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HSBC plc to accelerate plans to shrink in size and slash costs further

HSBC Holdings PLC signalled it would embark on a transformation of its business model, seeking to flip its main source of income from interest rates to fee-based businesses. It also…

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HSBC accelerates 35,000 job cuts amid Covid-19 profit plunge

HSBC is to accelerate plans to cut 35,000 jobs globally after the Covid-19 crisis forced the bank to put aside another $3.8bn (£2.9bn) to cover bad debts. The London-headquartered bank…

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Santander to appoint HSBC’s Simoes as regional head of Europe

Spain's Santander announced the appointment of Antonio Simoes, head of global private banking at HSBC, as its regional chief for Europe at a time when the euro zone's No. 2…

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Central Bank with new directives on cheques, cash withdrawals

Following the advice of national health authorities for persons to remain indoors as much as possible, the Central Bank of Malta has today issued a Directive on important measures concerning…

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Big banks brace for the coronavirus

Many of the City of London's biggest institutions are taking steps to combat the spread of the coronavirus. On Monday many of JPMorgan's UK-based staff are being temporarily moved…

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Founder of India’s fifth-biggest private sector bank arrested

The founder of Yes Bank, Rana Kapoor, was arrested on Sunday on allegations of money laundering, after being questioned for over 20 hours by Indian authorities. "He has been arrested…

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Intesa Sanpaolo bid to take over rival UBI Banca

Italian bank Intesa Sanpaolo has launched a bid to take over its rival, UBI Banca for 4.9 billion Euros. Italian Economy Minister Roberto Gualtieri said Wednesday Intesa Sanpaolo's planned takeover…

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Royal Bank of Scotland (RBS) to change its name

Royal Bank of Scotland (RBS) says it is to change its name to NatWest Group later this year as it commits to a new future following the taxpayer bailout of…

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Italian banks closing Iranian citizens’ accounts over US sanctions

Several Italian banks have closed or imposed restrictions on accounts held by Iranian citizens citing US sanctions against Iran and putting some people in a delicate financial situation. Several European…

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German digital bank N26 pulls out of UK, blames Brexit

The German digital bank N26 is has blamed Brexit for its decision to pull out of the UK and close more than 200,000 customer accounts. The lender has given customers…

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Visa backs payments start-up that powers popular fintech apps like Monzo and Revolut

Financial technology start-up Currencycloud, which powers cross-border payments for a number of popular finance apps, has raised $80 million in a funding round backed by Visa. Based in the U.K.,…

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Lloyds Banking Group and Microsoft form partnership to accelerate bank’s digital transformation strategy

Lloyds Banking Group (LBG) has announced a strategic partnership with Microsoft focused on accelerating LBG’s digital transformation. As part of the LBG’s commitment to invest £3 billion in technology, the…

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Financial institution failed to raise alarm over huge write-down of frozen Libyan assets

Abu Dhabi’s The National reports that a financial institution responsible for a huge write-down in the value of Libyan frozen assets held in the UK remains under investigation after it…

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Britain’s biggest high street banks affected by cyber-attack

Britain's biggest high street banks have been left unable to process foreign currency orders following the cyber-attack on Travelex, which provides services for them. Royal Bank of Scotland, Lloyds…

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HSBC kicks off year with Hong Kong branches closed, vandalized

HSBC is being drawn into Hong Kong’s political turmoil with protesters attacking some of its branches and graffiti daubed on the famous pair of lions that guard its city-center headquarters.…

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Money pumped into China’s economy in attempt to fight slowdown

China’s central bank has acted to pump more liquidity into the country’s economy in an attempt to prevent growth slowing in 2020. The People’s Bank of China is allowing commercial…

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Next Bank of England governor looks to ease rules after Brexit

Andrew Bailey, named on Friday as the next governor of the Bank of England, has signaled a readiness to diverge from EU regulations after Brexit. Bailey will be one of…

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BCR sells historic palace in downtown Bucharest

Romanian lender BCR announced that it completed the sale of the historic Oscar Maugsch Palace in Bucharest’s Universitatii Square to an investment vehicle registered in Luxembourg, Project Regina Elisabeta Bucharest.…

