Tesco Bank boss Benny Higgins spent more than £18,000 on taxis

The boss of Tesco Bank spent more than £18,000 on London taxis in just eight months last year, being taken to upmarket restaurants, private members’ clubs and the supermarket’s various head offices despite the tough new approach to costs adopted by the grocer’s chief executive, Dave Lewis. When Lewis arrived at the business in October 2014, he ordered the immediate ... Read More »

Bank of England’s chief economist calls for more simple pension system

Over-complex pensions are harming the UK economy and reinforcing mistrust of the financial sector, the Bank of England’s chief economist has warned, as he admitted even he was unable to make the “remotest sense” of them. Andrew Haldane said ordinary workers had no chance of making informed decisions for their retirement funds when experts and financial advisers “have no clue ... Read More »

Iran still locked out of global financial system, says central bank chief

The governor of Iran’s central bank has said obstacles stopping Iranian banks from rejoining the global financial system show that the US and the EU are failing to fully comply with their commitments under the landmark nuclear deal. Four months after the lifting of sanctions against Iran, big European banks remain reluctant to handle Iranian payments despite recent efforts by ... Read More »

Co-op bank says bonus rules could mean higher salaries and costs

The Co-operative Bank has warned it faces rising costs because it is looking for ways to top up the pay of staff while it is blocked from paying bonuses by theBank of England. The bank, no longer 100% owned by the Co-operative Group of supermarkets and funeral homes after a rescue deal three years ago, admitted that its costs would ... Read More »

Sumner Redstone has power to remove Viacom CEO from his trust

Sumner Redstone has the power to remove Viacom Inc (VIAB.O) Chief Executive Philippe Dauman, but not his daughter Shari, from the trust that will control his $40 billion media empire after his incapacitation or death, according to two sources familiar with the matter. There is no evidence that Sumner Redstone is considering replacing Dauman. But the fact that Shari Redstone ... Read More »

How £14m investigation snared Deutsche Bank insider trading ring

Nobody would have noticed anything odd had they been walking along the rear security wall of Buckingham Palace on 23 October 2008. Yet all around there were hidden eyes and ears trained on the activities taking place in a small office located on nearby Grosvenor Place. For a year, a team led by the Financial Services Authority (FSA) alongside colleagues ... Read More »

Ex-Deutsche Bank executive given four-and-a-half years for insider trading

A former Deutsche Bank managing director and an accountant have been sent to prison for “persistent, prolonged, deliberate, dishonest behaviour”, drawing a line under the UK financial watchdog’s eight-and-a-half year insider dealing inquiry. Martyn Dodgson, a 44-year-old financier who advised the government during the financial crisis, was sentenced to four-and-a-half years on Thursday for his part in an elaborate scam ... Read More »

US and UK urge banks to do business with Iran

An attempt by the US and UK governments to persuade European banks to do more business in Iran in the wake of last year’s nuclear deal, appears to have fallen on deaf ears. Senior representatives from nine major banks listened on Thursday to appeals from the US secretary of state, John Kerry, and the British foreign secretary, Philip Hammond, urging ... Read More »

Second bank hit by ‘sophisticated’ malware attack, says Swift

Swift, the global financial messaging network that banks use to move billions of dollars every day, warned on Thursday of a second malware attack similar to the one that led to February’s $81 million cyberheist at the Bangladesh central bank. The second case targeted a commercial bank, Swift spokeswoman Natasha de Teran said, without naming it. It was not immediately ... Read More »

Vietnamese bank foils $1m cyber heist

A Vietnamese bank has foiled an attempted cyber heist that involved the use of fraudulent messages, the same technique at the heart of February’s theft from theBangladesh central bank. Hanoi-based Tien Phong Bank said on Sunday that in the fourth quarter of last year it identified suspicious requests through fraudulent messages on the global interbank messaging system Swift to transfer ... Read More »