UK Banking – Strategy Insights Europe Fri, 11 Jun 2021 20:51:28 +0000 en-US hourly 1 UK Banking – Strategy Insights Europe 32 32 Goldman Sachs Staff in US Must Disclose Covid Vaccination Status | Goldman Sachs Fri, 11 Jun 2021 19:10:00 +0000

Goldman Sachs has told its staff in the United States that it must disclose its Covid-19 vaccination status before an expected return to the office next week.

The investment bank, of which 6,000 UK workers were separately told they had the option to complete their status anonymously to give the company a sense of vaccination levels, previously told US staff that the disclosure of their vaccination status would be optional.

“Recording your immunization status allows us to plan a safer return to the office for all of our employees as we continue to adhere to local public health measures,” the internal memo said. “Therefore, it is mandatory that you submit your immunization status. While we strongly encourage you to receive a Covid-19 vaccine, we understand that the choice to be vaccinated is a personal choice. “

Staff were asked to register their status in the bank’s internal app, Canopy, indicating that it could be shared with managers and used for planning.

In the UK, where Goldman Sachs offices are about a third full every day, all staff have been asked to plan to return to work under government guidelines, which are currently June 21.

Goldman Sachs has been at the forefront of a return to work in the office, with David Solomon, the company’s chief executive, describing working from home as an “aberration.”

Rival JP Morgan Chase last month told all of his US bankers that they should prepare to return to work on a “consistent shift schedule” by early July. However, the largest bank in the United States also said it plans to reduce office space “significantly”, saying: “For every 100 employees, we may only need seats for 60. on average.

Financial services companies are taking various approaches to office work in a post-pandemic world.

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Last month, accounting and consulting group KPMG told its 16,000 UK employees that they would only have to work an average of two days in the office each week starting this month. The company, which called its plan the four-day fortnight, also announced other flexible work benefits such as 2.5 hours overtime each week during the summer.

HSBC, the UK’s largest bank, is shifting to a hybrid model and plans to reduce its real estate footprint by up to 40%. Lloyds Banking Group, the largest bank in the UK, said it would introduce working from home as a permanent lifestyle change, allowing it to reduce its offices by 20%.

In March, Nationwide, the UK’s largest construction company, said its 13,000 non-branch employees would be allowed to work wherever they wanted.

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Global Banking Regulators Call For Stricter Cryptocurrency Rules | Bitcoin Thu, 10 Jun 2021 19:14:00 +0000

Global regulators have said cryptocurrencies such as bitcoin should come with the strictest bank capital rules to avoid endangering the financial system as a whole if their value suddenly crashes.

The Basel Committee on Banking Supervision, made up of regulators from the world’s major financial centers, is proposing a “new conservative prudential treatment” for crypto-assets that would require banks to set aside enough capital to cover 100% of potential losses.

This would be the highest capital requirement of any asset, illustrating that cryptocurrencies and related investments are considered to be much riskier and more volatile than conventional stocks or bonds.

“Cryptoassets have raised a range of concerns, including consumer protection, money laundering and terrorist financing, and their carbon footprint,” the Basel Committee said. While most regulated banks currently have limited exposure to cryptocurrencies, the committee warned that “the growth of crypto-assets and related services has the potential to raise financial stability issues and increase the risks to which are facing the banks “.

The world’s most powerful banking standard-setter warned Thursday that some crypto assets have proven to be highly volatile, meaning they could “pose risks to banks as exposures increase, including liquidity risk; credit risk; market risk; operational risk (including fraud and cyber risks); risk of money laundering / terrorist financing; and legal and reputational risks ”.

However, he said looser rules could apply to stablecoins – a new form of digital asset typically tied to the value of a traditional currency – which may only require a level of capital rules applied to coins. traditional assets such as bonds, loans, deposits, stocks or commodities.

The committee’s proposals, which will now be subject to consultation, aim to help protect the global financial system in the event of a fall in cryptocurrency prices.

The price of bitcoin rose more than 5% after the report was released, reaching $ 37,361. However, the cryptocurrency has fallen 40% since reaching all-time highs of over $ 64,000 (£ 45,000) in mid-April.

