Shock, horror: Patagonia bans sale of corporate branded vests to fintech and Wall Street firms April 3, 2019 Patagonia will no longer sell corporate branded vests to financial firms as the US outdoor clothing retailer aims to target more environmentally-focused companies. The company has banned the sale of its popular branded vests, which are a wardrobe staple on Wall Street and in Silicon Valley, to financial services and technology firms, it confirmed today. Read more: [...]
Santander to slash UK costs as part of bid to save €1.2bn across Europe April 3, 2019 Santander has unveiled plans to slash costs by a further €1.2bn (£1.03bn) in its European operations, including its UK business. The bank said it would aim for incremental annual cost savings of €1.2bn through focusing on scale and efficiency – with a tenth of that hitting Santander UK. Read more: Santander UK profits slump 14 [...]
DEBATE: Is Apple’s move into finance with the launch of a credit card a good idea for the tech giant? April 2, 2019 Is Apple’s move into finance with the launch of a credit card a good idea for the tech giant? YES, says Andrew Mitchell, vice president at JCB. Despite the steady growth of Apple Pay, it’s relatively early for Apple in the payments sphere. However, this product could be a catalyst, strengthening Apple’s position in financial services [...]
Niche bank Cambridge and Counties hits record lending levels after launch of classic car loans April 2, 2019 Niche property bank Cambridge and Counties reported a profit rise and assets of more than £1bn after the successful launch of its classic car loans arm. The business-focused bank said pre-tax profit increased 14 per cent to £27.9m last year and loans and deposit levels reached record highs. Read more: Mortgage approvals fall as lending [...]
UK Asset Resolution sells Northern Rock loans for £4.9bn April 2, 2019 The UK Government’s “bad bank”, which was set up in the wake of the financial crisis, has sold £4.9bn of former Northern Rock loans to Citi. UK Asset Resolution, which took on the closed mortgage books of Northern Rock and Bradford and Bingley after the crash, said that the fair treatment of customers was a [...]
Provident Financial questions Non-Standard Finance’s past dividends as it attempts to dodge its bid April 2, 2019 Doorstep lender Provident Financial blasted suitor Non-Standard Finance (NSF) today, questioning past dividend payments as it tries to evade NSF’s clutches. Provident put a series of questions to NSF, including questions on “specific concerns regarding certain historical dividend payments and share buybacks”. NSF put out its own stock market announcement today, trumpeting the fact it [...]
Here’s how the banks are working to become worthy of your trust April 2, 2019 More than 10 years have passed since the financial crisis of 2008, which had enormous repercussions for people’s welfare and the economic stability of many countries. There have since been major developments, many of them in the area of financial regulation. Regulation and the sanctions of the law have an important part to play in [...]
More than a quarter of investment bankers say work is damaging their health in ‘disturbing’ review findings April 2, 2019 More than a quarter of investment bankers said their work was damaging their health as the “disturbing” findings of a survey revealed efforts to improve workplace culture have stalled. The Banking Standards Board have raised concerns today over the wellbeing of bank employees in its latest annual review. The survey of more than 72,000 employees from [...]
Sweden decides not to investigate Swedbank over Browder money laundering claims April 1, 2019 Sweden’s financial crime squad has decided not to investigate the crisis-hit Swedbank over money laundering claims made by UK hedge fund boss Bill Browder. The prominent Putin critic filed a criminal complaint alleging that Swedbank accounts were used to launder $176m (£134m) between 2006 and 2012 linked to Russian money laundering and tax fraud. Read [...]
City watchdog calls for review of its regulation of collapsed mini-bond firm London Capital & Finance April 1, 2019 The Financial Conduct Authority (FCA) said today there should be an independent investigation into its regulation of mini-bond firm London Capital & Finance (LC&F). The company collapsed in January owing investors more than £230m. The watchdog also called for an investigation to look at whether the existing regulatory system adequately protects retail purchasers of mini-bonds from [...]