BANKING
TSB targeted by crime gangs
TSB investigators are said to have tightened the net on fraudsters taking advantage of its recent computer problems to steal money from the lender’s 5m customers. Meanwhile, the IT issues are believed to have strained TSB’s relationship with owner Sabadell so much that members of the bank’s leadership are considering whether the relationship has a future.
Standard Chartered Europe chief denies ‘toxic culture’ claims
Following a series of resignations amid allegations of misconduct by senior staff, Standard Chartered's Europe & Americas regional chief executive and head of its private bank, Tracy Clarke, has defended the lender.
Barclays doubles unsecured lending limit for smaller firms
Barclays is to double its limit on unsecured lending to small firms from £50,000 to £100,000, seeking to drive lending volumes.
Mortgage lenders relax terms for borrowers
UK lenders are relaxing mortgage affordability restrictions as they seek to increase lending, as data published by UK Finance reveals that the number of new house buyers had been stagnant.
Bank watchdogs to help scam victims
A raft of proposals has been unveiled to support those who fall victim to the growing problem of bank transfer fraud.
Yorkshire Bank and Leeds Beckett University back young firms
Leeds Beckett University and Yorkshire Bank are to support growing businesses in the region through a newly-announced partnership.
Clydesdale shares at record high
Shares in Clydesdale and Yorkshire Banking Group have hit an all-time high ahead of its takeover of Virgin Money.
RBS settles mortgage bond suit in US
Royal Bank of Scotland and the state of Illinois are reported to have agreed a $20m (£15.1m) settlement concerning the lender’s marketing and sale of mortgage-backed securities a decade ago.
Goldman Sachs recruits 150 staff before digital bank launch
Goldman Sachs has hired an extra 150 staff in London ahead of the launch of its first UK consumer bank account. The Marcus brand will feature a "high-yield" savings account.
Santander to host Chinese trade mission
As part of a scheme to help British SMEs expand outside Europe, Santander will host a trade mission to China later this month.
Biometric card to be introduced in Britain
As a deadline approaches for the implementation of EU regulations to address banking fraud, Mastercard and British banks are in negotiations regarding the introduction of a biometric payment card.
PRIVATE EQUITY
Apax decides against BCA Marketplace buyout
Private equity firm Apax has decided against a potential buyout of BCA Marketplace, owner of webuyanycar.com, after price negotiations failed.
Sovereign funds cool on private equity
A new global study suggests that, due to fears that rising competition for assets will hurt returns, sovereign wealth funds are reducing their exposure to private equity.
ECI raises record fund for fast-growing businesses
Private equity firm ECI Partners has raised a new £700m fund to invest in British businesses, with David Ewing, managing partner, commenting: "We're delighted to have successfully raised our 11th fund and look forward to investing in high growth UK businesses, helping them to expand and create jobs and wealth.”
NorthEdge raises £120m to invest in smaller start-ups
Midlands and north of England private equity fund NorthEdge Capital has raised £120m to invest in start-up businesses, with the intention to focus on firms in the £2m-£10m range.
INTERNATIONAL
New anti-sexual harassment role at Credit Suisse
Credit Suisse has appointed Antoinette Poschung as conduct and ethics ombudswoman. Chief executive Tidjane Thiam said in an internal memo: "A few months ago, I had asked Lara Warner, Peter Goerke and Romeo Cerutti to review our global approach to the handling of claims of sexual harassment at Credit Suisse". He continued: "Having concluded their review, they have made clear recommendations which we will be implementing with immediate effect."
Denial by JP Morgan regarding Deutsche stake
After a report in a German business publication claimed that JP Morgan was interested in a stake, shares in Deutsche Bank rose by more than 6%. "We are denying the story, it is not true," a JP Morgan spokesman commented.
UBS trader wants bank to pay Libor legal fees
Arif Hussein, a former UBS trader, is now asking the bank to payhis legal fees after a tribunal described his Libor-rigging case as “troubling”. The judge said senior managers at UBS bore the “ultimate responsibility” for the manipulation of Libor. Now, the London-based law firm Stephenson Harwood has written to UBS asking the bank to reconsider its decision not to indemnify Mr Hussein.
Tchenguiz accused of lying over bank deal
Entrepreneur Robert Tchenguiz has been accused by a High Court judge of lying in a legal battle over a €2bn deal for the Spanish headquarters of Santander bank.
Top US banks relying on tax cuts to deliver profits boost
US banks are relying on a tax cut windfall to deliver an increase in profits, as demand for corporate loans falls alongside a slowdown in the domestic mortgage market.
