How can you stop your credit card being sexist? November 14, 2019 Can a credit card be sexist? It’s not a question most people would have thought about before this week, but on Monday, the US financial regulator announced an investigation into claims of gender discrimination by Apple Card. The algorithms Apple Card used to set credit limits are, it has been reported, inherently biased against women. [...]
Google to offer current accounts from next year November 13, 2019 Google will offer personal current accounts from some time next year in partnership with banks and credit unions, as the tech titan tries to take a bite out of the personal banking market. Citigroup and the Stanford Federal Credit Union will run the accounts for the project, which has been named Cache, the Wall Street [...]
Banks are under threat – and this time it’s personal November 13, 2019 The launch of Uber Money, which provides payment and banking services to the company’s drivers, is an example of the next big trend in banking — the rise of the so-called “non-bank”. The establishment of a financial product for non-banks goes beyond simple revenue growth. It is about establishing loyalty, and in the case of Uber, loyalty [...]
Major shareholder piles pressure on Deutsche Bank chairman November 12, 2019 Deutsche Bank’s chairman is reportedly coming under increasing pressure from some of the lender’s largest shareholders to step aside. Paul Achleitner is facing calls to be replaced in the latest blow to the embattled bank’s management team, according to the FT. Read more: Deutsche Bank losses widen amid major restructuring effort Private equity group Cerberus, [...]
Arrow underlying profits fall due to rise in costs November 12, 2019 Debt purchasing group Arrow Global saw underlying profits fall 5.4 per cent to £50.4m in the nine months ending in September, due to a 15.1 per cent rise in costs related to IFRS 16. Despite this, the group’s cashflow increased 14.7 per cent to £174.4m, compared to £152m in 2018. Profits before tax increased 65.6 [...]
Experian shares surge as revenue rises to $2.5bn November 12, 2019 Consumer credit giant Experian today posted revenue growth of seven per cent for the first half of 2019, with profit growing to $480m from $470m in 2018. Revenue grew to $2.5bn in the period, up from $2.36bn in 2018. Read more: Experian posts 2019 profit rise helped by global growth The information services group narrowed [...]
Interest rates aren’t central banks’ only ammunition to defend against recession November 12, 2019 Monday’s GDP figures were a mixed bag: the UK has narrowly avoided slipping into recession, but with growth at its lowest rate since 2010, the country is far from being out of the woods. Nor is this just a British issue. Increasing numbers of economic commentators are sounding the alarm about a potential recession in [...]
JP Morgan CEO Jamie Dimon says wealth gap is ‘huge problem’ November 11, 2019 JP Morgan boss Jamie Dimon has admitted there is a “huge problem” with the wealth gap in the US, wading into the debate over income inequality after facing heat from Democratic frontrunner Elizabeth Warren. The Wall Street titan told CBS that “the wealthy have been getting wealthier too much in many ways”, but he remained tight-lipped when [...]
Credit Suisse promotes veteran to boost ailing investment banking unit November 11, 2019 Credit Suisse is hoping to give its embattled investment banking arm a new lease of life after appointing a company veteran to take charge. David Miller, who currently serves as the Swiss bank’s global credit boss, is set to take over as the chief of its investment banking and capital markets unit. A quiet market [...]
Hong Kong regulators fine UBS £40m for a decade of overcharging November 11, 2019 UBS has been slapped with a HK$400m (£40m) fine from Hong Kong regulators for overcharging thousands of clients. The Hong Kong Securities and Futures Commission (SFC) said today that the Swiss banking giant charged too much in fees for some of its clients between 2008 and 2017. Read more: TSB facing heavy criticism after investigation [...]