If passed, the committee’s capital requirements could deter some banks from trading cryptocurrencies, which have surged in value over the past year, but have proven to be incredibly volatile, due to the fact that they are not backed. to no other underlying asset such as dollars or gold to help entrench the price.

Lenders are increasingly divided over whether to adopt or avoid cryptocurrencies, which are growing in popularity among customers. Goldman Sachs and Standard Chartered have launched their own cryptocurrency trading desks to take advantage of their rapid growth, while HSBC has pledged to avoid the asset.

UK lender NatWest has said it will refuse to serve business customers who accept cryptocurrency payments alongside those made by debit, credit cards and cash, even though that could mean turning down notable businesses including the company. ethical cosmetics company Lush and the office-sharing company WeWork. .

While most authorities are starting to crack down on the use of cryptoassets, some are taking a more open approach. El Salvador announced this week that it would become the first country to adopt bitcoin as legal tender, despite repeated warnings from central banks that investors should be prepared to lose all of their money.

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The Chinese regulator plunged bitcoin prices last month when it banned banks and payment companies from offering their customers services involving cryptocurrencies and warned of the risks of trading in crypto-assets.

Meanwhile, Bank of England Governor Andrew Bailey has told investors they should be prepared to lose all their money if they get into cryptocurrencies because they are not covered by the cryptocurrencies. consumer protection regimes.

European Central Bank regulators compared the meteoric rise of bitcoin to other financial bubbles such as ‘tulip mania’ and the South Sea bubble, which plunged investors into a frenzy before the bubbles broke. erupted in the 17th and 18th centuries.

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Markets Prepare for US Inflation Data and European Central Bank Meeting – Business Live | Business Thu, 10 Jun 2021 09:02:40 +0000

Hello and welcome to our continued coverage of the global economy, financial markets, euro area and business.

It’s a big day for the markets, with the latest US inflation figures and the European Central Bank releasing its latest monetary policy decision and giving its opinion on the eurozone recovery.

Inflation is the issue right now, and economists forecast a surge in May due to increased consumer spending in the United States, tax support from stimulus packages and bottlenecks hanging over businesses. as the economy recovers.

The US CPI is expected to hit a 13-year high of 4.7% from a year earlier, down from 4.2% in April, which was already the fastest rise since 2008.

Jim reid of German Bank is certainly excited, telling customers:

Welcome the day with the most anticipated data point in recent memory.

If the CPI rises sharply, it will rekindle concerns about persistent inflationary pressures, forcing central banks to end the money printing stimulus programs that have boosted the recovery and pushed up asset prices.

But the other side of the argument is that the rise in inflation will be transitory, and will subside once the impact of the pandemic is behind us.

Today’s figure won’t end the argument, but it will likely fuel it.

Reid adds:

I suspect neither side will admit defeat if the numbers are against them, as it is probably too early to see a definitive trend.. There will still be big anomalies all over the place. Nonetheless, so far I would say the inflationists have won the first round of this fight overwhelmingly, but the Fed has put up a confident defense in the second round to equalize. Round 3 starts today.

Economists will also take a close look at core inflation. This measure, which excludes volatile items such as food and energy, reached 3% in April and is expected to rise to 3.5% in May.

This would be the highest annual reading for core inflation in 28 years, CNBC highlights.


Hot inflation turned scorching in May and is expected to peak in 28 years

June 9, 2021

Jens Nordvig

The US core CPI hit 3.0% last month, and the consensus is for a 3.5% year-over-year reading on Thursday. But the debate on whether or not to be transitional will not be settled anytime soon. The debate will continue.

And Twitter is not a bad place to follow the evolution of opinions.

June 10, 2021

The ECB Governing Council will also have inflation in mind today, after the Eurozone CPI surpassed its target last month to 2%.

Hawkish policymakers have urged their colleagues to prepare to scale back its massive € 1.85 billion bond purchase program (PEPP), which buys government bonds to keep borrowing costs low in the euro zone.

The ECB is expected to release new economic forecasts, which should be more optimistic than the previous ones from three months ago. The eurozone’s economic outlook looks brighter as Covid-19 vaccination programs boost recovery and restrictions are relaxed.

It may be too early to slow down the PEPP (which is due to run until March 2022), but not too early to talk about it …

Patrick Barbe, Head of European Investment Grade Bonds at Neuberger Berman, believes that the ECB will wait until after the summer to reduce its purchases of PEPP.

