Category: Banking

Activist funds turn attention to banks as new merger wave sets up

Activist investors are turning their attention to the U.S. banking industry, which many see as ripe for a new merger wave as lenders struggle to distinguish themselves amid intensifying competition. Funds from veteran Jeffrey Ubben’s ValueAct to first-time agitators like Dallas-based Blue Lion Capital have been turning up the heat on banks over the past

Banks may face criminal charges after final royal commission report

 Kenneth Hayne lays the blame for misconduct directly at the feet of senior banking executives in the royal commission’s damning final report. Photograph: Eddie Jim/AAP Some of Australia’s biggest banks could face criminal prosecution over the shocking fee-for-no-service scandal as part of a sweeping response to the royal commission’s damning final report. The much-anticipated report

The former homeless man bringing web access to the Bronx

The digital divide – the economic gap between those with internet access and those without – is a growing problem throughout the world, and not just in developing economies. Many people are trying the bridge this gap, and here are some of their stories. As a teenager, Marlin Jenkins was homeless for a couple of

Fake BBC News page used to promote Bitcoin-themed scheme

An investment scheme is using a fake BBC News webpage to convince members of the public to hand over funds. The spoof page references a Bitcoin-themed documentary broadcast by Panorama last year, but links on the page direct visitors to a site promising to make them a millionaire. Reports indicate that the fake page is

Dark web criminals ‘forced’ bank worker to embezzle

A bank worker has avoided jail after claiming he was forced by “dark web” criminals to embezzle £75,000 from his employer. Dayne Lynn said he fell prey to unknown individuals after becoming curious about the online underworld after watching a TV show. The 22-year-old claimed he was ordered to swindle from two accounts and transfer

Stonewall 100: University chaplain named gay role model of the year

A university chaplain has thanked other Christians for “loving me just as I am” after being named Stonewall’s gay role model of the year. Ray Vincent, associate chaplain at the University of South Wales, received the award for championing LGBT equality within the workplace. Twelve Welsh employers made it into the charity’s list of the

Banking app firm to create more than 300 jobs in Cardiff

More than 300 jobs are to be created in Wales as a mobile-only bank is set to open up a centre in Cardiff. London-based Monzo, one of the UK’s fastest-growing banks with 1.3 million customers, has begun hiring for its new city centre customer operations base. The Welsh Government has given a grant of almost

Lloyds’ overdraft fees unacceptable, says MP

Lloyds Banking Group has been criticised for introducing new overdraft charges on Monday ahead of a proposed crackdown later this year. An MP described the fees – which will equate to an annual interest charge of up to 61% – as “unacceptable”. The Financial Conduct Authority wants to scrap overdraft fees and replace them with

RBS applies for German banking licence ahead of Brexit

Royal Bank of Scotland has applied for a German banking licence to help it retain clients in the European Union in the event of a no-deal Brexit. The move applies to all its subsidiaries, but would only affect NatWest, which trades across the bloc. RBS, which already has a Dutch licence, said it would allow