Category Archives: Banking

Government sells final shares in NatWest 17 years after £45bn bailout

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Sale ends state ownership of the banking group, then known as Royal Bank of Scotland, after 2008 rescue

The UK has sold its final shares in NatWest Group, ending 17 years of state ownership since the £45bn taxpayer bailout that saved the bank from collapse at the height of the 2008 financial crisis.

The full privatisation of NatWest is a symbolic moment for the banking group – formerly known as Royal Bank of Scotland (RBS) – and draws a line under the most tumultuous chapter in its near 300-year history.

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Sidi Ould Tah named African Development Bank president

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Mauritanian economist who led Arab Bank for Economic Development in Africa will succeed Akinwunmi Adesina

The African Development Bank has chosen the Mauritanian economist Sidi Ould Tah as its president-elect after three rounds of voting on Thursday afternoon.

The election took place in Abidjan, Ivory Coast, at the end of the annual meeting of the continent’s biggest multilateral lender.

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Taxpayers set for £10bn loss on NatWest as disgraced ex-boss takes £600k-a-year pension

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Government expected to sell last shares in banking group this week, drawing a line under 2008 financial crisis bailout

Fred “the Shred” Goodwin, the disgraced ex-boss of Royal Bank of Scotland, is estimated to be receiving an annual pension worth nearly £600,000, as the government prepares to declare a £10bn loss after selling its final stake in the bank as early as this week.

The banking group, now known as NatWest, is expected to return to full private ownership within days, drawing a line under a £45bn state bailout that saved the bank from the brink of collapse at the height of the 2008 financial crisis.

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Santander UK freezes salaries and cuts jobs in commercial banking arm

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Exclusive: Bank also set to slash bonuses in wider shake-up that could help make it more attractive to potential buyers

Santander UK is freezing salaries, slashing bonuses and cutting jobs across its commercial banking arm as part of a wider shake-up that could help make the bank more attractive to potential buyers.

The bank began unexpectedly changing bankers’ job titles and shuffling staff into new teams earlier this month amid a larger review of the Spanish lender’s UK business, where there is mounting frustration over regulations and costs.

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UK ministers to meet bank bosses over lending to small businesses

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Rachel Reeves concerned that lenders’ restrictions are holding back growth in the SME sector

Ministers will meet bank bosses on Tuesday to discuss how big lenders can support the government’s growth strategy as concerns mount inside Whitehall that small businesses are struggling to access the funds needed to make vital investments.

Senior executives from HSBC, NatWest and Lloyds are expected to explain how they will meet the government’s mission to increase lending after criticism from business groups about the lack of credit available after the pandemic.

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Ugandan ​​activist​ asks HSBC to put ‘lives before profit’ as campaigners target bank’s AGM

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Patience Nabukalu, who has experienced climate-related flooding, joins protestors from around the world to deliver a letter to CEO Georges Elhedery criticising the financing of oil, gas and coal projects

At nine years old, Patience Nabukalu was devastated when her friend, Kevin, died in severe flooding that hit their Kampala suburb, Nateete, a former wetland. Witnessing deaths and the destruction of homes and livelihoods in floods made worse by extreme rainfall has had a profound impact on her.

She decided to try to bring about change – to do what she could to amplify the voices of those in the Ugandan communities worst affected by the climate crisis.

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NatWest profits soar by 36% as full privatisation looms

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Government stake reduced to under 2% as bank’s profit of £1.8bn beats analyst forecasts by £200m

NatWest has reported a 36% increase in profits in the first three months of this year as the government reduced its stake in the bank to less than 2%, paving a return to fully private ownership after 17 years.

The bank reported operating profit before tax of £1.8bn, up from £1.3bn in the same period last year, beating analyst consensus forecasts by £200m.

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UK banks put £75bn into firms building climate-wrecking ‘carbon bombs’, study finds

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Exclusive: Britain is key financial hub for destructive fossil fuel mega-projects, according to research

Banks in the City of London have poured more than $100bn (£75bn) into companies developing “carbon bombs” – huge oil, gas and coal projects that would drive the climate past internationally agreed temperature limits with catastrophic global consequences – according to a study.

Nine London-based banks, including HSBC, NatWest, Barclays and Lloyds are involved in financing companies responsible for at least 117 carbon bomb projects in 28 countries between 2016 – the year after the landmark Paris agreement was signed – and 2023, according to the study.

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HSBC sets aside more cash for bad loans amid Trump tariff war

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UK-based bank warns that trade tensions will lead to lower investment, consumer spending and GDP growth

HSBC has sounded the alarm about the impact of higher trade tariffs on economic growth, unemployment and inflation around the world, as it set aside more money to cover bad debts and reported lower profits.

The UK-based bank reported a $200m (£149m) rise in expected credit losses to $900m in the first quarter, as it increased allowances to “reflect heightened uncertainty and deterioration in the forward economic outlook due to geopolitical tensions and higher trade tariffs”.

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UK banks brace for first-quarter reports after Trump tariff turmoil

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Lenders expected to split into two camps: those focused on domestic customers and those with large operations in the US, China and the EU

UK banks’ earnings reports will be studied this week for signs of turmoil linked to Donald Trump’s tariff drama, with uncertainty over global growth likely to weigh on lenders with heavy exposure to China, including HSBC.

First-quarter profits only reflect the January-to-March period that preceded the US president’s “liberation day” tariff announcements on 2 April. But investors will be concerned about any hints of caution around earnings forecasts, as well as an uptick in money put aside for defaults by tariff-hit borrowers.

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NatWest investors to scrutinise pay in last AGM before full privatisation

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UK government expected to sell remaining stake in bailed-out bank in coming weeks

This week, NatWest will hold its last annual shareholder meeting before returning to full private ownership, with the government expected to sell its remaining stake in the bailed-out bank in the coming weeks.

The bank, formerly known as Royal Bank of Scotland (RBS), will host shareholders on Wednesday at its sprawling Gogarburn campus in Edinburgh, the £350m complex that became a symbol of the excesses that led to RBS’s £46bn bailout in 2008.

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US banks predict climate goals will fail – but air conditioning firms will thrive

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Reports predict global heating will bring catastrophes and that air conditioning market could grow by 41%

The world is on track for disastrous global heating – but this will create profits for some air conditioning companies, according to forecasts by leading Wall Street financial institutions.

Recent reports by Morgan Stanley, JPMorgan Chase and the Institute of International Finance all make clear the finance sector considers the Paris climate agreement limiting global temperatures, signed a decade ago by nearly 200 nations, is effectively dead and investors should plan accordingly.

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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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