Week in Business: Reeves bets on the banks but economy still hurting July 17, 2025 Rachel Reeves set out to charm the City this week, but elsewhere, the economy is reeling from high taxes and low confidence.
Financial services firms dealt tens of millions in regulatory fines July 17, 2025 While deregulation may be the political mood, UK watchdogs are sharpening their swords as banking giants bleed millions in regulatory fines. In under just ten days, the Financial Conduct Authority and Bank of England handed out £74.9m worth of fines to a trio of UK financial services firms. Leading the pack, and most recently, was [...]
Barclays battles to take down scam impersonation website July 16, 2025 Barclays has battled to take down a scam impersonation website that could have stolen millions from its customers. The website, which called itself “Barclays Finance”, featured the Barclays logo and included “Barclays” in its domain name, was identified by Morning Wire on Monday and claimed to be able to process money transfer payments on behalf [...]
Wall Street banking giants ride tariff rebound to booming revenue July 16, 2025 Wall Street’s banking titans have rounded off second-quarter earnings seasons largely breezing past analyst expectations as revenues boomed on the back of market volatility. The lenders continued a trend from the first-quarter with strong trading and investment banking revenues driving a robust performance. JP Morgan pocketed $45.7bn in revenue, outperforming its $44bn estimate. This came [...]
Barclays slapped with £42m fine for financial crime failings July 16, 2025 Barclays has been hit with a £42m fine by the Financial Conduct Authority (FCA) for separate instances where the bank failed in its financial crime risk management. The City watchdog blasted Barclays for failing to check it had gathered “sufficient information to understand the money laundering risk” before it opened a client money account for [...]
City raises a glass to Reeves’ reforms July 16, 2025 The City may have been a bit damp and grey yesterday but the Chancellor appeared as a welcome ray of sunshine. At Morning Wire, we haven’t held back in our criticism of this government’s economic policies – and we’ll return to that theme before long, I’m sure – but we also believe in giving credit [...]
Rachel Reeves launches major fintech push to galvanize listings July 15, 2025 Rachel Reeves has laid out the government’s plans to make the UK the world leader in fintech in the Chancellor’s latest effort to attract a fleet of listings from the industry. Reeves today unveiled the Treasury’s Financial Services Growth and Competitiveness Strategy, in which she laid out her vision to make the UK the “world’s [...]
Reeves seeks to spark retail investor revolution July 15, 2025 High street banks Barclays and Lloyds will lead an advertising campaign to encourage more Brits into retail investing as part of a wider effort to get savers to boost the UK economy. In rallying calls to financial services, Chancellor Rachel Reeves has unveiled a campaign to encourage savers to invest in stocks and bonds, drawing [...]
Rachel Reeves accelerates deregulation push in Leeds Reforms July 15, 2025 Rachel Reeves has laid out plans to “rewire” the financial services system in a deregulation push as part of her Leeds reforms package. The Chancellor said the plans will make the UK the number one destination for financial services businesses by 2035 as the government “doubles down on the UK’s global strengths”. The Leeds Reforms [...]
Bank of England unveils shake up of financial crisis banking rules July 15, 2025 The Bank of England has unveiled a sweeping package of reforms aimed at easing the regulatory burden on smaller and mid-sized banks, marking a major shakeup of the post-financial crisis rulebook. The central bank’s changes include a one-year delay to key parts of the Basel 3.1 reforms – the UK’s version of international banking rules [...]