News Tag: banks
February 24, 2010
According to reports, banking giant HSBC has bowed to shareholder pressure and abandoned plans to raise its chief executive's salary.
The Financial Times said the bank had consulted shareholders on proposals to raise Michael Geoghegan's salary by 36% to £1.4 million ($2.2 million).
The FT also reported that the bank had planned to up the salary of Finance Director, Douglas Flint, from ...
HSBC scraps big rise for its CEO
by Kay Murchie
January 6, 2010
Banks are increasingly tempting their current account holders with mortgage offers, as they seek to become "one-stop shops" in financial services.
Research from financial products analyst, Defaqto, suggests the number of mortgage offers available exclusively to current account customers is on the rise.
According to the firm, Abbey offers free valuations and cash back on certain mortgages to their Abbey or ...
Lenders woo current account holders with mortgage offers
by Gill Montia
January 3, 2010
Despite the doom and gloom in 2009, London’s FTSE added 22% over the course of the year - the biggest annual gain since 1997.
Similar gains were seen in Europe with Germany's Dax gaining 23% and France's Cac added 22%.
The FTSE 100 hit a low point in March 2009 of 3512 but ended 2009 at 5412.88.
Companies experiencing strong gains included luxury ...
FTSE 100 adds 22% in 2009
by Kay Murchie
December 22, 2009
Consumer watchdog, the Office of Fair Trading (OFT), has announced it is to abandon plans to take further legal action against banks regarding unauthorised overdraft charges.
At the end of last month, the Supreme Court ruled in favour of the banks over the fairness of the charges.
The test case originally commenced in July 2007 after it was discovered ...
OFT scraps plans to take further court action against banks
by Kay Murchie
December 21, 2009
HM Revenue & Customs (HMRC) has confirmed that the bank bonus tax will not apply to staff of non-banking firms such as insurers, assets managers and stockbrokers.
There were queries about which organisations would be affected by the 50% tax, which was announced the Pre-Budget Report, but it has been confirmed that it will apply to retail ...
HMRC confirms which organisations are affected by new super tax
by Kay Murchie
December 16, 2009
An investigation is underway at Kaupthing - the Icelandic bank which collapsed last autumn.
Kaupthing, which was once Iceland's largest bank, collapsed along with Glitnir and Landsbanki at the height of the banking crisis last year and all three banks had to be nationalised.
This led the Iceland Government to seek billions of dollars worth of aid from the International Monetary Fund, as well ...
Kaupthing under investigation for fraud
by Kay Murchie
December 15, 2009
After the $700 billion (£430 billion) bailout of the banking industry, US President Barack Obama has now asked banks to do their part and increase lending to small and medium-size businesses.
A meeting yesterday with executives from Goldman Sachs, JP Morgan Chase and Citigroup, among others, came a day after Mr Obama said he had not run for ...
Obama tells US banks to increase lending to SMEs
by Kay Murchie
December 9, 2009
At today’s Pre-Budget Report, Chancellor of the Exchequer Alistair Darling unveiled measures to claw back money in order to pay off the UK’s spiralling debt.
Mr Darling confirmed there would be a one-off 50% tax on bankers' bonuses paid above £25,000.
The Chancellor said the banks, rather than the bankers, will pay the tax and the temporary measure will come into ...
Darling unveils plans to cut UK’s ballooning debt
by Kay Murchie
November 26, 2009
A set of tough pay regulations are to be introduced which will see UK banks forced to publish the number of employees earning more than £1 million per year.
The Walker Review, published by Sir David Walker, is also proposing to provide the Financial Services Authority (FSA) the authority to curb any pay deals in the banking sector that it ...
Banks will be forced to disclose £1m+ earners
by Kay Murchie
November 25, 2009
The Supreme Court has today ruled in favour of the banks over the fairness of unauthorised overdraft charges.
The legal battle, which has been ongoing since July 2007, will come as a devastating blow to consumer groups who have been campaigning for many years about the charges, which they deem to be unfair.
However, Lord Phillips, president of the Supreme Court said: ...
Banks win legal battle over unauthorised charges
by Kay Murchie
November 23, 2009
The use of the cheque book continues to decline as consumers opt for quicker payment methods.
Major retailers such as Tesco and Sainsbury's no longer accept cheques, arguing that phasing out the use of cheques in stores resulted in quicker service and improved security for consumers.
Under controversial plans being devised by bankers, the cheque will gradually be phased ...
Cheque book to be phased out under controversial plans
by Kay Murchie
November 17, 2009
The ongoing legal battle between eight high street banks and the Office of Fair Trading (OFT) over unauthorised overdraft charges might actually reach a conclusion next week.
Wednesday 25 November is the date that has been set for the Supreme Court to decide whether the OFT has the power to assess whether or not bank charges are fair.
Banks and building societies were ...
Wednesday 25 November is judgement day
by Kay Murchie
November 5, 2009
With the prospect of new entrants into the UK mortgage market following the break up of RBS and Lloyds Banking Group, moneysupermarket.com has conducted a study that indicates Britons prefer to deal with established lenders when it comes to buying a property.
Chancellor of the Exchequer Alistair Darling has already made it clear that the owners of the High Street chains to ...
Mortgage borrowers prefer banks to supermarkets
by Gill Montia
October 27, 2009
Bank of England’s Monetary Policy Committee (MPC) member, Adam Posen, has warned that the UK is facing a Japan-style lost decade.
Japan, which is the world’s second largest economy, endured a so-called “Lost Decade” in the 1990s, whereby economic expansion grinds to a halt.
In a speech, Mr Posen warned that Britain's dysfunctional banking system bears similarities with that of Japan and could ...
MPC member warns of ‘lost decade’
by Kay Murchie
October 21, 2009
Bank of England Governor, Mervyn King, warned last night that a major rethink of how banks are structured is required.
Addressing Scottish business leaders in Edinburgh last night, Mr King’s comments came after it was announced that public finances suffered their worst six months on record between April and September.
In his speech, Mr King said that Government support for the ...
BoE Governor calls for banks to be split
by Kay Murchie
October 17, 2009
Nearly two thirds of Brits are still fuming at the banks for having caused the financial crisis, research has found.
Three quarters of Brits believe banks are not genuinely sorry for their role in causing the recession, a study by consumer advice group Which? discovered.
Three in five of those polled said banks have failed to learn their lesson from the crisis, ...
Consumers fuming at banks for financial crisis
by David Masters
October 5, 2009
In its latest quarterly survey, the Confederation of British Industry (CBI) has reported signs of growth in the UK financial services sector, for the first time in two years.
The study, which is carried out in conjunction with PricewaterhouseCoopers, reveals that 32% of firms questioned saw business volumes rise in the three months to early September, while 24% ...
CBI reports signs of growth in UK financial services
by Gill Montia
September 30, 2009
It has emerged that Britain's five largest banks have agreed to bonus terms set out by the world’s leading nations at last week’s G20 summit.
The five UK banks that have accepted the curbs on bonuses are Barclays, HSBC, Lloyds, RBS and Standard Chartered.
Under the new terms set out at last week’s summit, up to 60% of bonus payouts will ...
Britain’s top five banks accept bonus terms
by Kay Murchie
September 24, 2009
Prior to his departure to the G20 summit in Pittsburgh, Chancellor Alistair Darling warned bankers that the ‘party is over’ and the controversial bonus culture is set to change.
The G20 summit, which takes place today and tomorrow, is to focus on tightening global financial regulation.
The subject of bankers’ pay and bonuses are expected to feature high on the agenda at the summit. ...
Chancellor: ‘Party over for banks’
by Kay Murchie
