Is George Osborne about to hit the UK banking industry?
Many believe that George Osborne will use his Mansion House speech this evening to launch a number of new initiatives aimed at the UK banking arena. He will warn them that they need to pay for the damage which "they inflicted" on the UK economy and indeed there will be talk of new banking taxes and a banking levy discussed.
It is also believed that many Liberal Democrat politicians are pushing George Osborne to instigate an investigation into integrated banking arrangements such as Barclays Bank, which operate both commercial banking activities and investment banking operations. Some of the more radical moves discussed include splitting commercial banking and investment banking into two separate entities thereby reducing the risk to an overall company from any one of these operations. This is not something which will go down well in the City where the likes of Barclays Bank, one of the integrated banking giants, has operated relatively successfully for many years.
Even though it may seem like a knee-jerk reaction to a once-in-a-lifetime event, i.e. the credit crunch, the UK banking arena could be about to change forever with many people concerned that the financial industry has become too powerful and too influential.
Irish government set to outline banking changes
Last year saw the collapse of the Irish property market which led to weakness in the Irish financial sector and the eventual bailout of many banks in the Republic of Ireland. The National Asset Management Agency was set up to manage assets held by Irish financial institutions and the government took more of a hands-on approach with regards to the banking sector and financial services. So what is t...Read More
Are we about to see a run on Irish banks?
As the banking situation in Ireland continues to worsen there are serious concerns of a significant shift of funds away from the country into "safer" banking systems. The nationalisation of the Anglo Irish bank, and the rumoured similar fate of other leading Irish banks, has impacted heavily upon confidence in the Irish banking system.
As if to make matters worse, the Financial Ser...
Tesco looking to take UK banking sector by storm
While the news that Tesco is looking to open 30 bank branches within supermarkets around the UK has not necessarily registered on the radar of every financial adviser in the UK, it could mark the start of a concerted effort to create a position in the UK banking sector. Tesco already has one banking operation in Glasgow where customers are able to purchase insurance, apply for credit cards and loa...Read More
BBA warns on phishing emails
Phishing scams are on the rise and people need to know what to look out for, a spokesperson from the British Bankers' Association (BBA) has warned.Online banking fraud has increased by nearly 45 per cent between 2005 and 2006, costing an estimated £33.5 million, according to figures from APACS, the UK's trade association for payments Phishing scams have become far more frequent in recent months a...Read More
Lloyds Bank Chief Executive defends £1.7m bonus
14/02/2014 Lloyds Bank chief executive Antonio Horta-Osorio has defended his £1.7 million bonus, claiming that it is aligned with taxpayers’ interests. The bank has increased its overall staff bonuses for 2013 to £395 million, up from £365 million the previous year. Mr Horta-Osario claimed the reason behind this, was due to increased performance, which seen the bank report it’s first...Read More