Category Archives: Banking

City trader jailed for Libor rigging says he was convicted in a ‘morality trial’

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Tom Hayes tells supreme court hearing that the jury in 2015 was guided by a ‘judge who had made his mind up about me’

The City trader jailed for Libor rigging in 2015 has said he believes he was convicted during a “morality trial” of bankers’ conduct, as he concluded his fight to clear his name at the UK’s highest court.

Speaking after a three-day hearing at the supreme court in London on Thursday, Tom Hayes said his original conviction a decade ago was a reaction to the 2008 financial crisis and a jury guided by a “judge who had made his mind up about me”.

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Former Citibank exec settles maternity discrimination case for £215,000

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Maeve Bradley, who worked for Citibank in Belfast, lost out on expected promotion after having a baby

A former Citibank employee has received £215,000 in a discrimination settlement after she lost out on an expected promotion when she returned from having a baby.

Maeve Bradley, who had worked at the American bank’s offices in Belfast as an assistant vice-president of derivatives since March 2021, took maternity leave in 2023 and said she was devastated to be offered a different role on her return.

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Santander to close 95 UK branches, putting 750 jobs at risk

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Bank says 18 other outlets will become ‘counter-free’ and further 36 will operate reduced hours

Santander is to close a fifth of its branches in the UK as part of an overhaul of its network, putting 750 jobs at risk.

The retail bank said it would shut 95 out of its 444 high street outlets, and reduce the services or hours at a further 50-plus branches, by June to “better serve the changing needs of customers”.

Aberdare 24 June

Arbroath 17 June

Armagh 1 July

Blackwood 23 June

Blyth 5 August

Bognor Regis 14 July

Borehamwood 1 July

Brecon 25 June

Brixton 11 August

Caernarfon 7 July

Camborne 7 July

Canvey Island 5 August

Clacton 16 June

Cleveleys 23 June

Colne 14 July

Colwyn Bay 24 July

Crowborough 23 July

Croydon 16 June

Cumbernauld 7 July

Didsbury 8 July

Downpatrick 6 August

Dungannon 23 June

Edgware Road London, 12 August

Eltham 23 June

Exmouth 15 July

Falmouth 21 July

Farnham 29 July

Felixstowe 16 July

Finchley 6 August

Fleet 30 June

Formby 11 August

Gateshead 16 June

Glasgow St Vincent St, 24 June

Glasgow The Avenue, Newton Mearns, 23 June

Greenford 24 June

Hackney 15 July

Hawick 24 July

Herne Bay 8 July

Hertford 29 July

Holloway 14 July

Holywell 13 August

Honiton 14 July

Kidderminster 18 June

Kilburn 17 June

Kirkby 22 July

Launceston 16 June

Louth 17 June

Magherafelt 24 June

Malvern 2 July

Market Harborough 1 July

Musselburgh 30 June

New Milton 28 July

Peterhead 16 June

Plympton 14 August

Portadown 30 June

Pudsey 28 July

Rawtenstall 15 July

Ross-On-Wye 30 July

Ruislip 7 July

Rustington 5 August

Saltcoats 21 July

Seaford 15 July

Shaftesbury 23 July

Sidcup 11 August

St Austell 8 July

St Neots 30 July

Stokesley 31 July

Strabane 23 July

Surrey Quays London, 10 November

Swadlincote 30 June

Tenterden 7 July

Torquay 17 June

Tottenham 8 July

Whitley Bay 6 August

Willerby 13 August

Wimborne 4 August

Wishaw 22 July

Bexhill

Billericay

Dover

Droitwich

Dunstable

East Grinstead

Holyhead

Ilkley

Larne

Lytham St Annes

Maldon

Morley

North Walsham

Redcar

Saffron Walden

Turriff

Uckfield

Urmston

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Prince Andrew was told Epstein saw Staley as close friend, court hears

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FCA presents email evidence it claims shows bank boss and child sex offender were like ‘family’

Prince Andrew was among a number of high-profile contacts of Jeffrey Epstein who were told that the child sex offender considered the former Barclays boss Jes Staley to be a close friend and like “family”, a court has heard

A package of emails presented at the upper tribunal in London marked the first time that the prince was explicitly mentioned in the case launched by Staley in hopes of overturning a lifetime ban from working in the City.

