Browsing Category
Banking
UK Treasury exempts banks from prefunding deposit assurance scheme
After the failure of Silicon Valley Bank UK's UK branch in March, British banks were spared the cost of prefunding an insurance scheme for multi-billion pound deposits.
In a Consultation document released on Thursday, the UK Treasury…
Citigroup to launch China-based Investment Bank
Citigroup will launch an investment banking division in China to further its involvement in China’s financial markets, even though rivals are becoming more cautious in the country.
A person familiar with the matter said that the large US…
HSBC Zing App aims to compete with Revolut and Wise
HSBC will launch a payment app in the UK, which will offer foreign exchange at a low price to consumers. The global lender is looking to compete against digital rivals like Revolut and Wise.
The UK-based Bank on Tuesday announced that it…
Treasury ends oversight of £425m scheme for banks to help them after RBS bailout
The Treasury has refused to extend the supervision arrangements beyond this year.
Under the so-called State Aid rules, which were in place when the UK was a member state of the European Union at the time, RBS gave money to smaller…
In one of the worst years since the financial crisis, banks shed 60,000 positions.
In 2023, global banks will have eliminated over 60,000 jobs. This is one of the most significant years of cuts since the financial crises. They also reversed a large portion of their hiring after the Covid-19 pandemic.
Investment Banks…
Barclays signs deal to stay in London’s Canary Wharf till 2039
Barclays reached an agreement to remain in its Canary Wharf HQ until at least 2039. This is a major boost for London's Docklands Financial Centre after other high profile tenants chose to move elsewhere.
The bank has extended its lease…
Why high interest rates can be a blessing for certain British businesses
The bond markets are getting ahead of themselves by anticipating a sharp fall in the Bank Rate for next year.
CPI inflation is down from double-digit levels last year. At 4.6pc, the CPI inflation rate is still more than double what it…
Investors warn that the Bank of England is lagging behind its peers in combating inflation.
Investors have warned that the Bank of England is facing a stubborn inflation problem which may prevent it from reducing interest rates as dramatically as its peers next year. The central bank is preparing for its final policy session of…
Bank of England and Fed to hold interest rates
Western world's biggest central banks will likely keep interest rates at the same level this week, amid concerns about stubbornly high inflation. This is despite expectations of sharp reductions in borrowing costs for next year.
In a…
Bank of England warns of risks associated with private credit and leveraged loans
The Bank of England has warned that private credit and leveraged loan markets are vulnerable to "sharp" revaluations. This is its latest warning about the risks in non-bank financing.
The BOE Financial Policy Committee warned about…
Qatar sells shares worth £510mn to Barclays, reducing its stake by 5%
Qatar's sovereign fund has reduced its stake in Barclays. The UK bank is under pressure to revamp its strategy and improve performance by investors.
Qatar Holding, a subsidiary of Qatar Investment Authority, sold nearly 362 million…
Lloyds boss warns of bank windfall tax in the wake of Labour’s election victory
Lloyds Bank's chief executive has asked Labour and the Government not to impose a windfall tax in his industry, citing "nervousness".
Charlie Nunn is the chief executive officer of Britain's biggest lender. He said that politicians need…
Barclays is exploring a plan to drop thousands investment banking clients
Barclays is considering dropping many investment bank clients to increase profits and reduce costs by £1bn.
Barclays' executives met more than once this year to discuss the restructuring. The codename for the project is Minerva, after the…
Andrew Bailey says that Britain’s outlook for growth is the ‘worst’ he’s…
Andrew Bailey said that the economic outlook is the worst of all times, and Britain is struggling to increase low levels in growth.
The Bank of England Governor expressed concern over UK future prospects, just days after the Office for…
Barclays and Metro Bank are in discussions to sell a £3bn book of mortgages
Metro Bank will soon sell a significant portion of its mortgage portfolio to Barclays, after shareholders approved a £925m bailout deal.
The troubled lender has been in discussions with potential buyers to offload about £3bn of homeowner…
Lloyds digital shift threatens thousands of jobs
Lloyds Banking Group is preparing to restructure their business in order to focus more on digital services.
A person with knowledge of the situation says that the bank will be reviewing thousands of middle management positions. This…
Bank losses mount as high-interest rates hammer eurozone, warns ECB
The European Central Bank warned that bank losses in the Eurozone will continue to rise as high rates of interest hit households, businesses and companies.
ECB Vice-President Luis de Guindos stated that lenders are beginning to…
Bank of England Governor warns the markets that inflation will not fall rapidly
Andrew Bailey warned the markets not to underestimate the UK's persistent inflation, and emphasized that he expects the Bank of England to keep interest rates at high levels for a long time.
The BoE Governor told MPs Tuesday that…