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HSBC chief executive John Flint has stepped down after the bank said it believed a change was needed “to meet the challenges” it faces. The bank said in a statement that Flint, 51, had resigned the role “by mutual agreement with the board”, saying the bank needed a change at the top to address “a challenging global environment.” He was […]
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Mobile banking is set to be more popular than visiting a high street bank branch within two years, according to new forecasts, highlighting how technology is transforming the way Brits bank. The tipping point will arrive in 2021, according to analysis by the consultancy Caci, when the number of customers regularly using branches will be overtaken by those using apps. […]
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Corporate borrowing poses a danger to the global financial system and could trigger a crisis in the same way US sub-prime mortgages sparked the 2008 banking crash, the organisation that represents the world’s central banks has warned. Citing the US and the UK as the worst offenders, the Bank of International Settlements said in its annual health check of the […]
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Go inside the global economy with Stephanie Flanders in her new podcast, Stephanomics. Subscribe via Pocket Cast or iTunes. Central banking as we know it is on the way out, and it’s “inevitable” that something like modern monetary theory will replace it, billionaire investor Ray Dalio said. The doctrine, known as MMT, says that governments should manage their economies through […]
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Metro Bank shares plunged to fresh lows on Wednesday, after the lender shocked markets with plans to raise a further £350m just months after its last cash call. The high street challenger also revealed that it is under investigation by City regulators, the Financial Conduct Authority and Prudential Regulation Authority, over a major accounting failure first disclosed last month. The […]
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The US has lent its backing to Britain to protect the City from losing trillions of pounds of complex financial derivatives business after Brexit, warding off a potential banking industry land grab by the EU. In a joint announcement heralded as a sign of the special relationship between the UK and the US, the two countries said they would take […]
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The Barclays chief executive, Jes Staley, has promised to return more money to shareholders in a bid to fend off the attentions of the activist investor Edward Bramson, as the bank reported flat profits for 2018. Profits before tax of £3.5bn for 2018 were held back by litigation and conduct charges of £2.2bn for the year, while the bank also […]
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Wall Street’s six biggest banks to testify before House Financial Services Committee in March: Report “Bulls & Bears” panel on the report that Bank of America, Citi, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo will testify in front of the House Financial Services Committee in March. Wells Fargo’s CEO Timothy Sloan is expected to testify solo in front […]
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There is an old Lloyds Bank television commercial featuring those darlings of the 1980s sitcom, Jan Francis and Nigel Havers. Francis’s character has just bought a house from Havers and the ad has the pair bumping into each other at the supermarket checkout. The encounter prompts Francis to give Havers a few unsolicited personal finance lessons, by explaining how her […]
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(Reuters) – Online lender OnDeck Capital Inc on Tuesday reported quarterly adjusted profit that nearly doubled, as the online lender dispensed more loans and earned more interest income. Adjusted net income rose to $15.9 million, or 20 cents per share, in the fourth quarter ended Dec. 31, compared with $8.1 million, or 10 cents per share, a year earlier. reut.rs/2Ia0Euh […]
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