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HSBC Swiss unit to pay $192 million in US tax fine

The Swiss branch of HSBC's private bank has been fined almost CHF200 million by the US Department of Justice (DoJ) for having helped American clients evade tax between 2000 and 2010.…

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Switzerland grants 18 more countries access to bank details

The Swiss parliament has approved the automatic exchange of bank data with 18 additional countries from 2021. However, Turkey failed to make the cut. On Tuesday, the Senate followed the…

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HSBC to bring in single overdraft rate of 40% for UK customers

HSBC is to bring in a single overdraft rate of 39.9% for UK customers from March 2020, as much as quadrupling the rate it charges some customers. However, the bank…

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Italy’s UniCredit to axe 8,000 jobs

Italian bank UniCredit said Tuesday that it set to axe around 8,000 jobs and close around 500 branches in the next few years. The job losses will be concentrated in…

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Commerzbank CEO calls on EU to stick to principles in face of U.S. policy

Commerzbank’s chief executive criticized the U.S. administration for unilateral dealmaking on Friday and called for Germany and Europe to “stick to our principles”. Martin Zielke’s comments come as Europe debates…

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HSBC set to replace investment banking chief

HSBC is planning to replace the long-serving head of its investment bank ahead of a big restructuring that will result in large-scale job losses at the unit he has…

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Danish prosecutor charges Danske Bank for overcharging customers

Danske Bank said on Thursday it has been preliminary charged by the Danish prosecutor for overcharging customers for an investment product. Denmark’s financial watchdog reported Danske Bank to the police…

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HSBC cut jobs in UAE as bank look to reduce costs

HSBC Holdings has laid off about 40 bankers in the United Arab Emirates (UAE) and Emirates NBD is cutting around 100 jobs, as banks in the Arab world’s second-biggest economy…

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Jail terms for 13 bankers over Monte Paschi scandal

Thirteen former bankers from Monte dei Paschi di Siena, Nomura and Deutsche Bank were sentenced to jail on Friday after a case that shook Italy’s establishment and fomented the rise…

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Lebanese banks reopen for first time in two weeks

Lebanese banks opened to customers on Friday for the first time in two weeks following an unprecedented wave of protests that led the prime minister to resign, with small numbers…

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UK will not appoint new BoE chief before December 12 election

Britain’s government will not name a successor to Bank of England Governor Mark Carney before a national election due on Dec. 12, a finance ministry official said. Earlier on Thursday,…

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UniCredit says 3 million clients hit by data breach

Italian banking giant UniCredit said Monday that around three million of its clients in Italy were affected by a data breach in 2015, while stressing that account details were not…

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HSBC restructuring plans fuel fears of job cuts

HSBC is planning to restructure its business after the banking giant said its performance in parts of Europe and the US was "not acceptable". Interim chief executive Noel Quinn said…

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Euro zone corporate lending growth plunges in Sept

Bank lending to euro zone companies plunged last month, suggesting that the bloc’s economic slowdown is finally slowing lending after a period of surprising resilience, data from the European Central…

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HSBC warns of ‘challenging’ outlook as profit falls

HSBC saw an 18% drop in pre-tax profit during the third quarter, as the bank warned of challenges ahead. Europe's largest bank said profit before tax hit $4.8bn (£3.8bn) in…

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US charges Turkey’s Halkbank with violating Iran sanctions

US prosecutors filed criminal charges against Turkey's state-run Halkbank for allegedly taking part in a multibillion-dollar scheme to evade sanctions on Iran. The indictment is the latest development in a…

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Bank of England unveils new £20 note

The new 20-pound note was unveiled at the Turner Contemporary Museum in Margate, Britain. The 20-pound note is Britain's most common, and most forged. Security features on the next £20…

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HSBC to close down seven branches in Malta

HSBC announced on Thursday it would be closing seven branches in Malta and combine another two into a new Qormi flagship it will be open. It also said it would…

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World’s largest banks lagging in sustainable finance

Despite pressure from activists, investors and governments, the majority of world’s 50 largest banks have not made sustainable finance commitments to respond to the risks of climate change and continue…

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Dutch bank ABN Amro subject to money laundering investigation

