HSBC Weighs 20,000 AI Job Cuts, Wall Street Fears Spread
HSBC is considering cutting up to 20,000 jobs globally as part of an AI-driven workforce reduction, with fears that major US banks could follow suit in a sweeping industry transformation.
Category : Banking
Zopa Bank Targets Major UK Digital Banking Success
Zopa Bank reports third consecutive year of profits and plans new AI features as it aims to challenge established players in the UK's competitive digital banking sector.
Bank of England Holds Rates, Warns No Cuts Amid Crisis
Governor Andrew Bailey says interest rate cuts are 'not on the horizon' as Middle East conflict threatens to push inflation higher through energy and food prices.
Bank of England Holds Rates, Warns of Possible Hikes
The Bank of England has kept interest rates unchanged at 3.75% but signalled readiness to raise borrowing costs if Middle East conflict persists and pushes up energy prices, with inflation forecasts revised higher.
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Tycoon Faces £1.3bn Asset Freeze in Mortgage Fraud Scandal
A worldwide freezing order has been granted against Paresh Raja, owner of collapsed UK mortgage lender MFS, amid allegations of fraud and double pledging in high-end London properties.
Banks Keep £100 Contactless Limit After FCA Scraps Cap
Major UK banks have decided to retain the £100 limit for contactless card payments, even though the Financial Conduct Authority has removed the official cap. This move comes amid concerns over fraud and consumer demand.
FCA Scraps Contactless Limits, Banks to Set Own Rules
The Financial Conduct Authority has abolished the £100 contactless card limit, allowing banks to set their own restrictions. While fraud risks are low, consumers can set personal limits for security.
BoE Holds Rates as Iran War Threatens UK Inflation Surge
The Bank of England has kept interest rates at 3.75%, warning that the Iran conflict could drive UK inflation above 3% this year, impacting household finances.
BoE Holds Rates at 3.75% as Iran War Fuels Inflation Worries
The Bank of England maintains interest rates at 3.75%, warning that the US-Israel conflict with Iran could push inflation higher, impacting UK households and businesses.
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Bank of England to Raise Interest Rates Twice This Year
City traders are betting on at least two interest rate increases by the Bank of England in 2024, driven by inflationary pressures from the Middle East crisis and rising wage demands.
HSBC Could Cut 20,000 Jobs in AI-Driven Cost Reduction Plan
HSBC is reportedly planning to eliminate up to 20,000 positions, targeting middle and back offices, as CEO Georges Elhedery bets on AI to reduce expenses. The cuts could affect 10% of its workforce within three to five years.
BoE Holds Rates at 3.75%: Mortgage and Savings Effects
The Bank of England has unanimously voted to maintain the base rate at 3.75%, the lowest in three years. This decision, influenced by geopolitical tensions, affects mortgages, savings, and bills across the UK.
Bank of England Holds Rates at 3.75% Over Iran War Concerns
The Bank of England has paused interest rate cuts, maintaining borrowing costs at 3.75% due to inflationary risks from the Iran conflict. City analysts still expect reductions later this year.
Bank of England Holds Interest Rates at 3.75%: Money Impact
The Bank of England has maintained its base interest rate at 3.75%, affecting mortgages, debt, and savings amid economic uncertainty from the Iran conflict and inflation concerns.
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UK Banks Update Customers on New Contactless Payment Rules
Major UK banks including Barclays, HSBC, and Lloyds have informed customers about new Financial Conduct Authority rules allowing higher contactless limits, though most are maintaining the current £100 cap for now.
Banks Can Now Set Higher Contactless Limits, Keep £100 Cap
New FCA rules allow UK banks to set custom contactless payment limits, though major institutions currently maintain the £100 cap while reviewing future options.
Fed's Powell Warns on Oil Prices, War Impact as Rates Stay Paused
Federal Reserve maintains interest rate pause in March 2026 meeting, with Chair Jerome Powell highlighting economic uncertainties from Middle East conflict and elevated oil prices.
Lloyds Bank £500 Cash Bonus for Account Switching
Lloyds Bank is providing cash incentives of up to £500 for customers who switch their current accounts. The offer requires meeting specific criteria including direct debits and minimum deposits.
Contactless Card Limits to Change Under New FCA Rules
New FCA regulations allow banks to set their own contactless payment limits from Thursday, though major UK banks will keep the £100 cap for now. Consumer protections remain unchanged.
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UK Banks Keep £100 Contactless Limit Under New Rules
Major UK banks including HSBC, NatWest, and Santander confirm no immediate changes to £100 contactless limits despite new FCA rules allowing flexibility. Customers retain ability to set lower limits via banking apps.
Banks Gain Flexibility to Raise Contactless Card Limits
New Financial Conduct Authority rules from Thursday enable banks with strong fraud controls to set their own contactless payment limits above £100, though major banks currently maintain existing caps.
Best Savings and Cash ISA Rates Beat Inflation by Over 1%
Money experts reveal top cash ISA and savings accounts offering rates over 1% above inflation, with analysis of easy-access, fixed-term, and children's options ahead of the Bank of England's interest rate vote.
Bank of America Settles Epstein Lawsuit Over Financial Ties
Bank of America has tentatively settled a lawsuit alleging it ignored suspicious transactions tied to Jeffrey Epstein's sex trafficking operation, with terms undisclosed.
Bank of America Settles Epstein Victims' Lawsuit
Bank of America has tentatively settled a lawsuit alleging it ignored suspicious transactions linked to Jeffrey Epstein's sex trafficking. The settlement, revealed in Manhattan federal court, involves claims the bank facilitated Epstein's abuse of hundred
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MPs Demand Answers After Lloyds Banking App Data Breach
Lloyds Banking Group faces intense scrutiny from the Treasury Committee after a data breach allowed customers to view others' financial transactions via its app, prompting demands for details on affected users and compensation.
Lloyds Banking Group Faces MP Inquiry Over Data Breach
Lloyds Banking Group is under scrutiny from the Treasury Committee after customers reported seeing others' transactions in their apps. The breach affects Halifax and Bank of Scotland users, with potential compensation payouts looming.
Bank of America Settles Epstein Survivors' Lawsuit
Bank of America has reached a settlement in a civil lawsuit brought by women who accused the bank of facilitating Jeffrey Epstein's sexual abuse. The deal awaits judicial approval.
RBA Raises Interest Rates to 4.1% as Inflation Persists
The Reserve Bank of Australia has increased interest rates to 4.1%, warning of prolonged inflation due to strong employment and Middle East tensions, impacting household budgets.
Close Brothers Cuts 600 Jobs, Rolls Out AI Amid Scandal
Close Brothers banking group announces 600 job cuts and rapid AI deployment after posting losses due to a £300m car finance scandal provision, with shares plunging over short seller claims.
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Lloyds Faces Parliamentary Inquiry Over App Data Breach
Lloyds Banking Group is under intense scrutiny from the Treasury Committee after a serious app glitch allowed customers to view other users' financial transactions, prompting demands for immediate answers.
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