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.
New banking group raises £50 million
A new banking group in the UK, known as NBNK Investments, is looking to attack the UK banking arena and build up a business representing a market share of between four and 6%. It is hoped that the new operation, which so far has no representation on the high street, will be able to build up a network of between 400 and 600 branches across the UK and attack the existing banking system. There is...Read More
Bank charge case re-opens
Hundreds of thousands of bank customers will come closer to finding out whether or not they will be paid back their penalty fees this week.The High Court case looking into the charges, which are levied by banks for offences such as exceeding overdraft limits, is to hold a new three day hearing, starting today.Presiding judge, Mr Justice Andrew Smith, will then decide whether or not charges dating...Read More
2008 ends on a disappointing note for the banking system
It has today been revealed that many Nationwide customers are missing December salary payments which have not yet been credited to their accounts. It appears that after an "overnight processing problem" a number of accounts have not been updated with automatic debit and credit payments leaving many customers short of funds and possibly facing late payment charges for direct debits which have not b...Read More
The history of Barclays Bank
Barclays Bank is one of the leading operations in the UK financial sector with exposure to Europe, North America, the Middle East, Latin America, Australia, Asia and Africa. During the ongoing economic crisis Barclays Bank is one of the few UK operations to turn down state funding from the UK government which has ultimately given directors more control over the future direction of the company.