The 1.7bn Virgin Money takeover deal by Clydesdale and Yorkshire Bank Group (CYBG), creates UK’s sixth-largest bank with 6 million personal and small business customers with total lending of £70bn and 9, 500 staff, risking over 1,5 00 jobs, mainly senior management posts. The bank expects to make £120m of annual savings by 2021 by…
Lloyds Banking Group is to close 49 banks in the UK with the loss 305 jobs, between July and the October 2018. It said, “The changes in roles are in line with our plan to adapt to and meet the changing needs of our customers and as a result we will be creating 925 new…
Coinbase, a San Francisco based start-up that is one of the better-known wallet providers and owner of top-10 exchange, has struck a banking relationship with Barclays, beating other UK lenders that had previously shunned cryptocurrencies. Coinbase’s spokesman said that its UK subsidiary had secured a bank account with Barclays, a deal which will simplify deposits…
Punjab National Bank, one of India’s second largest banks has uncovered fraudulent payments worth £1.3bn ($1.8bn) to a handful of customers made through a single branch in Mumbai. Based on these transactions, other banks appear to have advanced money to these customers abroad. Shares in PNB fell dramatically to 10.4 per cent yesterday, valuing the…
Tammin Bayoumi, is the Deputy Director in the Strategy, Policy and Review Department at the International Monetary Fund, since 1988, who demonstrates that the incompetently regulated European Financial institutions played a major part to inadequately regulated U.S. shadow banking in brining economic calamity to both sides of the Atlantic – and to the entire world.…
The Bank of England raised interest benchmark rates today from 0.25 % to 0.5%, for the first time in a decade. The monetary policy suggested according to Bank of England, Mark Carney, two further 0.25% increases are needed over the next two years to combat growing inflation. As a result 4 million borrowers will feel…
Whenever there is a financial crisis, Economists does a forensics and post-mortem of past financial crises to discover the clues as to how the next one might occur and what you can learn from them. In the latest book by former Securities and Exchange Commission regulator and Treasury department advisor Richard Bookstabe, reveals how the…
Since the 2008 British tax payer bailed out and rescued Lloyds bank, has agreed to pay £1.9bn in cash to acquire credit card company MBNA from a subsidiary fo Bank of America. MBNA will be maintained as a separate brand. The deal is expected to increase Lloyds’ share of the UK credit card market by receivables from…
Duvvuri Subbarao, was the boss India’s central bank Reserve Bank Of India, for 11 days when Lehman Brothers collapsed, plunging into the biggest financial crisis in decades. His turbulent relationships with two Finance Ministers of India at that time P. Chidambaram and Pranab Mukherjee, and give his account that may cause considerable embarrassment. Chidambaram in…