Bank

RBS staff told to appear neutral on EU referendum

Tens of thousands of staff at Royal Bank of Scotland have been told to retain a neutral stance on the EU referendum in discussions with customers. The bank, which is 73% state-owned, issued the guidance this week. It is the latest financial business to remind staff not to offer views that could influence the way individuals vote. In April, Goldman ... Read More »

Caution pervades at four of world’s top central banks

It is a sign of the caution that permeates the global economic outlook when four of the world’s top central banks, all due to meet within days of each other, are almost unanimously expected to make no change to their extraordinary stimulus programs. While the U.S. Federal Reserve, Bank of England, Swiss National Bank and the Bank of Japan are ... Read More »

Bank of England in preparations for potential Brexit

The Bank of England will draw on lessons learned from the Scottish referendumand the global financial crisis as it steps up its preparations for a possible decision by Britain to leave the EU on 23 June. The first of three special funding operations by Threadneedle Street will be launched on 14 June to ensure the UK’s commercial banks have the ... Read More »

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 »