Breaking banks
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16 Aug
Robo-advisors give traditional wealth managers an advantage
There is increasing evidence that standalone automated financial advisors, or robo-advisors, will not attract affluent investors on their own, but can provide a competitive edge if included by traditional wealth managers.
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16 Aug
FBI warns of global ATM cybercrime spree
The FBI has issued a warning to banks of a coordinated ATM cybercrime campaign that could see the withdrawal of millions in cash from ATMs around the world.
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15 Aug
FTSE 100 CEO salary increases 23% as inflation squeezes worker pay
The mean pay of FTSE 100 CEOs increased by 23% between 2016 and 2017, according to research conducted by the CIPD and the High Pay Centre.
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10 Aug
UK announces new GDP estimates / Former Malaysian PM gets court date / Ryanair pilots walk out over workplace rights
Good morning, here’s your Friday morning briefing to set you up for the day ahead.
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30 Jul
IBM and CLS announce blockchain platform LedgerConnect for financial institutions
IBM and market infrastructure group CLS are to collaborate on blockchain-based platform LedgerConnect, that will enable financial institutions and software vendors to share and consume apps and services on a shared distributed ledger network.
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23 Jul
UK tax burden highest in half a century: TPA report
The UK tax burden is the highest it has been for 49 years, according to a recent report.
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17 Jul
Who is David Solomon, otherwise known as DJ D-Sol, the new Goldman Sachs CEO?
Investment bank Goldman Sachs has confirmed that David Solomon, otherwise known as DJ D-Sol, will replace departing Chief Executive Officer Lloyd Blankfein once he steps down at the end of the year.
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13 Jul
Monzo executive: “Technology can help make money an enabler for everybody”
By now, Monzo is nothing new, with its luminous coral bank cards a common feature of many wallets.
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5 Jul
What does the death of Wang Jian mean for HNA?
The chairman and co-founder of Chinese conglomerate HNA Group, Wang Jian, died in a fall yesterday during a business trip in Southern France, raising questions about the future of the investment behemoth.
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20 Jun
UK smart banks thrive as plastic payments overtake cash spending
Financial trade body UK Finance has reported that credit and debit card spending overtook cash payments in the country last year for the first time ever.
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18 Jun
As Virgin Group sells Virgin Money, how much of the brand does it still actually own?
Clydesdale and Yorkshire Bank (CYBG) has agreed a £1.7bn deal to purchase Virgin Money, the Virgin Group’s financial services brand.
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7 Jun
These are the private wealth managers with the most assets under management
The world’s leading 25 private wealth managers saw their assets under management increase by 14% in 2017, in what was a very good year for the wealth management industry.
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25 May
Six things we learnt from Deutsche Bank’s AGM
The Deutsche Bank annual general meeting (AGM) of 4,500 shareholders took place in Frankfurt yesterday, just hours after the bank revealed it was axing at least 7,000 jobs worldwide as the organisation works to scale back its global investment bank.
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24 May
London to bear the brunt of massive Deutsche Bank job cuts
Deutsche Bank is cutting around 7,000 jobs, with hundreds of staff in London expected to be affected.
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22 May
Many so-called GDPR experts are not fit for purpose, warns data protection lawyer
Many of the newly appointed data protection officers (DPOs) appointed by businesses in order to comply with GDPR are not fit for purpose, a leading data protection lawyer has warned.
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18 May
PayPal takes another step towards becoming a bank with iZettle acquisition
PayPal has bought mobile payment company iZettle for a whopping $2.2 billion — taking the company a step closer to becoming a fully fledged bank.
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16 May
Carillion collapse: Lawmakers suggest the UK’s big four accountancy firms be broken up
A report by British lawmakers into the construction and outsourcing giant Carillion collapse has suggested the big four accountancy firms — KPMG, PwC, Deloitte and EY — should be broken up.
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14 May
Church investments fall from grace
Last year, the Church of England made headlines with a record return on investment, but this year’s numbers aren’t quite so holy.
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11 May
Regulators slap hefty fine on Barclays’ Jes Staley over whistleblowing scandal
UK regulators have fined Barclays Bank chief executive Jes Staley an eye-watering £650,000 ($881,000) for attempting to unmask a whistleblower in 2016.
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10 May
RBS hopes to draw line under 2008 financial crisis with $5 billion US settlement
The RBS share price has climbed at the London market open after news broke last night the bank — still majority owned by the British taxpayer — will pay $4.9 billion to the US Department of Justice (DoJ) to resolve a long-running probe.
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8 May
CYBG’s £1.6bn Virgin Money takeover bid would create largest UK challenger bank
Shares in retail bank Virgin Money leapt 7.7% as the UK stock market opened on Tuesday morning.
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4 May
The HSBC share price has skidded on a surprise pre-tax profit fall
The HSBC share price has dipped after the London-based global banking giant posted a surprise fall in pre-tax profits for the first three months of the year, which the bank’s blamed on higher costs.
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4 May
Swiss referendum on sovereign money plan set for failure, poll shows
A radical plan to overhaul Switzerland’s financial sector looks set for failure, the first opinion poll on June’s Swiss referendum has shown.
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3 May
“An extraordinary blunder” — Australia’s biggest bank lost 20 million account records
The Commonwealth Bank of Australia (CBA) has lost the records for almost 20 million accounts and failed to inform its customers, the bank confirmed today.
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2 May
TSB’s online meltdown: CEO Pester blunders in front of Treasury Committee MPs
Despite ten days of turmoil, banking chief Paul Pester admits that he doesn’t yet know how many customers have left because of TSB’s online meltdown.
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2 May
TSB’s online meltdown could wreck its pitch for part of the RBS £775 million giveaway
UK challenger banks Santander, Metro Bank, Clydesdale Bank, Starling and TSB are all pitching for a share of the Royal Bank of Scotland (RBS) alternative remedies package.
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2 May
Standard Chartered share price slips despite profits growing by 20%
The Standard Chartered share price has fallen despite the bank posting a better-than-expected 20% rise in pretax profit for the first three months of the year.
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27 Apr
TSB is now counting the cost of this week’s computer chaos
It’s been a week of chaos for TSB after a computer glitch left up to half of the bank’s customers unable to access their online accounts.
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25 Apr
TSB boss Paul Pester said the bank is back online… users disagree
The chief executive of UK bank TSB, which has been struggling under an online service outage since Sunday, has said his customers should be able to use TSB’s website and app again.
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24 Apr
Metro Bank share price: Investors back chairman ahead of shareholder revolt
The Metro Bank share price rose this morning ahead of a high-stakes shareholder meeting where at least one top investor is planning to vote against the reappointment of the bank’s founding chairman, Vernon Hill.