Metro Bank finance director steps down to take new role at Revolut July 29, 2019 Metro Bank’s finance director is leaving the embattled lender to take on a new role at fast-growing financial technology group Revolut. David Maclean is joining the digital firm after stepping down from his role at Metro Bank, which has suffered a torrid six months in the wake of a major accountancy error. Read more: What [...]
Barclays and RBS among banks hit by £1bn forex rigging lawsuit July 29, 2019 Barclays and the Royal Bank of Scotland (RBS) are among five banks targeted in a £1bn class action lawsuit over forex rigging that was filed today. The action follows a May ruling by the European Commission that Barclays, RBS, JP Morgan, Citibank and UBS had violated EU competition law. The five banks have been collectively [...]
What are the banks doing to help survivors of financial abuse? July 29, 2019 Money ultimately brings us freedom, so what if your partner were to restrict access to your income or bank account? It’s not uncommon for perpetrators of domestic abuse to manipulate their partners through money in this way – in fact, according to Women’s Aid, a third of survivors say that their access to cash during [...]
Santander hits back at Andrea Orcel over would-be CEO’s €100m lawsuit July 26, 2019 Santander has responded to a €100m (£90m) lawsuit being brought by its would-be chief executive, Andrea Orcel, after the bank withdrew its job offer in early 2019. The Spanish bank said the offer letter it sent to Orcel in September 2018 did not constitute a contract under local law. Read more: Orcel ‘offered €52m’ by [...]
TSB returns to growth after IT meltdown July 26, 2019 TSB announced it has returned to growth following a computer system meltdown that left millions of customers unable to access their accounts. The figures Statutory profit before tax in the first half of the year was £21.1m, compared to a loss of £107.4m in the first six months of 2018. Total customer deposits increased by [...]
Metro Bank share price plummets in wake of profit drop and departure of chair July 25, 2019 Metro Bank’s share price hit an all time low this morning, as investors fretted over the troubled lender’s news that profits have fallen and its founder is stepping down as chairman. Shares in the high street challenger bank plummeted 16 per cent to 400p in early morning trading. Read more: Metro Bank’s Vernon Hill is [...]
DEBATE: Could fintechs solve London’s dirty money problem? July 25, 2019 Could fintechs be the answer to solving London’s dirty money problem? Michael Harris, director of financial crime compliance and reputational risk at Lexis Nexis Risk Solutions, says YES. By their very nature, fintech firms are disruptive and have a reputation for driving change in their field. Why shouldn’t the fight against money laundering be led [...]
Metro Bank profits plunge as it bids goodbye to chairman Vernon Hill July 24, 2019 Metro Bank’s woes were laid bare today after the troubled high street lender posted a downbeat financial performance and called time on its colourful founder’s role as chairman. Read more: Metro Bank confirms £500m Cerberus loan talks The under-fire challenger bank reported a sharp drop in profits for the six months to 30 June as [...]
Metro Bank drafts in new non-exec director ahead of results July 24, 2019 Metro Bank has appointed a former senior Bank of Ireland boss to be its latest new independent non-executive director, as the troubled lender ramps up its management reshuffle following a tumultuous six months. Michael Torpey, a former senior executive at Bank of Ireland, is set to to join Metro Bank’s board in September, becoming the [...]
Struggling Deutsche Bank misses estimates as losses exceed €3bn July 24, 2019 The scale of troubles at Deutsche Bank were laid bare this morning after the German lender posted worse-than-expected losses over the last quarter. Read more: Metro Bank’s chair to step down Dented by costs from a major business overhaul, the embattled bank reported quarterly losses of €3.15bn (£2.7bn) over the three month period, missing its [...]