There are still great uncertainties. One is the threat of new strains of Covid-19 and the resulting economic impacts. In addition, financial conditions have tightened since the March meeting and the ECB does not want to give a hawkish signal that could tighten them further. Moreover, although the service sectors are reopening, the ECB is keen to confirm that a rebound in activity makes it possible to recreate jobs.

Finally, the pace of a recovery in inflation rates and the ability of the ECB to support a gradual and sustained rise in inflation rates are uncertain.

He therefore expects the ECB to announce more flexibility linked to financial conditions and wait until the fall to see how events unfold.

So it could be a volatile day – which would bring about a change, given that the markets have been rather subdued lately.

Michael brown

Futures are largely unchanged this morning, as Treasuries meet slight demand and the G10 FX is in familiar ranges.

Looking ahead, a busy day awaits you, including the ECB decision, the US CPI, and US jobless claims.

June 10, 2021

European stock markets are poised to open a little higher, ahead of the lunchtime data double whammy.


European opening calls:#FTSE 7101 + 0.28%#DAX 15606 + 0.16%#CAC 6,577 + 0.20%#AEX 723 + 0.08%#MIB 25746 + 0.02%#IBEX 9208 + 0.57%#OMX 2276 + 0.15%#STOXX 4,105 + 0.20%#IGOpeningCall

June 10, 2021


  • 9:30 a.m. BST: Weekly Indicators of Economic Activity from the Office for National Statistics
  • 12:45 BST: European Central Bank decision on monetary policy
  • 1:30 p.m. BST: ECB press conference
  • 1:30 p.m. BST: US inflation report for May
  • 1:30 p.m. BST: US weekly unemployment figures

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Regulatory announcement from Deutsche Bank AG in the UK: issuance of securities Wed, 09 Jun 2021 15:35:00 +0000



Dated: June 09, 2021


Immediate release June 09, 2021

DB ETC plc (the Issuer)

(incorporated and registered in Jersey under the companies (Jersey)

Law 1991 (as amended) with registration number 103781)

Subject: Issue of an announcement on ETC securities

The Issuer has agreed to issue ETC Notes for the following Series, as indicated in the table below.



Number of securities to be issued

Transaction date

Settlement date


Series 04 – Xtrackers Physical Silver EUR Hedged ETC



June 07, 2021

June 09, 2021


Series 10 – Xtrackers Physical Silver ETC (EUR)



June 07, 2021

June 09, 2021


Series 1 – Xtrackers or physical ETC



June 07, 2021

June 09, 2021


Series 13 – Xtrackers Physical Gold GBP Hedged ETC



June 07, 2021

June 09, 2021


Following the issuance of the ETC Notes described above, the total number of ETC DB ETC plc Notes in circulation in relation to these Series will be:

Series 04 – Xtrackers Physical Silver EUR Hedged ETC


Series 10 – Xtrackers Physical Silver ETC (EUR)

4 752 607

Series 1 – Xtrackers or physical ETC

5 483 159

Series 13 – Xtrackers Physical Gold GBP Hedged ETC

17 224 325

Issuer name


DB ETC plc


Requests to:

DB ETC plc

Category code: MSCM

Sequence number: 738886

Reception time (offset from UTC): 20210609T162553 + 0100

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UK mortgage value climbs 3.6% between Q1 2020 and Q1 2021 – Bank of England Tue, 08 Jun 2021 23:05:57 +0000

The stock of all UK residential mortgages was 3.6% higher at the end of the first quarter of 2021 than at the same time a year earlier, according to new figures from the Bank of England.

Figures, released yesterday, also showed the value of new mortgage liabilities was 15 percent higher than in the same quarter a year earlier.

However, the value of outstanding balances with some arrears increased 5.1% in the quarter to reach £ 15 billion, and now accounts for 0.96% of outstanding mortgage balances.

