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The Latest Breaking News on Financial Services

Banks start cutting mortgage rates for first time since disastrous mini-Budget

Banks and building societies are starting to cut prices for their new mortgages, offering relief to struggling homeowners facing soaring home loan prices this year

Daily Mirror

Santander issues warning to account holders after woman nearly lost £80,000

It comes as a 61-year-old woman was persuaded to transfer more than £80,000 in total

Chronicle Live

Calls for UK banks windfall tax as HSBC reports profits of $700m more than predicted

Bank records quarterly profits above $3.2bn estimated as interest rates rise on back of higher borrowing costs

The Guardian - UK

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HSBC ditches finance chief as calls for windfall tax grow

HSBC today kicked off bank reporting season with a boom in profits that is likely to add to calls for a windfall tax on the sector – and revealed the surprise departure of number two executive Ewen Stevenson.

Evening Standard

FTSE 100 Live: Jeremy Hunt to stay as chancellor; HSBC profits fall

Big Tech shares were shaken last night after Google and YouTube parent company Alphabet posted weaker-than-expected revenues and earnings figures.

Evening Standard

Santander warns bank account holders after woman loses £80k in transfer scam

Daily Record

Santander issues warning to bank account holders

One woman nearly lost £80,000

Liverpool Echo

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Listed banks see healthy Q3

Listed banks posted stronger results in the third quarter year-on-year thanks to lower loan-loss provisioning and the economic recovery.

Bangkok Post

Banks may see higher tax as a price worth paying for economic stability

Third-quarter profits will be subdued, but many lenders will accept a tax raid to boost the public finances (and their own image)

The Guardian - UK

China central bank head likely to step down amid reshuffle

China's central bank chief Yi Gang is likely to step down after he was dropped from an elite body of the ruling Communist Party, with a former central banker a leading contender to succeed him, sources close to the central bank said.

Reuters

'There was umpteen of them, now they've all gone': The Greater Manchester town that lost all its banks

"I'm not being funny but us old uns' wouldn't have a clue how to do it online"...Six years ago Radcliffe, a town of 30,000 people, had three banks and a building society - now there's none left

Manchester Evening News

IDBI Bank logs best-ever quarterly net income at Rs 828 crore

MUMBAI: IDBI Bank has come out with best-ever quarterly numbers on Friday, logging in a 46 percent growth in net income at Rs 828 crore for the September quarter.

The Times of India

Barclays could be fined £50m for failing to disclose 2008 Qatari deal

Provisional fine relates to £322m bank paid to Gulf state allegedly in exchange for £4bn investment to save lender from bailout

The Guardian - UK

Barclays facing £50m fine for 'reckless' failures to disclose arrangements with Qatari investors

Bank will take decision to an independent tribunal

Insider UK

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The Times of India

Indian govt seeks $7.7 billion value for IDBI Bank in stake sale

NEW DELHI: India is pushing for a valuation of around 640 billion rupees ($7.7 billion) for state-owned IDBI Bank Ltd in what could be the biggest sale of the government’s stake in a lender in decades, according to a person familiar with the matter.

Tribune News Service

Ken Paxton targets biggest banks for plans to ‘starve’ fossil fuel companies of credit

Attorney General Ken Paxton says Texas is joining a multi-state investigation of the biggest names in banking over whether the financial institutions agreed to block credit to companies involved in fossil fuel-related activities.

The Guardian - UK

Interest rates unlikely to rise above 5%, says Bank of England official

Ben Broadbent says increase already priced into markets would deliver ‘pretty material’ hit to economy

The Times of India

Axis Bank net profit jumps 70% at Rs 5,330 crore in Q2

NEW DELHI: Axis Bank on Thursday reported a jump of 70 per cent in its standalone net profit at Rs 5,329.77 crore in quarter ended September 2022 on healthy core income aided by trimming of bad loans.

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Evening Standard

Bank of England fines MS Amlin Underwriting almost £10 million for risk management failings

Watchdog says size of fine reflects length of time taken at the firm to address its concerns

Salon

World Bank breaks sustainability vow

A new report alleges the World Bank has failed on its promise to align more closely with the Paris agreement

Birmingham Post

Digital bank Starling creating 150 jobs at its Cardiff office

The latest recruitment drive will take its headcount in the city to 1,200

Manchester Evening News

Former RBS bank to be replaced by HMO in greater Manchester town

Leigh’s RBS closed back in 2019 alongside two other branches in Atherton and Hindley as 54 were axed across the country.

The Guardian - UK

Depositing a sealed envelope with Lloyds proved rather unsafe

It was left 19 years ago at my local branch, now it’s been lost

Insider UK

Property giant secures £36m to buy student residential schemes in Aberdeen and southern England

OakNorth Bank does deal with Clearbell

Bangkok Post

Depositors upset over ID requirement

Commercial banks have been urged by the Anti-Money Laundering Office (Amlo) to ensure that a new requirement that people using cash deposit machines (CDMs) must verify their identity when making transactions does not leave customers out of pocket.

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