Dutch bank ABN Amro has been placed under investigation by Dutch prosecutors relating over suspected money laundering, it said today. Prosecutors said they believe that ABN Amro reported suspicious transactions…

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New Zealand announces plans to regulate conduct of banks, insurers

New Zealand announced that it plans to regulate the conduct of financial institutions with new measures including a ban on target-based sales incentives, following a review by regulators. The government…

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Ex- Danske Bank head caught up in fraud probe found dead

The former head of Danske Bank's arm in Estonia has been found dead days after he went missing. Police had been searching for Aivar Rehe since he left his home…

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Another Swiss bank enters into cryptoassets

Arab Bank Switzerland has teamed up with blockchain technology firm Taurus to offer its wealthy clients access to bitcoin and ethereum. The bank joins a growing list of established players…

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UK banks sign up to U.N.-backed responsible banking code

Britain’s banks will implement U.N.-backed “responsible banking” principles being launched next week that will influence lending and company behaviour, British banking trade body UK Finance said. The principles seek to…

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HSBC plans sale of French retail banking business

HSBC is planning to exit its French retail banking business under interim chief executive Noel Quinn, the Wall Street Journal reported, citing people familiar with the matter. The likeliest buyer…

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Switzerland’s first crypto banks receive licences

The Swiss financial regulator has awarded banking and securities dealer licences to two new “crypto banks”. SEBA and Sygnum have been cleared to operate, a major milestone for the fledging…

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Bank warns Hong Kong protests will hit economy

The Hong Kong-based Bank of East Asia Ltd (BEA) has warned that weeks of protests in Hong Kong could hit the economies of the Chinese-ruled city and mainland China itself…

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Barclays no longer banking cryptocurrency exchange Coinbase

Barclays is no longer providing banking services to cryptocurrency exchange Coinbase, sources familiar with the matter told Reuters, ending a relationship that started in March last year as the exchange…

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ECB to test five Croatian banks

The European Central Bank said on Wednesday it would carry out a stress test of five Croatian banks, a preliminary step in Zagreb’s bid to join the euro zone. Zagrebačka…

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HSBC Global Asset Management names Nicolas Moreau as CEO

HSBC Global Asset Management has appointed Nicolas Moreau as its new chief executive, the firm said in a statement, adding that he will join in September. Moreau, former head of…

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HSBC chief executive resigns in top level reshuffle

John Flint, the chief executive of HSBC has stepped down after the bank said it needed a change in leadership to address a "challenging global environment". Flint is giving up…

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Revolut launches free share trading in Europe

Digital finance business Revolut is launching a fee-free share-trading service in the UK and Europe on Thursday, seeking a slice of the brokerage-controlled market to continue the company’s rapid…

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Libya’s central bank drops dollar purchase fees to 163%

Reuters reports that the Libyan Presidential Council on Tripoli of the Government of National Accord (GNA) announced on Tuesday that it will cut the fee on sales of dollars and…

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Photo Story: Preview of Bank of England’s new 50 GBP note

An undated handout photo made available by the British Bank of England on 15 July 2019 showing the new concept image design of the Bank of England's 50 GBP note…

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Fresh crackdown in the UK in fight against dirty money

The British government is giving new impetus to the fight against money laundering. Through the Economic Crime Plan the British Government intends to draw together actions to overhaul the approach…

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BOE believes British banks can cope with no-deal Brexit

British banks hold enough capital to cope with a simultaneous disorderly no-deal Brexit and global trade war, the Bank of England said on Thursday as part of its half-yearly assessment…

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EU’s 2018 bank stress test considered too mild

Last year’s European Union bank stress test did not appropriately reflect systemic risks, EU auditors said on Wednesday, a shortfall that may have produced misleading results for some lenders,…

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Deutsche Bank axes whole teams in Asia-Pacific

Whole teams in Deutsche Bank’s Asian operations were told their positions were gone on Monday, as the lender began axing 18,000 jobs globally in one of the biggest overhauls to…

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Turkish central bank chief fired

Turkish President Recep Tayyip Erdogan has fired the governor of the central bank and replaced him with his deputy. No official reason was given for the sacking of Murat Cetinkaya,…

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