Commenting on the numbers, Paul Stockwell, Head of Business Offering at Gatehouse Bank, said: “The insatiable appetite of buyers to relocate has meant that the value of new mortgages has started the year at highs not seen since the crash. 2008/09 financial statement. There has been frantic activity in the market with movers looking for bigger homes and more outdoor space, while the extension of the stamp duty cut until the end of June added more fuel. fire in the first quarter of this year. “

He added: “The biggest stamp duty savings run out in just a matter of weeks, but measurements from other real estate indices suggest that the fierce competition for real estate continues unabated. While lending may drop from these current highs, we still expect it to be an incredibly busy summer for the housing market. “

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FTSE 100 advances as banks and home builders soar Tue, 08 Jun 2021 05:07:18 +0000

London’s FTSE 100 edged higher on Monday, supported by shares of banks and homebuilders as data points to a surge in house prices.

The FTSE 100 blue chip closed eight points at 7,077, with bank stocks including Barclays PLC, Lloyds Banking Group and HSBC Holdings among the top winners. The domestically focused FTSE 250 also rose 75 points to close at 22,908.

The more than 1.8 percent rise in the homebuilders sector came as the Halifax Price Index showed the average UK home became around £ 22,000 more expensive than it a year ago, reaching an all-time high. However, office space provider IWG fell to its lowest level in four months after issuing a profit warning.

Across the pond, US stocks had a mixed close after the major indices fell, although they recovered from the day’s lows by the end of the session. The S&P 500 fell 0.1% after the materials sector weighed on the market, and the Dow Jones Industrial Average lost 0.4%. The Nasdaq composite rose 0.5% on gains from biopharmaceutical company Biogen.

The mixed demise in US stocks weighed on Asian markets on Tuesday morning. Japan’s Nikkei 225 opened lower, deepening its mid-hour losses by 0.2% after the Japanese economy fell 3.9% on an annualized basis in January-March.

South Korea’s Kospi was trading almost flat around noon. Hong Kong’s Hang Seng, however, rose in the opening after falling on Monday, but was quickly weighed down to lose 0.3%. Mainland China’s Shanghai Composite fell 0.5%.

Indian indices were trading lower on Tuesday, dragged down by mixed global indices and losses in banking and financial stocks. Mumbai’s Sensex opened flat but fell 0.3% in the opening minutes. The Nifty 50, which broke the 15,750 mark on Monday, fell 0.4% in the first hour.

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EU banking supervisor draws up plan to cut red tape for small lenders Mon, 07 Jun 2021 12:20:28 +0000

By Huw Jones

LONDON (Reuters) – Smaller banks in the European Union could save millions of euros by reducing and automating the thousands of data points they have to report to regulators, the bloc’s banking watchdog said on Monday. .

The European Banking Authority (EBA) has made 25 recommendations for smaller, simpler banks to be introduced in the coming years to collectively save 188 to 288 million euros ($ 350 million), or 15 to 24% of their reporting costs.

“Industry representatives have corroborated this in talks with the EBA,” the EBA said in a statement.

The watchdog was looking for ways to further reduce red tape for small lenders by making reporting requirements more “proportionate” to the rules of large international lenders.

Regulators use the data to check whether banks are complying with capital, liquidity and other requirements, and more than 2,800 banks in the EU could benefit from EBA recommendations.

Small banks are already reporting only 10% of the data that their larger, more complex competitors must provide to regulators, and the EBA has said its recommendations could reduce as much as 7,000 data points.

The recommendations strengthen the push towards more proportional rules by ranking banks eligible for lighter treatment and estimating what the cost savings would be.

The EBA will consult on the implementation of the recommendations in a step-by-step approach that could take up to five years for the sector to realize the full cost savings.

But to realize part of the savings, banks will also have to invest millions of euros in “regtech” or reporting automation, since some of them still use paper.

Regulators are constantly updating the requirements for banks, but the EBA wants to ensure that when it comes to writing new rules in the future, proportionality for small lenders will be built in from the start.

($ 1 = 0.8228 euros)

(Reporting by Huw Jones; Editing by Bernadette Baum)

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Finance People Moves: N26, Bank of England and Mollie | Financial services (FinServ) Sun, 06 Jun 2021 13:20:08 +0000

Digital transformation has changed the way financial companies work, but how is it changing the customer experience (CX)? While the answer may not be straightforward, there has been a palpable shift from “one size fits all” products and a renaissance of flexible, transparent and engaging alternatives. Indeed, instead of being product or service centric, companies now have an additional layer of agility that allows them to model deliverables around the end user.

