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The Latest Breaking News on Financial Services

NatWest chair Howard Davies says Alison Rose was a ‘great leader’ amid Farage row; company insolvencies jump – business live

Davies says NatWest has lost a ‘great leader’, following departure of Alison Rose this week, but must now look forward

The Guardian - UK

Australians pull back on retail spending as case for holding interest rate grows

Sales turnover across most categories dips amid cost-of-living pressures ahead of RBA decision on cash rate next week

The Guardian - AU

Senior NatWest bosses set to face scrutiny from shareholders over Nigel Farage bank account row

Bank will follow rivals in unveiling half-year financial results on Friday

The Independent UK

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US Regulators Propose Significant Capital Increase For Big Banks To Safeguard Against Future Crises

Financial stocks slump as watchdogs eye one of the biggest overhauls of how lenders are regulated since the 2008 financial crisis.

Zenger

Citigroup says some predecessor companies likely saw indirect financial benefits from slavery

Some of the companies that formed what is now Citigroup likely benefitted financially from slavery in the 1800’s, the financial giant acknowledged Thursday, an admission that comes at a time when numerous institutions are re-examining their historic roots and the roles they played in slavery in the U.S. In research…

The Independent UK

UK Banks Commit to "the Principle of Non-Discrimination Based on Lawful Freedom of Expression" as to Clients

From The Independent (UK): Economic secretary Andrew Griffith told the bosses of some of the UK's biggest banks on Wednesday that it is important to protect freedom of expression…. It came after former politician Nigel Farage's bank account with Coutts—a bank for the ultra wealthy—was closed. The account was shut…

Reason

Coutts chief quits and crisis wipes £1bn off NatWest shares

Ousting of private bank’s chief may not be final departure as future of NatWest Group chairman looks uncertain

The Guardian - UK

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Muslim leaders decry ‘double standard’ of Farage bank account closure furore

Longstanding issue for community given little attention compared with closure of ex-Ukip leader’s Coutts account, says mosque chair

The Guardian - UK

Top 4 Bank Stocks Investors Should Watch Like a Hawk

After a turbulent few months, the banking sector seems to have stabilized lately, as the big banks reported better-than-expected results in the second quarter. However, risks of potential defaults and slowing loan growth could impact the industry in the upcoming months. I think bank stocks JPMorgan Chase (JPM), Bank of…

StockNews.com

Homeowners hope mortgage rates have peaked as Nationwide becomes biggest lender yet to cut prices

Nationwide joins HSBC and Barclays among top lenders in lowering its rates

Evening Standard

Rishi Sunak refuses to back NatWest chair over Farage controversy

PM fails to voice support for Sir Howard Davies after resignation of bank’s chief executive, Alison Rose

The Guardian - UK

Coutts CEO Peter Flavel stands down over Nigel Farage row

Coutts’ chief executive Peter Flavel, the boss of the private bank which closed Nigel Farage’s account, will step down immediately, NatWest Group has said.

Evening Standard

Explained | RBI’s proposal for interoperability of credit and debit cards

The Reserve Bank of India has proposed that card issuers be mandated to provide customers with the choice of multiple card networks, instead of only specific networks with which the bank has exclusive agreements

The Hindu

Nigel Farage banking scandal claims another scalp as Coutts CEO quits

Peter Flavel is second bank chief to resign over cancellation of ex-Ukip leader's account, as pressure mounts on NatWest chair to go next

The Independent UK

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Evening Standard

OPINION - Russophobia is now the secret weapon of corporate hypocrites

Until yesterday, you’d have been forgiven for thinking the outcome of the Coutts-Nigel Farage debacle was a lecture on customer service. City minister Andrew Griffith summoned our banks for a little chat, as if they were naughty school children who’d written swear words on the board.

Chicago Sun-Times

Future of architecturally important Lakeside Bank branch is up in the air

The bank, originally a groundbreaking library for the blind and disabled designed by Chicago architect Stanley Tigerman, is for sale since its closure, Lee Bey writes.

The Independent UK

76% annual jump in current accounts being switched

A total of 338,194 switches took place using the Current Account Switch Service between April and June.

The Independent UK

Who is Peter Flavel? Coutts CEO who lost his job over Nigel Farage banking row

Natwest CEO Dame Alison Rose’s resignation ‘not enough’ says former UKIP leader as he calls on whole board to quit

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news in one place.

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The Hindu

Resilient, but just: On the IMF’s economic outlook and lopsided growth

That there needs to be a concerted global debt resolution initiative to help highly indebted countries from sliding into debt distress cannot be ignored

The Guardian - UK

NatWest was caught out by Nigel Farage’s deft political game

Tory anger over Coutts affair led to bank’s board feeling it had no choice but to sack CEO Alison Rose

The Guardian - UK

Sunak and Hunt accused of ‘damaging UK plc’ over NatWest boss’s exit

Concerns raised over anonymous briefings that triggered early-hours resignation of Dame Alison Rose

The Independent UK

NatWest sees £850m wiped from its value after Nigel Farage calls for heads to roll

Dame Alison Rose’s overnight decision to quit after leaking a story about Nigel Farage’s bank account to the BBC rocked NatWest and the wider banking sector

Kiplinger

How To Choose a Credit Card for You

Choose a credit card to improve your credit score, save money, or earn rewards; but don’t get in over your head.

The Guardian - UK

Farage blames ‘woke capitalism’ for his row with Coutts, but banks aren’t woke. Their obsession is profits

Like many corporations, they make virtuous statements, but for the most part they hide behind a cloak of ethical humbug, says Larry Elliott, the Guardian’s economics editor

The National (Scotland)

Farage account closure risks ‘undermining efforts to tackle financial crime’

THE UK Government risks undermining money laundering rules if it makes knee-jerk decisions after Nigel Farage’s bank account closure, experts say.

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