06

Apr

Greece, the eurozone crisis and the case against fiscal discipline

Professor Jeffrey Frankel (Why Germany must not make the same fiscal mistakes as the US, 1 October) claims that “the 2010 euro crisis would not have happened had Greece, after joining the euro, maintained the fiscal discipline called for under the stability and growth pact”. This narrative of the eurozone crisis is very familiar but also very[…]

23

Mar

Lloyds, Virgin and Direct Line to cut hundreds of jobs

UK banking giant Lloyds, rival Virgin Money and insurer Direct Line have confirmed they will cut hundreds of jobs. Lloyds Banking Group has confirmed it will slash the equivalent of 780 full-time jobs this year across its branch network. Virgin Money later said it was closing 52 branches and cutting 500 jobs. Direct Line is telling staff[…]

23

Mar

Bank of England cancels stress tests for UK’s biggest lenders

The Bank of England is scrapping its annual stress tests for the UK’s largest lenders this year, saying bank resources should be aimed at supporting households and businesses during the coronavirus outbreak. It is the first time that the annual health check has been cancelled since it began in 2014. The tests, which were developed after the[…]

23

Mar

Hopes rise for Bank of England Coronavirus intervention

Speculation is mounting that Mark Carney will use his final week as governor of the Bank of England to announce a dramatic package of support for the British economy to help it through the coronavirus outbreak. City traders believe Threadneedle Street could announce an immediate cut in interest rates, and ease borrowing conditions for high street banks,[…]

20

Jan

Stockholm-based Tink secures €90 million to expand its open banking platform further across Europe

Today the Swedish startup Tink announces it has completed a €90 million investment round, co-led by Dawn Capital, HMI Capital and Insight Partners. Tink, founded in 2012, is one of Europe’s leading open banking platforms that enables banks, fintechs and startups to use data to develop smart, personalised and “delightful” financial services. Through one API, Tink allows[…]

20

Jan

Why banks are bowing out of Europe’s bond markets

Ultra-low interest rates and reduced trading profits are taking their toll on the banks that play a pivotal role in Europe’s sovereign debt markets. At the end of December, UBS withdrew as a “primary dealer” in the Irish debt market, a move that extends a deeper industry decline and leaves the €8.3tn EU market increasingly dependent on[…]

20

Jan

Credit Suisse admits second executive was followed by private detectives

An extraordinary corporate espionage scandal has deepened at Credit Suisse after the Swiss bank admitted a second executive had been tracked by private detectives. The bank has confirmed that its former head of human resources Peter Goerke was followed for “several days” in February this year by private detectives hired on behalf of the bank. This follows[…]