As customers themselves become more technologically sophisticated, the need to address unmet needs will become critical to competitiveness. The business case is clear: Banks, for example, can expect to achieve a growth rate of 27.5% via this relatively subtle cultural transformation.

To help us determine the best path to optimize the customer experience in modern financial services, we spoke with Clare Gambardella, Director of Client Services at Zopa, and Allison Humphries, Vice President of Strategy at Appnovation.

Refocus around the customer

Recognizing the shift to more customer-centric operations is an important step, but understanding why is essential. “As finance generally becomes more fragmented and physical money is replaced by digital transactions, automatic payments, etc. ; people inherently want more control over their individual finances, ”says Humphries. This is where the value lies: digital technology gives power back to the consumer; ISPs are now the facilitators of this empowerment and their CXs must take this into account.

Yet for many, legacy infrastructure and convoluted systems and processes hinder progress. However, this needs to be addressed as quickly as possible – for the modern customer, what Appnovation has called the “digital consumer” in one. recent study, the digital experience is everything:

  • 84% hope that brands will adopt digital solutions and subsequently develop new products and services
  • 53% already consider themselves completely comfortable with contactless technology, with an additional 22% indicating that they will become so after longer exposure
  • 67% felt that a digital experience in banking and financial management was extremely or very important to them

Humphries believes that a “willingness to lead with empathy” on the issue is what EWBs need to demonstrate. Simply meeting expectations is conforming to the status quo; businesses need to move beyond a “value-based experience that has the potential to meet the unique financial needs of each customer”.

Gambardella explains that this has always been Zopa’s approach to customer experience: “As our product line has grown, we have evolved our structure to ensure a customer-driven approach that offers greater ease and consistency. As a result, customers know what to expect from us, such as a disciplined approach to eliminate unnecessary fees. It also allows Zopa to quickly reapply learnings and abilities in different areas and create greater efficiency compared to a more siled approach. “

Deloitte: CX is part of the future of finance

In his article ‘A Higher Result – The Future of Financial Services‘, Deloitte listed a new approach to customer experience among its six forces driving change in the industry.

“Shipping to an ‘average customer’ will not maintain profits, let alone increase them. New capabilities, including technological tools and systems and an increased workforce, will enable financial services players in a more[…]direct, personalized and socially responsible manner.

Eliminate silos

To effectively replace silos, SFIs need to recontextualize the way different aspects of their business interact. Instead of focusing only on a specific part of the customer journey, like the point of sale, companies need to re-evaluate how the end-to-end experience can be optimized for maximum customer engagement, retention, and return.

“When it comes to CX,” says Humphries, “it’s imperative to define a ‘north star’ strategy that looks to the future, but anchors marketing, products, sales and technology to one. common path with common objectives. This is because the North Star establishes how every aspect of a business is organized, which in practice ensures higher levels of overall consistency and value for customers. As such, CX becomes an integrated and collaborative project made up of separate but interconnected components. “Personalization, content, SEO, marcom, and the data and technology that enables the experience, all need to be aligned on the same overall plan,” she adds.

Technology itself also has an important role to play in reducing CX friction. AI (artificial intelligence) and omnichannel communication are important new tools, but Gambardella chooses to highlight another: Open Finance. Capable of forging a more direct relationship between clients and the ISPs who serve them, the broader implications of Open Finance could be revolutionary. Regarding Zopa’s specific use of Open Banking, she said: “In some cases this can be used to reduce complexity and friction, like verifying a client’s income. We can now do this in seconds, whereas previously we had to submit bank statements and other documents for review. In other cases, Open Banking helps us improve customers’ access to credit by increasing their credit file data.

