RBS-backed digital banking startup Loot enters administration May 22, 2019 Loot, the digital current account for students, has called in administrators after it was unable to secure funding following the collapse of a potential sale to the Royal Bank of Scotland (RBS). RBS owned a 25 per cent stake in the fintech firm through Natwest’s digital bank Bo, which is currently under development and invested [...]
Challenger bank TSB unveils raft of leadership appointments as CYBG’s Debbie Crosbie begins her reign May 22, 2019 Challenger bank TSB has further bolstered its leadership team following the arrival of new chief executive Debbie Crosbie. The former CYBG chief operating officer took charge earlier this month, replacing Paul Pester who stepped down last year in the aftermath of a major IT meltdown. Read more: TSB launches fraud guarantee for customers after last [...]
Specialist lender Paragon reports strong mortgage and commercial lending growth despite housing market slowdown May 22, 2019 Specialist lender Paragon reported a first-half profit boost with soaring commercial and mortgage lending volumes in the face of Brexit uncertainty. The bank reported an underlying profits boost of 8.7 per cent to £79.8m in the six months to the end of March. Read more: Paragon boosts lending in buy-to-let and commercial divisions Lending volumes [...]
Metro Bank shares rise after board avoids full-blown shareholder rebellion May 22, 2019 Metro Bank shares have continued to recover this morning rising more than eight per cent after the board avoided a full-blown shareholder rebellion. A number of directors, including chairman Vernon Hill, had been under threat ahead of yesterday’s annual meeting following a major loans blunder earlier this year. Read more: Disgruntled Metro Bank shareholders revolt [...]
Disgruntled Metro Bank shareholders revolt with clear message to the board after loans blunder May 21, 2019 Disgruntled Metro Bank shareholders have sent a clear message to the bank’s board but stopped short of a full-blown rebellion at today’s annual general meeting. More than 28 per cent of investors voted against the re-election of two directors in charge of risk, Stuart Bernau and Eugene Lockhart. Read more: Metro Bank shares surge after [...]
Ex-European Commission president says UK financial services should be higher on Brexit agenda May 21, 2019 The UK’s financial services sector should be much higher on the agenda of Britain’s Brexit negotiators, the chairman of Goldman Sachs and former president of the European Commission said today. Read more: Helena Morrissey casts vote for Brexit party in upcoming Euro-election “I'm relatively surprised by the fact that until now in the discussion of [...]
Technology spend knocks Nationwide profit down by 15 per cent May 21, 2019 Nationwide saw its profit fall 15 per cent as the building society’s interest income was squeezed by strong market competition and it splashed out on technology, its full year results revealed today. Read more: Nationwide invests in ex-Barclays CEO's firm to boost business banking The figures The UK stalwart’s profit before tax fell to £833m in the [...]
Tesco Bank quits ‘challenging’ mortgage market May 21, 2019 Tesco Bank has thrown in the towel on mortgages, ceasing all new lending as it attempts to sell of its existing ledger book. Read more: How London house prices in every borough have performed in 2019 Currently the bank has 23,000 mortgage customers who it has lent £3.7bn, a portfolio it is now exploring the [...]
Consumers could save over £100m a year from unarranged overdraft shakeup, says watchdog chief May 20, 2019 Some of the most vulnerable consumers in society could save up to £100m a year under the watchdog's plans to change the pricing structures of unarranged overdrafts, its boss has said. Andrew Bailey, the boss of the Financial Conduct Authority (FCA), told MPs that the watchdog wants to bring the pricing of unarranged overdrafts more [...]
What will happen to the Eurozone when Mario Draghi steps down? May 20, 2019 Back in 2012, Mario Draghi committed to do “whatever it takes” to put the euro back on track. This influential statement brought the euro crisis to an end, and proved so powerful that precautions to safeguard the Eurozone, such as the Outright Monetary Transactions facility, did not need to be used. With Draghi’s term as [...]