TSB says hours-long payments glitch is now resolved November 22, 2019 TSB has said a fresh technical issue over delays of payments into accounts has been resolved following hours of uncertainty. The embattled bank has apologised to customers after a processing error sparked anger and confusion among its customers this morning, Customers will not be left out-of-pocket, the bank has said, after some payments into TSB [...]
Nationwide profit plunges 33 per cent November 22, 2019 Nationwide has posted a sharp fall in half-year profit following a final blow from payment protection insurance (PPI) charges and a low interest rate environment. Statutory profit for the six months to 30 September fell to £309m, sliding from £516m in the same period a year earlier. Read more: Bankers disappointed by fees deal As [...]
Banking on the fees: Deal disappointments top off downward year for payouts November 21, 2019 Bankers have been left with a sour taste in their mouths after two of the year’s blockbuster listings look set to deliver a disappointing round of payouts. Hopes of a fee bonanza from Saudi Aramco’s flotation have fallen flat after it emerged that some of Wall Street’s biggest banks have been sidelined in the process, [...]
Investec profit falls amid preparations for asset management demerger November 21, 2019 Investec has reported a drop in profit before tax for the first half “against challenging market conditions”, as the Anglo-South African business group prepares to spin off its asset management business next year. The figures Pre-tax profit fell just over ten per cent to £349m for the six months to 30 September. Investec’s return on [...]
Outlook for German banks downgraded to negative by Moody’s November 21, 2019 Germany’s banking outlook has been slashed by credit ratings agency Moody’s amid concerns over the current low interest rate environment. Moody’s has cut its forecast from stable to negative for the country’s lenders, adding that their profitability and overall creditworthiness will likely decline over the next 12 to 18 months. Read more: Challenger banks yet [...]
MUFG likely to deny Softbank loan over Wework bailout November 21, 2019 Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, is reportedly likely to withhold additional loans from Softbank to finance the conglomerate’s $9.5bn (£7.3bn) rescue package for struggling office space firm Wework. Softbank has asked for around ¥300bn (£2.1bn) additional loans for Japan’s three megabanks – MUFG, Mizuho Financial Group and Sumitomo Mitsui Financial Group – [...]
Through technology, crime is closer than you think November 21, 2019 Money laundering often gets a laugh: the laundrette at the end of the road that’s never open to launder clothes, a running joke about a dodgy colleague, or the time a friend inadvertently cleaned cash for a bloke they met in a pub when you were students. But the reality is that the pervasiveness of [...]
Challenger banks yet to overcome Brits’ lack of trust, study finds November 20, 2019 Two fifths of Brits don’t trust challenger banks at all, while over half are worried technology will put their data at risk, according to a new study. The research, conducted by Fujitsu, suggests that concerns over security are slowing the British public’s adoption of technology. Read more: Trading giant Robinhood makes its UK debut in [...]
Stop attacking ECB, new board member tells fellow Germans November 20, 2019 Incoming European Central Bank (ECB) board member Isabel Schnabel has told her fellow German economists to dial back their attacks on the Eurozone’s central bank, saying they threaten the euro. “Dear fellow German economists, if you are wondering what you can do for Europe: Please help to dispel the harmful & wrong narratives about the [...]
City watchdog hits Henderson Investment Funds with £1.9m fine for overcharging retail customers November 20, 2019 City watchdog the Financial Conduct Authority (FCA) today said it had fined Henderson Investment Funds Limited (HIFL) nearly £1.9m for treating retail customers unfairly. The FCA said HIFL had overcharged 4,500 retail customers in two of its funds, the Henderson Japan Enhanced Equity Fund and the Henderson North American Enhanced Equity Fund. In 2011 HIFL’s [...]