Empowerment and innovation

A by-product of empowering customers through this new approach to CX, Gambardella continues, puts more pressure on ISPs to prove their service superior. That consumers in the digital age standardize their expectations on the basis of experiences with other technological leaders (Amazon, Apple, Netflix, Uber, etc.) in several sectors becomes an unassailable argument. “Customers are more likely to shop and future innovations will need to deliver CX faster, in their channel of choice and in a way that fits more intuitively into their lives. Zopa adopts this way of thinking in several ways:

  • Allow customers to apply for a loan or credit card in minutes, as well as provide eligibility checks that don’t affect their credit rating
  • An app that provides users with simple management tools, including expense breakdown, credit limits, and payment methods
  • Easy-to-contact customer service agents and product FAQs

“We are always listening to our customers and transforming this information into better products,” says Gambardella. This, Humphries agrees, should be the financial industry’s approach to CX going forward. “ISPs who choose to focus on their customers will see increased customer satisfaction, increased customer loyalty, and open the door to more personalized up-sell and cross-sell opportunities. ”

Additionally, using customer information will not hamper a company’s creativity or be the proverbial “wagging tail”. Rather, bringing together disparate data streams will create a more comprehensive and actionable profile from which ISPs can work. “Knowing the customer offers a much greater opportunity for innovative thinking and experimentation,” Humphries concludes. “Facilitating experimentation is an imperative foundation for any customer-centric FSI experience. “

Meet our commentators …

Allison Humphries, Vice-President Strategy (Americas), Appnovation

Appnovation is a full-service, global digital consulting firm that helps clients navigate constant change by putting clients at the forefront and creating innovative digital experiences derived from human truth.

“I am responsible for leading a team of strategic planning and knowledge professionals in North America who are committed to delivering positive results for our clients’ businesses and their clients. “

Claire Gambardella, head of clientele, Zopa

“I lead a number of teams all focused on providing the best customer experience, including our operations team, marketing and communications, product design, and our app and website offering.

“Zopa wants customers to feel good about their finances, which means delivering better value products in a way that is easy to use and understand. We focus on products such as loans, cards and savings that have a significant impact on the financial well-being of clients and for which we believe the client offering can be significantly improved.

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Could this shared banking hub be the savior of our High Streets? Sat, 05 Jun 2021 20:52:13 +0000

A long queue formed outside the Cambuslang Bank Hub, winding down the main street. Despite its length, there are more smiles among those in line than frowns.

Proof, to my unscientific mind at least, that shared branches, a new form of banking being experimented with in the city, could re-energize communities from top to bottom of the country – salvation for those who had run out of money. bank. I am in Cambuslang on a beautiful, hot early summer day to visit the “pilot” shared branch. Six miles south-east of Glasgow in South Lanarkshire, this city of 30,000 offers a tantalizing glimpse into the future.

And if the government delivers on its recent pledge to support vulnerable communities with a £ 4.8billion ‘leveling fund’ to regenerate city centers, you might find one of these new hubs opening up. in your city next year.

Lifeline: Cambuslang’s shared hub targets clients of major banks

This new world of banking is welcomed by those who patiently wait in the Cambuslang queue, as locals fully understand the impact on a community of bank and ATM closings – currently hundreds a month.

Retired NHS cleaner Elaine Redford is here to withdraw cash as she prefers to use banknotes and coins to help with household budgeting, rather than relying on debit cards or debit cards credit.

The 72-year-old said: “This hub is the best thing that has happened to Cambuslang in years. It provides a financial lifeline for a community struggling to survive.

Cambuslang was once an industrial powerhouse. It has a proud history in coal mining and steelmaking, and until recently it has been instrumental in keeping British homes clean – with vacuum cleaners made in a Hoover factory. But unfortunately, the company that once employed 5,600 people closed its doors 16 years ago. The last mines in the area closed decades earlier. It is a community struggling to survive.

And, as is often the case, at the most difficult times, all the shores desert the city. The first to resign was the Royal Bank of Scotland five years ago. He was followed a year later by Clydesdale. Finally, the last bank in the city – a branch of the BST – closed for the last time in 2018. Not only were branches closed, but free cash machines were also removed.

Now, the community is placing their hopes for all of their banking needs in this abandoned butcher shop – reopened in April as a shared banking hub.

It is one of two such centers being piloted in Britain as part of a ‘community cash access’ program that runs through September – funded by a £ 60,000 grant. provided by major street banks. The other is in Rochford, Essex. The hub has a post office counter where people can do all of their basic banking, such as depositing or withdrawing money, or cashing a check.

After patiently waiting in the queue and observing a Covid rule of an entrance and exit where only four people are inside at a time, I am happily greeted at the hub counter by the husband team and wife, Jan and Paul Culverwell.

