Revealed: Farage’s £5m gift reported to UK crime agency over money laundering concerns

Exclusive: Latest Guardian revelation about gift from cryptocurrency tycoon comes as Reform UK leader forces byelection

The £5m gift to Nigel Farage by a cryptocurrency billionaire was reported to the National Crime Agency by bankers who were concerned it may have been laundered money, the Guardian can reveal.

The disclosure will put further pressure on the Reform UK leader, who is awaiting a decision by the standards commissioner over whether his failure to declare the money breached parliamentary rules.

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Bank of England plans to ease capital rules despite AI stability fears

Central bank’s financial policy committee members voice concern on trimming big lenders’ financial buffers

The Bank of England is planning to loosen capital requirements for major UK lenders, even as policymakers expressed concern about the threat to financial stability from rapid AI developments and debt-fuelled stock investments.

The central bank said on Tuesday it was looking to remove and loosen some rules introduced after the 2008 financial crisis that determine the size of the financial cushion required to absorb losses and protect consumers and taxpayers when things go wrong.

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Halifax to disappear from UK high street as Lloyds axes bank brand after 173 years

Group confirms it will stop opening new accounts under the name and move existing ones to Lloyds

Lloyds Banking Group has announced it is axing the Halifax brand, scrubbing the 173-year-old former building society’s name from UK high streets.

The group will stop opening new accounts under the Halifax brand and kickstart a process of shifting existing accounts to Lloyds branding over the coming days.

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Standard Chartered boss apologises for ‘lower-value human capital’ comments amid job cuts

Bill Winters faced backlash over remarks about some of near 8,000 staff set to lose roles to AI

The chief executive of Standard Chartered has apologised for referring to some of the almost 8,000 staff that are set to lose their jobs to artificial intelligence as “lower-value human capital”.

Bill Winters offered the apology after a backlash over comments he made earlier this week as the London-headquartered lender became one of the first major global banks to lay out plans to cut about 7,800 back-office roles, primarily in response to AI.

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Standard Chartered to cut more than 7,000 jobs as it steps up AI use

London-headquartered bank will reduce back-office jobs and aims to move some workers to new roles

Standard Chartered plans to cut more than 7,000 jobs over the next four years as it increasingly uses artificial intelligence.

The London-headquartered lender is one of the first major global banks to lay out plans to cut thousands of jobs, citing AI as a driver to make its operations slimmer as it seeks to increase its profitability and tackle competition.

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Advisers urge JP Morgan investors to vote to split chair and CEO positions

SS and Glass Lewis back shareholder resolution amid fears over power wielded by Jamie Dimon, who holds both roles

Investors in JP Morgan have been urged to vote in favour of splitting the role of chief executive and chair at America’s largest bank, amid concerns over the power wielded by its billionaire boss Jamie Dimon.

ISS and Glass Lewis, which issue advice to some of the world’s biggest fund managers on how to vote at annual investor meetings, have thrown their weight behind a shareholder resolution that would ensure two separate people hold the office of chair and chief executive “as soon as possible”. Investors are due to vote on the resolution at the bank’s annual general meeting on 19 May.

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NatWest faces £140m hit from Iran war as UK growth slows and inflation rises

Profits ahead of expectations but almost half of £283m impairment charge follows forecast reassessment

NatWest said the economic fallout from the conflict in the Middle East could cost it £140m amid slowing growth and rising inflation even as it reported profits ahead of expectations.

Overall, the FTSE 100 lender booked a £283m impairment charge and said that almost half of that was because of a reassessment of its economic forecast to “reflect increased geopolitical risk and weaker equity markets”.

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HSBC ‘reviewing’ private school perk for bankers in Hong Kong

Hundreds of senior staff in territory benefit from nearly £30,000-a-year grant per child not available to staff in group’s other hubs

HSBC is reportedly reviewing a perk that covers school fees for bankers in Hong Kong as part of a big overhaul of the bank under its chief executive, Georges Elhedery.

Europe’s largest bank is considering whether to scrap the perk for new employees or make changes to total compensation, Bloomberg News reported. No decisions have been made yet.

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Debit and credit card surcharges to be removed in Australia by October

Treasurer Jim Chalmers says changes will help with cost of living and ‘Australians hate paying’ the surcharges

Debit and credit card surcharges will be gone by October under Reserve Bank reforms, with big banks likely to foot the bill for the cost-of-living measures.

The new rules, announced on Tuesday, will enable businesses to remove added fees on Mastercard, visa and eftpos card payments.

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Car finance victims to get an average £830 payout but fewer loans eligible

City regulator reduces number of loan agreements in line for compensation from 14m to 12m

Victims of the car finance scandal will be in line for payouts worth £830 on average, as the City regulator tightened the rules of its compensation scheme to cover fewer contracts.

The Financial Conduct Authority (FCA) released the final details of its planned redress programme, saying it had narrowed the number of loan agreements eligible for payouts from 14m to 12.1m contracts.

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Lloyds bank faces £66m court battle with car loan customers

Law firm is preparing claim on behalf of 30,000 consumers who fear the FCA’s redress scheme will shortchange them

Lloyds Banking Group is facing a court battle with 30,000 aggrieved car loan customers who are to abandon the City regulator’s official redress scheme amid fears it will shortchange consumers and favour lenders.

