Credit Suisse posts surge in profit but warns on coronavirus loss April 23, 2020 Credit Suisse today posted a sharp rise in profit for the first quarter but warned of potential loan losses caused by the coronavirus crisis. The bank reported a 13 per cent rise in pre-tax profit of 1.2bn Swiss francs (£1bn) in the first three months of the year, while net profit surged 75 per cent [...]
Monzo applies for US banking licence in bid to tap giant market April 22, 2020 UK challenger bank Monzo has applied for a US banking licence so it can offer a full suite of services in the world’s biggest financial market. The fintech firm, known for its pink “hot coral” cards and sleek app, applied to the US authorities for a licence on Monday in the most important step in [...]
Coronavirus: Banks team up with mobile industry to tackle text scams April 22, 2020 The UK’s banking and mobile industries have partnered with spy chiefs to crack down on text message scams linked to the Covid-19 crisis. The new campaign is aimed at tackling so-called spoofing techniques, where cyber criminals mimic legitimate businesses or organisations to trick unsuspecting victims into handing over sensitive information. Many scammers have attempted to [...]
David Buik: Tories could lose next election over coronavirus loans delays April 22, 2020 Top City commentator David Buik has warned the slow payment of coronavirus loans to businesses could mean the Tories lose the next election. Canada’s veteran financial pundit has urged chancellor Rishi Sunak to “rethink” the government’s stance on loans to businesses hit by coronavirus, with UK lending far outstripped by other countries. [...]
City minister John Glen praises frontline financial services staff for coronavirus efforts April 21, 2020 City minister John Glen has thanked frontline financial services staff for their “vital” role during the coronavirus crisis. In a letter published today, Glen said the services provided by bank branch and contact centre workers will be a “lifeline” to many during the pandemic. He praised the “herculean efforts” to help customers in financial difficulty [...]
Exclusive: Businesses call for bank-by-bank breakdown of coronavirus lending April 21, 2020 British businesses have called on industry body UK Finance to publish a bank-by-bank breakdown of lending through the coronavirus support scheme, as it emerges that Natwest has so far made roughly half of all loans through the programme. Data from Natwest today showed that as of Sunday evening the group (formerly called RBS) had approved [...]
Banks urged to collaborate with fintech firms amid competition from digital rivals April 21, 2020 Traditional banks must collaborate with fintech firms if they are to offer the best customer experience and stay relevant in the modern market, according to a report published today. While lenders have invested heavily in front-end IT infrastructure, their efforts are lagging behind the norm in other sectors, according to the World Fintech Report 2020. [...]
City fitness studio fears insolvency after being rejected for CBILS coronavirus loan April 20, 2020 The director of a City fitness studio said he fears the company could go bust after being rejected for support under the Coronavirus Business Interruption Loan Scheme (CBILS). Victus Soul, a fitness studio in Mansell Street near Aldgate, launched in November 2018 and turned a profit from last November. The business offers high intensity training [...]
Treasury Committee calls on banks to provide daily updates on coronavirus business interruption loan scheme lending April 20, 2020 The Treasury Committee has today written to the British Business Bank (BBB) and UK Finance to request daily updates on lending under the coronavirus business interruption loan scheme (CBILS). Critics of the scheme, ranging from shadow business minister Ed Miliband to former Conservative chancellors George Osborne and Sajid Javid, have warned that slow lending by [...]
Metro Bank to return £11.4m to customers after breaching unarranged overdraft charge rules April 20, 2020 Metro Bank is to return £11.4m to customers after it breached a legal order by failing to send texts warning people about unarranged overdraft charges. The Competition and Markets Authorty (CMA) said the bank breached Part 6 of the Competition and Market Authority’s (CMA) Retail Banking Market Investigation Order 2017 which requires banks to warn [...]