Reporting pre-tax profits down 33pc to £2.64bn in the six months to June 30, Bob Diamond, chief executive of Barclays, said the bank had already cut 1,400 jobs in 2011 and that redundancies this year are likely be more than double this number. The drop in profits was lower than the market had been expecting [...]
More than two million UK savers have money on deposit in an Irish bank. Many may well be wondering how safe this money is, after a weekend where Ireland’s economic problems once again dominated the news headlines. These savers have billions invested with Ireland three biggest banks: Anglo Irish Bank, Bank of Ireland and Allied [...]
More than 7,000 complaints are lodged against banks in Britain every day, according to a damning report by the Financial Services Authority, Britain’s financial regulator. The figures, released by the City watchdog, show that 1.3 million grievances were raised against the high street banks in the first six months this year. Substandard service and poor [...]
As Britain’s most complained-about banks are named, we explain how to win redress if you are the victim of poor service. Lloyds is Britain’s most complained about bank, according to the latest figures from the Financial Ombudsman Service (FOS). Hopefully the publication of these figures will cause banks to improve their service standards. Until then, [...]
Eastern European cyber criminals are using sophisticated computer viruses to drain the accounts of thousands of British banking customers, internet security experts have said. A new version the notorious “Zeus” virus, which cannot be detected by traditional firewalls, has stolen £675,000 from about 3,000 online customers of a British bank, the experts claimed. The funds [...]
Metro Bank, which aims to make banking a “fun retail experience” opens in Holborn, central London today. The bank is Britain’s first new high street lender for more than a century and it has pledged to return to “core banking values”. The bank said it will employ more cashiers than the existing “big four” banks, [...]
Banks are keeping their customers in the dark about interest rate changes on their accounts, new research has found. The study by Which? Money found most banks rely on newspaper adverts or customers popping into their local branch to keep savers informed of rate cuts Only four of the twelve banks investigated guaranteed to keep [...]
Mervyn King is looking for a new breed of regulators focused on public service and not huge banking-style pay packages when responsibility for financial regulation transfers from the Financial Services Authority (FSA) to the Bank of England in 2012. The governor said it was time to move away from the model where people take two [...]
The Bank of England held interest rates at a record low level of 0.5pc as the economy remains officially mired in recession. The decision by the Bank’s Monetary Policy Committee was expected as was its decision to maintain the size of its radical, quantitative easing programme at £200bn. The MPC has kept rates at a [...]
Following the Supreme Court’s ruling last week, we look at how you can beat the banks on current account charges. Lloyds, Britain’s biggest retail bank, has boosted profits from current account charges by 20% to almost £500m in one year, despite political pressure to treat customers fairly. The Supreme Court last week dashed the hopes [...]
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