The claims law firm Courmacs Legal is planning to file a £66m omnibus claim on behalf of borrowers who believe they were financially harmed by car loan contracts set up by Lloyds’ motor finance arm, Black Horse.

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European takeover battle hots up with UniCredit’s ‘unfriendly attack’ on Commerzbank

Milan-based bank plans to up its near-30% stake in German lender to trigger formal talks despite strong opposition from Berlin

Two European banking powerhouses have become embroiled in a €35bn (£30bn) takeover battle after Italy’s UniCredit stepped up its long-running pursuit of German lender Commerzbank, despite strong opposition from the German government.

UniCredit first took a stake of 9% in Commerzbank in September 2024 and has since built up its holding to just under 30%. It said on Monday it was pushing to increase that holding further and push the rival lender into formal merger talks.

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Average UK office attendance ‘settling’ at highest level since before Covid

Figure above 40% every week since early January as report says situation ‘no longer in freefall nor in recovery’

Workers are heading back to offices across the UK in droves, pushing office occupancy to the highest since before the Covid-19 pandemic, as an expert described the numbers as “no longer in freefall nor in recovery mode but settling”.

Investment banks such as Goldman Sachs and JPMorgan Chasehave led the push with strict return-to-office mandates despite anger among many employees about being ordered back to the office five days a week. Companies in other sectors have also increased days in the office but many businesses, including law and accounting firms, still allow staff to work remotely two days a week.

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Swiss prosecutors file charges against Credit Suisse and UBS over ‘tuna bonds’ scandal

Banks accused of ‘organisational deficiencies’ relating to scam that crashed Mozambique economy nearly a decade ago

Switzerland’s federal prosecutor has filed charges against the failed bank Credit Suisse and its new owner, UBS, over the long-running “tuna bonds” loan scandal that crashed Mozambique’s economy nearly a decade ago.

The Swiss attorney general said on Monday that it had brought money-laundering charges against an unnamed employee of Credit Suisse, but was also taking action against the lender and its rival-turned-owner UBS.

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US regulators ‘taking seriously’ allegations of bankers’ support for Epstein

Exclusive: It follows calls from US senator Elizabeth Warren to investigate bank executives including ex-Barclays boss Jes Staley

US regulators say they are taking allegations that top banks may have facilitated Jeffrey Epstein’s criminal activity “very seriously”, as they faced calls to investigate executives including the former Barclays boss Jes Staley.

In correspondence seen by the Guardian, bosses from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) said they had reviewed a letter from the Democratic senator Elizabeth Warren, which raised concerns over bankers’ alleged support for the convicted child sex offender Epstein.

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‘Loophole’ in sanctions allowing Russian oil to be imported to Australia through port part-owned by Macquarie Bank

Australia stopped buying fuel directly from Russia after its invasion of Ukraine but has imported more than 3m tonnes of its oil products since 2023

Millions of tonnes of Russian oil have been traded through a port part-owned by Macquarie Bank and potentially sold on to Australian businesses, new data shows.

The identification of a new link between Australia and the trade in Russian-origin products exposes further gaps in government sanctions, as Australia lags behind the EU and the UK in tightening import rules.

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JP Morgan warned US of $1bn in Epstein transactions possibly related to human trafficking

Bank says it alerted US of ‘suspicious’ transactions just weeks after paedophile was found dead in New York jail cell

JP Morgan warned the US government about more than $1bn in transactions linked to Jeffrey Epstein that were possibly related to reports of human trafficking, new documents confirm.

The largest bank in the US filed a suspicious activity report (SAR) in 2019, just weeks after Epstein was found dead in a New York jail cell, about transactions linked to the paedophile financier and prominent business figures. It also flagged wire transfers made by Epstein to Russian banks.

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NatWest boss warns against higher bank taxes as lender’s profits rise 30%

CEO says fiscal discipline should be balanced with ‘policies that create stability, consistency and support growth’

NatWest Group’s chief executive has warned the government against increasing taxes on banks in the autumn budget as the high street lender reported a 30% jump in profits.

Paul Thwaite said he understood the “difficult choices” that the chancellor, Rachel Reeves, had to make in order to help close a potential £30bn shortfall in the public finances but argued she needed to “balance fiscal discipline” with “policies that create stability, consistency and support growth”.

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Australian banks ignore thousands of customers’ hardship requests

Exclusive: Automated systems have generated ‘cookie cutter’ responses that fail to account for individual circumstances, financial watchdog says

Banks are outright ignoring or offering “cookie cutter” responses to a rising number of hardship requests from struggling customers, despite repeated regulatory crackdowns.

Nearly 2,900 customers complained their bank had failed to respond to pleas for assistance in 2024-25, new data from the Australian Financial Complaints Authority (Afca) showed.

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Bank shares lead global market fall amid jitters over US private credit

Signs of credit stress send markets in Europe and Asia down, while investors turn to safe haven assets

European stock markets fell on Friday and gold hit a record high after two US regional banks said they had been exposed to millions of dollars of bad loans and alleged fraud.

Signs of credit stress rattled markets across Europe and Asia. In London the FTSE 100 fell 0.9%, Germany’s Dax fell 1.8%, Italy’s FTSE Mib fell 1.5%, the Ibex in Spain was off 0.3% and France’s Cac 40 dropped 0.2%.

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