TSB online banking down: Another outage hits long-suffering customers February 20, 2019 TSB customers have been hit with another online outage affecting the bank’s mobile app and internet banking. Hundreds of customers vented their frustration they were unable to access their accounts, pay their rent or even check their balance today during the two-hour outage. Read more: TSB to pay former boss £800,000 despite bonus ban The [...]
The Eurozone’s push for unified fiscal discipline is doomed to fail February 20, 2019 It is widely acknowledged that, under a monetary union, fiscal and monetary discipline have to go hand in hand in order to maintain financial and macroeconomic stability, and thus ensure that the currency remains sound. For a monetary area with such diverse economies as the Eurozone, establishing the right legal architecture and operational rules to [...]
Lloyds Banking Group boosts profits 24 per cent and reveals £1.75bn share buyback scheme February 20, 2019 Lloyds Banking Group’s profits surged 24 per cent in 2018, it revealed today, as it announced a £1.75bn share buyback scheme. The bank said it was "confident in the future" of the UK economy, citing record employment, surging wages and low interest rates. Read more: HSBC boss John Flint needs short term rigour as well [...]
HSBC boss John Flint needs to deliver short term rigour to the bank as well as a long term vision February 19, 2019 Imagine making nearly $20bn in profit during your first year in a job, only to be met with profound disappointment. Such is the lot of John Flint, the latest chief executive tasked with bringing the best out of Europe's biggest bank. HSBC's pre-tax profit for 2018 dragged the FTSE into the red on Tuesday, disappointing traders [...]
Ex-Barclays chairman Marcus Agius testifies in Qatar fundraising fraud trial February 19, 2019 Former Barclays chairman Marcus Agius appeared as a witness at Southwark Crown Court today in the historic trial of four senior bankers accused of fraud for their actions at the height of the financial crisis. Agius is the first heavyweight banker to appear as a witness in a trial connected to the 2008 crash, more [...]
Goldman Sachs Asia Pacific chief executive to retire this year February 19, 2019 Goldman Sachs’ Asia Pacific chairman and chief executive Ken Hitchner is retiring from the company. Hitchner will remain in the Hong-Kong based role, which covers the entire region excluding Japan, until mid-2019, Reuters said citing a source familiar with the matter. Read more: Goldman Sachs chief warns that Brexit could affect UK investment plans He [...]
Danske Bank ordered to shut Estonian branch amid money laundering scandal February 19, 2019 Estonia has ordered Danske Bank to shut its local branch by the end of the year as investigations into an alleged €200bn money laundering scandal widen. The Danish bank has also decided to close down banking activities in Russia, Latvia and Lithuania, which it said was following a strategic review. Read more: Troubled Danske Bank's [...]
HSBC profits fall short as fourth quarter market madness hits another banking giant February 19, 2019 HSBC posted a 16 per cent annual profit rise but fell below expectations as market volatility hurt the bank in the final quarter. Shares in the bank fell 3.3 per cent in early trading – the FTSE 100's sharpest faller – as it remained cautious on its outlook for 2019 due to Brexit uncertainty and [...]
HSBC sued for £150m in relation to Disney tax avoidance scheme February 18, 2019 HSBC Private Bank is being sued for £150m by over 400 investors in connection with a film financing scheme that purported to invest money in Disney blockbusters for tax benefits. Investors, including ex-Manchester United manager Sir Alex Ferguson and ex-England managers Sven-Goran Eriksson and Glenn Hoddle, lost out after tax authorities ruled that the film [...]
Berlin banking tech startup behind N26 and Oaknorth nabs €30m from Skype-backer Bessemer February 18, 2019 Software-as-a-service startup Mambu, which provides banking rails to the likes of N26 and Oaknorth, has raised €30m (£26.3m) from the world's oldest venture capital firm. Bessemer Venture Partners, which has backed the likes of Skype, Linkedin and Pinterest, led the round with participation also coming from Acton Capital, the venture arm of Commerzbank, Point Nine Capital [...]