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Mark Carney to be next Canada PM after winning Liberal leadership race

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Former central banker will be only second prime minister in Canadian history without a seat in parliament

Mark Carney, the former central banker who oversaw the response to financial crises in North America and the UK, will become the next prime minister of Canada after winning the race to lead the country’s federal Liberal party.

Carney, 59, takes on the role as Canada is locked in a potentially catastrophic trade war with the US, long its closest ally and largest trading partner. Last week Donald Trump announced a 25% tax on all Canadian goods, with a carveout for the automotive and energy sectors. The tariffs have the power to push Canada’s fragile economy in a recession.

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Andrew Bailey was accused by Barclays chair of having ‘destroyed’ Jes Staley, court hears

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Nigel Higgins asked if FCA would drop investigation into Staley’s relationship with Epstein if CEO quit

The Bank of England governor, Andrew Bailey, was accused by the Barclays chair of having “destroyed” Jes Staley, a court heard on Friday, after the City watchdog led by Bailey at the time launched an investigation into the banker’s ties to the convicted sex offender Jeffrey Epstein.

Nigel Higgins, who made the accusations and is still the Barclays chair, also asked in 2019 whether the Financial Conduct Authority (FCA) would be willing to drop its investigation if Staley resigned.

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Hundreds of Santander customers in UK hit by banking problems

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Bank says it has fixed mobile and telephone service outages after people unable to make payments

Santander has fixed the problems affecting its banking services after many customers were left unable to access their accounts.

The bank apologised for any “inconvenience caused” and said no customers would “be left out of pocket” as a result of the outages.

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Pay soars at Barclays and HSBC after end of UK banker bonus cap

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One HSBC banker was paid up to £16.6m in 2024 while figure at Barclays was £14.8m after loosening of pay rules

The demise of the UK banker bonus cap has sent pay soaring at Barclays and HSBC where the highest paid bankers have received their biggest payouts since at least 2014.

Analysis of pay documents released this month shows payouts for their most expensive staff surged more than 50% to nearly €20m (£16.6m) last year, after the banks took advantage of looser pay rules and allowed staff to be paid bonuses worth 10 times their salary.

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Australia news live: Woodside doubles profits thanks to record production of oil; funnel-web spider shortage threatens antivenom program

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Australia’s largest oil and gas producer has doubled its profits to $5.6bn. Follow today’s news live

Senate estimates will be back under way today, and AAP has flagged a little of what we can expect:

Creative Australia bosses, including the chief executive, Adrian Collette, will front an estimates hearing and it’s expected they’ll be questioned about the selection body’s shock decision to ditch the Venice Biennale team.

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HSBC net zero goal delayed 20 years, as CEO offered 600% bonus

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Bank is criticised for pushing climate targets to 2050 and watering down environmental goals

HSBC has been criticised after it delayed key parts of its climate goals by 20 years, while watering down environmental targets in a new long-term bonus plan for its chief executive, Georges Elhedery, that could be worth up to 600% of his salary.

The London-headquartered lender said it was reviewing its net zero emissions policies and targets – which are split between its own operations and those of the clients it finances – after realising its clients and suppliers had “seen more challenges” in cutting their carbon footprint than expected.

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Rare metal assets, 4,000 workers, a Canary Wharf HQ… but does this billion-pound firm really exist?

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A bizarre mining business’s fake audit reveals the potential for fraudsters at Companies House

At first glance, there is nothing remarkable about Gofer Mining plc. It appears to be just another multibillion-pound corporate giant, with London headquarters in Canary Wharf and interests stretching from Tibet to Ukraine.

Its lengthy financial accounts are full of prosaic details about ­mineral weights, rare metal assets and ­exploration plans.

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Rothschild braces for more ‘skeletons in the cupboard’ over conduct of late chair

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Exclusive: Bank holds crisis meeting to discuss response to news that Sir Evelyn de Rothschild left after allegation of sexual misconduct

Senior bankers at Rothschild & Co gathered on Tuesday in a meeting room at its St Swithin’s Lane headquarters in the heart of the City of London to discuss a memo that would shake the storied financial group to its foundations.

