Vulnerable bank customers could face ‘higher barriers’ to redress in Treasury overhaul May 26, 2026 Warnings are being raised over a planned Treasury shake-up of financial services rules after an impact assessment revealed vulnerable customers could be excluded from receiving compensation when wronged. The government unveiled its Enhancing Financial Services Bill at the King’s Speech, which paved the way for reform to consumer redress protections through changes in the Consumer Credit [...]
‘It will reduce jobs’ – Jamie Dimon sounds off on AI’s impact on banks May 21, 2026 One of the world’s leading financial figures has warned AI will inevitably lead to a cut in jobs amid growing jitters around the impact the new tech will have on the banking sector. Jamie Dimon – the top boss of America’s largest bank, JP Morgan – said: “I think [AI] will reduce our jobs down [...]
Starling’s profit slides as falling interest rates bite May 21, 2026 Starling’s profit took a dip in the latest financial year as the lower interest rate environment took a chunk out of the digital bank’s bottom line. The UK fintech notched a £217m pre-tax profit, down three per cent from the £223m secured in the prior year. This came as revenue slipped 5.6 per cent to [...]
Curve swings to £9m loss as Lloyds takeover remains incomplete May 20, 2026 Curve has swung to a loss as the Apple Pay rival’s future faces uncertainty ahead of its takeover by Lloyds Banking Group. The digital wallet provider suffered a £9.5m loss in the 2024 financial year, a major drawback from its £3m profit the 12 months prior. The tide turned on Curve’s balance sheet as revenue [...]
The Square Mile gets its fourth City Minister – could it soon get its fifth? May 20, 2026 Four City minsters later, in this week’s column Samuel Norman takes a look at the blow to the Square Mile from the latest reshuffle. Also on the agenda: Revolut’s plans for the high net worth faces off with ambitions of incumbents. “Look for the girl with the sun in her eyes…” So goes the lyrics [...]
Deutsche Bank hit with six-figure fine in UK for breaching Russia sanctions May 19, 2026 Deutsche Bank has been slapped with a six-figure fine by the Treasury’s financial sanctions body for processing payments that breached sanctions on Russia. The German multinational investment bank has been handed a £160,000 fine after it was found to have authorised two payments linked to a sanctioned Russian firm between the periods of June and [...]
Jamie Dimon’s iron grip on JP Morgan threatens investor rebellion May 18, 2026 Jamie Dimon’s iron grip on JP Morgan comes under the microscope at the Wall Street giant’s annual general meeting on Tuesday as the banking exec looks to fend off an investor rebellion. The world’s most influential banker is facing an activist offensive that targets splitting up the chief executive and chair role – two positions [...]
JP Morgan chief threatens to pull £3bn investment if Labour becomes ‘hostile to banks’ May 13, 2026 The chief executive of JP Morgan has threatened to pull a major investment from the UK if Labour government policy turns “hostile to banks”. Jamie Dimon – the influential American banker – revealed plans for a £3bn square feet tower in Canary Wharf last year, which is projected to inject as much as £10bn over [...]
AI in banks? It’s all marketing and FOMO May 13, 2026 As banks are rush to beef up their AI capacity Samuel Norman recounts the sentiment shared across the industry at a conference in Copenhagen last week. Like all sectors, banks are chasing the promises of AI. The industry is shrugging off growing fears around job losses and rushing to beef up their AI credentials. Last [...]
‘Twenty years of caution’: Banking industry ramps up efforts to fix ‘anaemic’ UK growth May 11, 2026 The UK’s industry body for banking has stepped up its lobbying efforts for the government to improve “anaemic” growth figures and bolster the financial services sector. A new report published by UK Finance – the body representing around 300 firms that provide UK banking services – has issued a nine-point plan, which calls for “clear [...]