Generali to pay BOAML £5bn for fund platform
Bank of America Merrill Lynch will sell its $6.5bn (£4.89bn) MLIS Ucits platform to Generali Investments, according to reports.
FINANCIAL SERVICES
BlackRock and Citigroup to expand in Paris
BlackRock and Citigroup will expand their Paris operations before Britain leaves the EU, after French president Emmanuel Macron promised to cut taxes and red tape for financial services companies.
Switzerland digital platform launch by exchange
A platform being built by the Six exchange in Switzerland will be used for cryptocurrencies such as bitcoin and will offer integrated posttransaction services including deal settlement and asset custody.
KKR soars on partnerships winding up
KKR's shares hit an all-time high late last week, after it abandoned its tax-advantaged partnership structure to attracting new investors.
Moneybox aims to teach youth about wealth
Micro-investing app Moneybox has secured £14m in funding, with Eight Roads, a global investment house, leading the round of Series B funding and existing investors Oxford Capital Partners and Samos Investments also contributing.
LEISURE AND HOSPITALITY
Eat founders to resign as branches shut
With nearly 10% of branches shutting, the founders of the Eat chain of sandwich shops, former hedge fund manager Niall MacArthur and his wife Faith, intend to step down.
Novus Leisure for sale
Novus Leisure, owner of Tiger Tiger nightclubs, has been put up for sale by private equity owner HayFin Capital Management.
MEDIA AND ENTERTAINMENT
TalkTalk share sale to be examined
After warnings from the Investment Association and others, TalkTalk’s annual meeting will see a £200m share sale and the position of chairman Charles Dunstone come under scrutiny.
BT prepares to sell London base
BT is preparing for a sale-and-leaseback of its City of London headquarters, and is expected to seek around £200m with a two to three-year lease guaranteed by the company.
Bid for satellite rival Inmarsat dropped by Echostar
EchoStar abandoned an informal £3.2bn bid for British rival Inmarsat, 27 minutes ahead of a deadline for a formal offer to be made.
Sonos pitches to investors
Ahead of an initial public offering, wireless speaker maker Sonos has pitched to investors, revealing accelerating growth in revenues that almost reached $1bn last year as annual losses narrowed.
Shares deal offered by Sorrell
Senior managers may be given a 25% stake in Sir Martin Sorrell’s new acquisition vehicle if he succeeds in purchasing Dutch digital production company MediaMonks.
REAL ESTATE
Longer tenancies could hit landlords’ loans
The Sunday Times’ Kate Palmer looks at the Government’s plan to introduce mandatory minimum three-year tenancies, warning that it could make it harder for buy-to-let landlords to secure a mortgage. This, she says, is because many lenders do not allow lengthier tenancies as they can make it harder to repossess a property if the landlord defaults on the loan.
Loan offers at record level for buy-to-let landlords
Despite recent tax and regulatory upheaval, buy-to-let deals available to first-time landlords have reached a record high, with 1,268 such products available at the start of the month representing a 13% increase from 1,123 in January. Charlotte Nelson of Moneyfacts said lenders competing for new business were probably the cause of the rise.
Segro rides warehouse boom to join UK property big league
The FT looks at Segro, noting that it last month overtook British Land to become the second-largest real estate investment trust, with its £6.8bn market capitalisation £220m below that of Landsec.
RETAIL
Mountain Warehouse windfall for bosses
Following the sale of a £45m stake in outdoor clothing and equipment retailer Mountain Warehouse to private equity, with a more than £300m valuation of the firm, executives are to receive a windfall while the company pursues expansion plans.
Britain’s retailers are too quick to blame business rates
John Kay considers the impact business rates are having on retailers, saying overcapacity in retailing is the “core problem,” arguing that shopkeepers “are victims of their own historic hubris, not government greed.”
Card fees victory for retailers
The Court of Appeal has ruled that so-called “interchange fees”, which retailers pay to lenders when a customer uses a credit or debit card, breached EU law, representing a victory for Sainsbury’s, Asda, Argos and Morrisons.
ECONOMY
Bank predicts productivity rebound
A productivity rebound is due in Britain, Bank of England economists have said, with official data nevertheless showing a slowdown in the first few months of the year.
Rate rise likely next month
With official figures set to show this week that the economy accelerated in May, the Bank of England is likely to raise interest rates in August.
OTHER
IPOs and crowdfunding boosted
Experts believe that a rise in the threshold below which British companies can raise money without the need for publishing an investment prospectus should boost public offerings and crowdfunding sites.
HMRC doubles fines for money-laundering
HMRC almost doubled the fines it handed down for violations of money-laundering rules in the latest financial year, to £2.3m, but campaigners say more needed to be done to deter facilitators.