The memo, to be sent to staff on Wednesday morning, would admit for the first time that their celebrated former leader, Sir Evelyn de Rothschild, had left the bank in 2004 after an allegation of sexual misconduct.

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Evelyn de Rothschild left bank in 2004 after sexual misconduct complaint

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Rothschild & Co investigated complaint against the late financier in 2003 and he left shortly afterwards

The financier Sir Evelyn de Rothschild left the bank that bears his family name in 2004 after an investigation into a sexual misconduct complaint, it has emerged.

Staff at Rothschild & Co were told on Wednesday that the late banker, who was a financial adviser to Queen Elizabeth II, left in March 2004 after the complaint in late 2003.

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Ex-Barclays CEO gears up for explosive trial over City regulator’s allegations on Jeffrey Epstein ties

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Court papers seen by the Guardian mean Jes Staley’s appeal against FCA ruling will demand answers on links to sex offender

The former chief executive of Barclays, Jes Staley, is gearing up for an explosive trial next month, that will force him to address evidence suggesting he hid the depth of his relationship with Jeffrey Epstein, the sex offender he referred to as “family”.

Court documents seen by the Guardian reveal myriad allegations made by the Financial Conduct Authority (FCA), including that Epstein messaged Staley about sex, women and foreign holidays, while working behind the scenes to bolster Staley’s career by liaising with government officials, business leaders and royalty.

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Australians paid 10% more in bank fees last year, Reserve Bank says

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Rise was partly due to more households using their credit and debit cards overseas as travel bounces back, analyst from central bank says

Australian households paid almost 10% more in bank fees in the 2023/24 financial year, with credit card and personal loan use soaring amid the rising cost of living.

That contributed to banks enjoying a 5% jump in fee revenue in 2023/24 – the first annual increase in fee earnings in seven years, the Reserve Bank said in its January bulletin.

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UK mortgage rules could be eased to increase growth

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FCA also aims to change law to try to prevent a repeat of mass compensation schemes for consumers such as PPI

Mortgage rules could be loosened by the City regulator as it comes under government pressure to increase economic growth and home ownership across the UK.

The move to “simplify responsible lending” for property purchases is part of a range of proposals put forward by the Financial Conduct Authority in an attempt to prove that the watchdog is not standing in the way of the Labour cabinet’s “growth mission”.

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Lloyds bankers could face bonus cut if not in office two days a week

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Group reviews office attendance as part of performance-related bonus targets forsenior employees

Senior bankers at Lloyds could be at risk of having their bonuses docked if they fail to follow company orders to be in the office at least two days a week.

Lloyds Banking Group – which owns the Halifax, Lloyds and Bank of Scotland brands – has confirmed it is reviewing office attendance as part of performance-related bonus targets for its most senior employees. That includes hybrid staff who, in 2023, were ordered to be in the office at least 40% of the time, which typically amounts to two days a week for those on full-time contracts.

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JP Morgan Chase requires all workers to return to office five days a week

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Executives acknowledge ‘not everyone will agree with this decision’ as bank calls time on remote and hybrid working

JPMorgan Chase is summoning all staff back to the office, becoming the latest corporate giant to call time on era of remote and hybrid working sparked by the Covid-19 pandemic.

The US’s largest bank, which has some 316,000 employees worldwide, announced on Friday that all workers on hybrid work schedules will be required to return to the office five days a week from March.

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City regulator vows to ease ‘burden’ on UK banks amid government pressure

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Bank of England says it is rowing back on ‘overcooked’ regulations introduced after financial crisis

The Bank of England plans to slash the “reporting burden” on UK banks and allow insurers to make riskier investments without initial approval, as it comes under government pressure to ease regulations introduced after the financial crisis.

Sam Woods, a deputy governor at the Bank who leads its regulatory arm, the Prudential Regulation Authority (PRA), said the central bank had rowed back on rules that appeared to be “overcooked”, as he suggested it might have gone too far and harmed the financial sector.

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All the 1 January changes in Australia: Centrelink increases, import bans and pay rises

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Bigger Austudy and carer allowance payments, higher Medicare safety net thresholds and mandatory corporate reporting on climate also in 1 Jan changes

With the new year comes new policies, laws, taxes and reforms. Here’s everything to know about changes on 1 January, 2025 that could affect you.

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