Banking News

Lloyds Bank lifts full-year targets

Lloyds Bank records GBP 2BN profit after COVID pandemic loss

Lloyds Bank announces the restoration of its dividend payments as it returns to profitability. Lloyds Bank swung into profit for the first half of 2021, boosted by a house buying frenzy and the improved outlook for the UK economy. After suffering a GBP 602M loss in 2020, Lloyds recorded a profit of GBP 2BN in 2021...
Tesco Bank closing all current accounts

Tesco Bank announces the closure of all current accounts

Tesco’s banking arm announced the closure of all its customers’ current accounts today. Tesco Bank said that most current accounts have limited activity or are being used as “saving pots”, with just 12% of accounts with the retail giant used as primary current accounts. Those banking with Tesco will have until November to find an alternative option...
UK inflation increased to 2.5% in the 12 months to June 2021

UK inflation rises to 2.5% in June 2021

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New data reveals that UK inflation increased to 2.5% in the 12 months to June 2021, surpassing the Bank of England's (BoE) 2% target rate for a second consecutive month. The US has also experienced a surge in inflation, rising to a 13-year high of 5.4% during the same period. However, central Banks have labelled the rise as transitory and believe inflation rates will return to normal levels in 2022.
Women and ethnic minorities underrepresented in leadership positions

UK financial bosses could have pay linked to diversity

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The financial services sector released a joint paper stating that they want to create a more diverse workforce and reduce gender and race inequalities. The Bank of England said City executives need to do more to achieve this and financial watchdogs said financial bosses could see pay linked to workforce diversity to help speed up progress...
A miniature man and a miniuature woman sitting on top of a pile of coins representing gender equality

Gender equality – getting women into finance in 2021

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Whilst figures have improved over the years, there is still a shortage of women in finance in the UK, with initiatives such as the women in finance charter hoping to improve gender equality.
Rishi Sunak announces new green savings bonds

Rishi Sunak announces new green savings bonds

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In a bid to reach net-zero emissions by 2050, the UK is placing further emphasis on climate change and funding environmental initiatives. Today, UK Chancellor Rishi Sunak revealed plans for green savings bonds, which will help support eco-projects in the UK. Meanwhile, the Chancellor is also on the verge of securing a significant global tax deal for the UK…
Climate change is becoming a top priority for banks

Climate change is becoming a top priority for banks

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A risk management report conducted by EY and IIF highlights how most banks worldwide now view climate change as a primary concern. Although the majority of banks endured the worst of the coronavirus pandemic, many are continuing to build their resilience to reduce the impact on ongoing financial difficulties posed by COVID-19.
bank ATM

UK business confidence rises but Lloyds closes bank branches

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UK business confidence soars to its highest levels since 2016 and yet one of the “Big Four” clearing banks in Britain, Lloyds Bank announced that is closing 44 branches across the country due to a lack of ATM transactions. Disappointing UK PMI data has also poured cold water over pound Sterling (GBP) exchange rates...
Credit suisse

Credit Suisse take CHF 600 million hit from Archegos collapse

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Still reeling from the Greensill scandal, Credit Suisse is now facing significant losses for Q2 following the Archegos collapse, prompting an investigation from Swiss regulators. The Swiss Financial Market Supervisory Authority (FINMA) has begun enforcement proceedings against investment banking company Credit Suisse following...
European super league

European Super League: JP Morgan to Provide GBP 4.6 billion Funding

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The controversial European Super League will be financial backed by JP Morgan, reportedly injecting billions into the proposed competition which has angered both fans and authorities. Whilst a spokesperson for JP Morgan has confirmed that a deal for the ESL is currently being negotiated, they failed to provide...
Financial market regulations

Bank of England intervenes in UK-EU financial market row

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The EU’s refusal to grant London equivalence has driven firms to relocate to the bloc, prompting the UK government to involve the Bank of England. The Bank of England has now drawn up restrictions to reduce the number of firms relocating to financial capitals on the other side of the Channel. All firms must...
Digital currency

Are central banks preparing to launch digital currencies

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Interest in cryptocurrencies and digital currencies have accelerated amid the coronavirus pandemic, and many central banks are now debating whether central bank digital currencies (CBDCs) should become a reality. Pound Sterling continues its rally higher against the euro and US dollar.
UK Finance sector London

Bank trends: Expectations for UK banking sector in 2021

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What's the difference between Retail Banking and Corporate Banking? Here we examine the Expectations for the UK banking sector in 2021 and how banking shares are recovering from the pandemic-induced slump. Also we look at how Rishi Sunak is reviewing the bank surcharge following the Budget 2021 announcement...