Banking

Millions of motorists could receive compensation under a redress scheme announced by the Financial Conduct Authority (FCA) following widespread mis-selling in the car finance market. However, most people are expected to receive less than £950, and payments will not begin until next year.

A new report from KPMG has found that the UK domestic retail and commercial banking sector is entering a period of declining profitability driven by margin compression and rising cost pressures. The State of the Banks 2025 report reveals that UK banks are under growing pressure to adapt their busine

HSBC’s pre-tax profits fell by nearly a third to $6.3 billion (c. £4.7bn) in the second quarter, missing analyst forecasts as the bank absorbed charges on its Chinese investments and the costs of a major restructuring programme. The results sent shares in the lender down by more than 4%

Barclays' profits surged by a third in the second quarter, buoyed by a strong performance from its trading division that offset weakness in other areas of its investment bank. The banking group reported a net profit of £1.7 billion for the three months to June, a 34% increase from the same per

Royal Bank of Scotland-owner NatWest Group PLC has reported strong first-half results, with attributable profit for the six months to June climbing 28% to £2.5 billion. Operating profit before tax reached £3.6bn, up from £3.0bn in the same period last year. This performance was dri

NatWest Group has announced a new, five-year collaboration with Amazon Web Services (AWS) and Accenture to transform the way it serves its customers by accelerating the modernisation of its digital, data and analytics, and AI capabilities. The collaboration will enable NatWest to provide more intuit

Bank of Scotland-owner Lloyds Banking Group has reported a significant rise in second-quarter profits, surpassing analyst expectations and leading to a substantial increase in its shareholder dividend. The bank's underlying profit before impairments reached £2.16bn, a 17% increase from the fir

The Financial Conduct Authority (FCA) has fined Barclays Bank UK PLC and Barclays Bank PLC a total of £42 million for separate instances of failings in its financial crime risk management – one relating to WealthTek and one relating to Stunt & Co. Barclays Bank UK PLC will make a vol

As the fierce competition for emerging talent in the financial sector has intensifies, Goldman Sachs has reportedly implemented a new policy requiring its junior investment banking analysts to affirm their commitment to the firm every quarter. The strategy follows a similar robust stance from JPMorg

The Financial Conduct Authority (FCA) has fined Monzo Bank Ltd £21,091,300 for its inadequate anti-financial crime systems and controls between October 2018 and August 2020. The fine has been reduced from £30,130,475 after Monzo agreed to resolve this matter and qualified for a 30% disco

Santander has agreed to acquire TSB in a deal worth £2.65 billion.

Revolut CEO Nik Storonsky stands to gain a multi-billion dollar payout if the fintech company achieves a valuation of approximately $150 billion (c. £112bn), under a pay package similar to Elon Musk's deal with Tesla. Mr Storonsky, who founded Revolut in 2015, currently leads a company valued

The Treasury has sold its final shares in Royal Bank of Scotland-owner NatWest Group, concluding 17 years of public ownership that began with a £45 billion taxpayer bailout during the 2008 financial crisis. This full privatisation marks a symbolic moment for the bank, formerly Royal Bank of Sc

Business confidence in Scotland rose 12 points during May to 52%, according to the latest Business Barometer from Bank of Scotland. While companies in Scotland reported lower confidence in their own business prospects month-on-month, down four points at 57%, firms’ optimism in the economy rose

A lack of access to critical resources is placing Edinburgh start-up businesses at risk, according to new research from HSBC UK.    The data, taken from a survey of 1,000 UK entrepreneurs, found that 30% of Edinburgh founders lack the resources and support they need to start their business