In its latest Financial Stability Report, the Bank of England highlights the dangers posed to UK banks by instability in the eurozone. The report notes that since December, markets have increasingly focused on strains placed on sovereign balance sheets. Then in April, concerns over Greek sovereign risk produced “renewed strains in bank funding markets”. According [...]
Union Bank has announced the appointment of David Pittman as managing director of The Private Bank. Prior to joining Union Bank he worked for Fifth Third Bancorp, where he worked as president of the investment advisors division. Earlier in his career he spent a decade in Chicago working for Wells Fargo as a regional managing [...]
Investment bank Credit Suisse has announced the appointment of Paul Calello to the post of chairman of the Investment Bank. In addition, Investment Bank Acting Chief Executive Officer Eric Varvel has been confirmed as the permanent CEO of the Investment Bank. Fawzi Kyriakos-Saad, CEO of Russia, the countries of the Commonwealth of Independent States and [...]
Lloyds TSB is introducing a new overdraft fee structure for all existing and new personal current account customers, from 2nd December 2010. The changes means that customers who use an unplanned overdraft facility will pay less, with charges cut by more than one half for 70% of this group. The new structure includes: A fee [...]
Postbank has announced that it is to take over 277 Deutsche Post retail outlets situated throughout Germany, with effect from 1 July. The new outlets will be added to Postbank’s present network of 850 Finance Centres following the agreement between Postbank and Deutsche Post. The new branches will broaden the range of assistance and advisory [...]
The Government is creating a new source of finance for fast-growing SMEs. As announced in yesterday’s emergency Budget, support for small businesses with high growth potential will appear in the form of an Enterprise Capital Fund that will provide an extra £37.5 million in equity finance for qualifying firms. The funding will be raised through [...]
Investment manager Brewin Dolphin, which manages £23bn for more than 130,000 clients, has responded to the Coalition Government’s Budget, held earlier today. Executive Chairman Jamie Matheson has said that the retention of the annual free allowance for capital gains tax (CGT) will be met with relief on all sides. Many savers will continue to pay [...]
In his Budget of inevitabilities, Chancellor of the Exchequer George Osborne has announced plans to introduce a levy based on banks’ balance sheets, from 1st January 2011. The move is intended to encourage banks to adopt less risky funding profiles and to achieve a “rebalancing of the burden of taxation between banking and other sectors”. [...]
The Citizens’ Advice Bureau (CAB) has issued a warning about companies that offer fake loans. According to the charity, the scammers often prey on people who are already in debt and desperate for a way out. Speaking at the Trading Standards’ Institute’s national annual conference in Edinburgh last week, CAB director of policy, Teresa Perchard, [...]
The Swiss parliament has passed a law that leaves UBS free to hand over details of American account holders suspected of tax evasion. In August 2009 it emerged that US tax authorities were investigating clients of the investment bank, when a Florida court sentenced former UBS banker, Bradley Birkenfeld, for helping US clients hide their [...]
Santander has emerged as the sole bidder for the 318 branches put up for sale by Royal Bank of Scotland (RBS). RSB needs to sell the network to appease the EU Competition Commission with regard to its level of taxpayer support. However, it has until 2013 to make its divestment and Santander is understood to [...]
Wells Fargo & Company has announced the appointment of Richard Yorke to lead the firm’s International Group. In his new post Yorke will be based in San Francisco, and will report directly to Dave Zuercher, group head of International & Insurance Services. He will join the bank in November, at which time he will assume [...]
Société Générale Corporate & Investment Banking (SG CIB) has announced the appointment of Hikaru Ogata to the post of chief executive officer of Société Générale Corporate & Investment Banking Asia Pacific. In his new post Ogata will be based in Hong Kong, where he will report directly to Michel Peretie, SG CIB’s chief executive officer. [...]
Financial services group Voice Commerce has declared that it has become a Principal Member of MasterCard Europe. The firm’s application was given the green light by MasterCard Europe in May following the assessment that its risk management and operating methods met the strict standards required. In late 2009 Voice Commerce became a Payments Institution (PI), [...]
The Office of Fair Trading (OFT) has warned UK lenders that taking court action against consumers outside their home jurisdictions is unacceptable. The move follows an OFT investigation into Creation Consumer Finance, which provides point of sale finance to major retailers. Solicitors acting on behalf of the company had been issuing proceedings against Scottish debtors [...]
Metro Bank will become the first new bank on the high street in more than a century when it opens its doors on 29th July. The newcomer has indicated it intends to put customer service at the heart of its offering, and that it hopes to be the most convenient and pleasant place to bank. [...]
