer lender Ratesetter June 15, 2020 Metro Bank has confirmed it is in exclusive talks to buy the owner of peer-to-peer lender Ratesetter, but said that discussions are at an early stage. The challenger bank said there was no certainty that it would reach an agreement with Money Market, following a Sky News report that the pair were in talks late [...]
Lloyds prepares to downsize UK office space June 14, 2020 Lloyds Banking Group is exploring options to reduce its property footprint, as more staff transition to home working. The bank’s people and property director Matt Sinnott told staff this week that while no closures were certain, Lloyds will be seeking to consolidate its presence to six strategic hubs across the UK. “In the longer term [...]
FCA fines Lloyds Banking Group £64m after mistreating mortgage customers in difficulty June 11, 2020 Lloyds Banking Group must pay a £64m fine for failing to treat over a quarter of a million mortgage customers in arrears fairly. Lloyds Bank, the Bank of Scotland and the latter’s subsidiary The Mortgage Business all failed to take struggling customers’ financial circumstances into account when arranging repayments. The banks’ systems and procedures meant [...]
Goldman Sachs to ‘reopen UK base on 15 June’ after lockdown eases June 11, 2020 Goldman Sachs is thought to be planning to reopen its mammoth London headquarters again on 15 June. The investment banking giant reportedly sent an email to staff, telling them that the £1bn space was being prepared for “a safe and effective transition back to office when the time is right.” In the email, seen by [...]
Bank of England set to reload bond-buying programme with £100bn June 10, 2020 The Bank of England is expected to announce a further £100bn for its bond-buying programme when it meets next week in order to limit the damage to the UK economy by the coronavirus crisis. The central bank has already spent the majority of the record £200bn expansion to its asset purchase programme which it made [...]
British Business Bank appoints new interim chief executive June 10, 2020 The British Business Bank has announced the appointment of Catherine Lewis La Torre as its interim chief executive. Lewis La Torre will take over from current boss Keith Morgan on 1 September, the lender said. She is currently chief executive of the bank’s two commercial subsidiaries, British Patient Capital and British Business Investments, which she [...]
Mike Pompeo slams HSBC for ‘corporate kowtow’ to China June 10, 2020 US secretary of state Mike Pompeo has criticised HSBC for backing China’s moves to limit Hong Kong’s autonomy, accusing the British bank of a “corporate kowtow” to Beijing. Pompeo said the US stood ready to help Britain with alternatives after Beijing reportedly threatened to punish HSBC and break commitments to build nuclear power plants in [...]
Goldman Sachs digital brand Marcus pauses applications for savings account June 9, 2020 Goldman Sachs is reportedly pausing new applications for its digital bank’s online savings account, from Wednesday, after a surge in deposits pushed it close to regulatory limits during the pandemic. Executives at the bank are taking steps to manage the growth of the British arm of Marcus, according to Reuters. Marcus has attracted around £21bn [...]