Banking

Morgan Stanley's executive who is at the heart of the legal dispute with Mike Ashley said that he didn't want to do any business with Ashley because he was worried it would harm the bank’s reputation. Simon Smith has denied having a…

St James's Place, Britain's largest wealth manager, revealed that it would be taking a £426million hit to cover refunds for aggrieved clients. The shares of the FTSE100 company fell by 115 1/4p or 18.6 percent, closing at 505 3/4p. They…

Barclays agreed to sell credit card debt worth approximately $1.1bn to Blackstone as it stepped up its efforts to remove assets from its balance sheet ahead of new regulations. This deal shows how private capital groups, such as…

HSBC has notified investors that it will be increasing the bonuses for its senior directors including Noel Quinn as chief executive. This is the latest indication that FTSE 100 firms are worried about their ability compete with…

The scandal over mis-sold car finance is intensifying after Lloyds Banking Group put aside £450m to cover possible costs and compensation. Lloyds is the first of the major motor finance companies to provide a contribution for the…

HSBC shares fell to their lowest level since 2020, after the bank announced a 80% drop in its quarterly profit. It also took a $3bn hit on the value of a stake it holds in a Chinese Bank. HSBC announced on Wednesday that the pre-tax…

Monzo, the British digital bank, is close to a new funding round that will value it at around £4bn. This would be a sign that investors are confident in the company's expansion. People said that the UK fintech may finalise an agreement…

Barclays' chief executive has revealed a plan for reviving the bank's share price, which is currently in decline. The plan is to invest £30 billion in Britain in order to stimulate growth and deliver £10 billion to shareholders over three…

The Bank of England's ex-chief economist has cautioned policymakers about the risk of damaging the economy by maintaining high interest rates for an extended period. Andy Haldane, who was chief economist for seven years until 2021, said…

Barclays will give its shareholders up to £9 billion in the next three year as part of its turnaround plan, which its chief executive is set to unveil on Tuesday. C S Venkatakrishnan (Venkat) is under pressure to increase the share price…

The Bank of England governor has welcomed the "good news" about inflation but warned that it will not cut rates immediately if, as expected, prices fall to just 2 percent this spring. Andrew Bailey responded to figures that showed the…

Private equity owners at Shawbrook want to revive their plans to float the bank to boost the London Stock Exchange. Shawbrook was purchased by BC Partners and Pollen Street Capital in 2017 for £868million. Private equity firms had…

More than £1 trillion of the nation's savings is sitting in accounts earning less than 2 per cent, while the base interest rate is 5.25 per cent, according to an analysis of Bank of England credit data. The figures, which include money…

Over 80 percent of British firms expect to raise the prices of their products and services in the next two-year period, raising concerns that inflation won't fall back to Bank of England target. PwC conducted a survey on companies and…

Iran used two of Britain's largest banks to move money covertly around the globe as part of an extensive sanctions-evasion plan backed by Tehran’s intelligence services. Documents show that Lloyds and Santander UK opened accounts for…

The government wants to convince up to 2 million people to buy NatWest shares when it sells its stake in the bank. The company has asked marketing firms to pitch to run the publicity campaign for the sale to create buzz similar to John…

The Bank of England said that borrowing costs had peaked, and inflation would fall to the target of 2% in the spring. Andrew Bailey, governor of the state, stated that the "key" question was now when to reduce rates. This could provide…

Mortgages requiring a 1pc down payment can increase risks for banks, and distort financial incentives for homeowners. The government is looking into plans to introduce a mortgage of 99 percent for first-time home buyers. Jeremy Hunt…