Former UBS trader Kweku Adoboli detained by police ahead of deportation to Ghana September 3, 2018 Former UBS trader Kweku Adoboli, who was jailed for fraud in 2012 after causing a $2.3bn (£1.8bn) loss at the Swiss bank, was detained by police today in advance of his deportation to Ghana. Adoboli, who has lived in the UK since he was 12 but is not a British citizen, was detained by police [...]
Libor replacement to be given first bond issue test September 3, 2018 The Bank of England’s replacement for the scandal-hit Libor interest rate is to take a major step forward as Lloyds Banking Group prepares to issue the first bonds tied to it. Lloyds will become the first commercial lender to use Sonia, a three-year sterling benchmark floating rate covered bond with is tied to the Sterling [...]
TSB apologises to customers as it is hit by further website outages September 3, 2018 Troubled bank TSB has apologised to its customers today after its online banking service crashed, leaving some customers unable to remotely access their accounts. The bank’s online and mobile banking services suffered “intermittent issues” on Sunday which has led to a slow service today. Read more: TSB plunges to bottom of banking customer service poll [...]
Funding Circle confirms IPO that could value it at £2bn September 3, 2018 Small business loans platform Funding Circle this morning confirmed its intention to IPO in a move that could value it at £2bn. The firm plans to float 25 per cent of its shares to generate £300m on the London Stock Exchange, with its debut being underpinned by Danish billionaire Anders Povlsen, who has committed to [...]
Aiming high: Junior stock market to hit £1bn of dividends by the end of the year September 3, 2018 Dividends paid out on London’s junior stock market are set to smash the £1bn mark for the first time ever later this year. Companies listed on the Alternative Investment Market (Aim) are projected to deliver investors £1.16bn by the end of 2018, growing nearly 20 per cent this year and expected to soar another 14 [...]
RBS chief warns it may have to turn away customers in event of no-deal Brexit September 2, 2018 Royal Bank of Scotland’s chief executive Ross McEwan said the bank may have to turn away business customers if there is no Brexit deal. The bank has sent 150 staff to Amsterdam to set up a new entity to act for its European customers in the event of a no-deal Brexit. "We're having to put [...]
HSBC goes on hiring spree for new digital business banking initiative September 2, 2018 HSBC has hired more than 100 new staff to work inside its Aldwych offices on Project Iceberg, an internal digital initiative to revamp its small business banking effort and to counteract competition coming in from Shoreditch’s fintech stars. A source familiar with the matter told Morning Wire the bank has chosen to innovate on its [...]
TSB plunges to bottom of banking customer service poll following IT meltdown August 31, 2018 TSB has plummeted from 4th to 11th in a banking customer service poll following its recent IT disasters. Forty nine per cent of those who graded TSB’s service in the MoneySavingExpert.com poll rated it as “poor” with just 23 per cent describing its service as “great”. Read more: TSB forced to delay switch from Visa to [...]
What went Wronga? Payday lender pays price of poor reputation and rip-off loans August 30, 2018 As recently as five years ago, Wonga was flying high. A £1bn New York listing was on the cards even on a fairly conservative valuation for a firm mentioned in the same breath as tech unicorns – and which even featured as Newcastle United’s shirt sponsor for four years. Yet today the payday lender collapsed [...]
Wonga goes under: Controversial payday lender placed into administration August 30, 2018 Controversial payday lender Wonga has filed for administration, after a barrage of compensation claims pushed it over the edge. Grant Thornton will be appointed as administrator of the stricken lender's UK operations tomorrow. The collapse threatens the jobs of around 250 UK employees in the firm's London Bridge headquarters. The firm's operations in South Africa, [...]