“Ignore the sign,” Paul said, gesturing to a sign with five bank names. “We accept customers from the big banks every day. The sign is just to show which days these banks will be sending staff to the hub – staff that customers can chat with in a separate meeting room.

The sign says that on Monday there is a representative from the Royal Bank of Scotland, which is part of the NatWest group, to deal with any questions their clients may have. Tuesday is Santander’s turn. Wednesday sees the arrival of a representative of Virgin Money (Clydesdale as it was). Thursday is the turn of Bank of Scotland, which is part of the Lloyds Banking Group. And Friday is BST day.

As a First Direct customer, he says, I can still use the hub to withdraw or deposit money. I can also get an up-to-date bank balance and if I had a business account I could take direct debit payments. The same goes for Barclays and HSBC customers.

Like Elaine, retired elementary school teacher Fiona Walker is a fan of the new banking hub.

“I just used the branch to deposit a check,” she says, “but it’s also a great place to withdraw or deposit money. Nothing replaces the personal touch – being served by a person, not a computer. ‘ The friendly atmosphere and the open counter at the hub – with the obligatory Covid screen – are welcoming.

The livery, with its almost black tint, is more in keeping with a funeral home than a bank. But that’s a minor criticism. The hub is seen as a revitalizing force and it’s not just the residents who are feeling this. The city’s businesses have also welcomed its opening. Helen Buchanan, esthetician at the Classy Chicks salon a few doors down, said: “We do banking with Royal Bank of Scotland, so we are now using the hub to collect our receipts.

“The joint bank has also increased footfall in the region and as a result we are attracting more customers. A major driving force behind the new center is the Cambuslang Community Council, an independent volunteer action group.

Its chairman, John Bachtler, says: “The hub is very successful. The next step is to get the government and the banks on board. There is no doubt that vulnerable communities get a real boost from a banking presence on the main street. It helps local businesses and provides a service for those who depend on cash and cannot travel long distances to the nearest bank. The government’s leveling fund would be put to good use if it supported shared banking hubs. ‘

Handy: Toby Walne checks his balance inside the shared hub and, on the left, a bustling branch in the '70s

Handy: Toby Walne checks his balance inside the shared hub and, on the left, a bustling branch in the ’70s

The Community Cash Access Program is led by Natalie Ceeney, former head of the Financial Ombudsman Service and author of a key report on the need to keep cash on main streets. She said: “Eight million people in Britain depend on cash for their daily needs. Shared banking hubs providing access to cash are vital for communities. ‘

Ceeney also chairs a separate “cash access action group” to which the big street banks have subscribed in an effort to find solutions to the cash access problem. Critics say banks are using the action group as a smokescreen for further branch closures, but Ceeney is hoping profitable ideas such as shared banking centers could offer a practical solution.

She says: “Shared banking hubs will save banks money in the long run, especially if legislation is introduced requiring them to provide national access to cash.”

Last month, John Glen, Economic Secretary to the Treasury, said consultation on cash legislation would begin this summer – although the proposals would not be announced until the fall. In a campaign to be launched tomorrow, the Post will call on the government to present this legislation to ensure that access to cash becomes a legal right.

The government is committed to ‘upgrading’ UK communities to support economic growth. The £ 4.8 billion ‘leveling fund’ was announced in March.

In addition, a £ 220million ‘UK Community Renewal Fund’ and £ 150million ‘Community Property Fund’ will be put into operation. For more details on these grants and how communities can apply for them, visit and type in the names of the funds.

As part of the community cash access program, cash machines have been set up at various locations including a military base in Lulworth, Dorset and a post office in Hay-on-Wye, Powys. New ways of providing cashback are also being tested.

There is no doubt that access to cash on the main street is increasingly threatened by a combination of bank branch closures – currently on average 55 per month – and the removal of free ATMs, including 8,700 have been deleted in the past. three years.

But Cambuslang’s bustling shared banking hub suggests this new form of high street banking may be the way to go. An essential cog in the rebirth of the main street.

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West Virginia government: bank cheated on family over loan guarantee Fri, 04 Jun 2021 23:05:06 +0000

CHARLESTON, Va. (AP) – In a new court case, West Virginia Governor Jim Justice accused a failing UK bank of fraudulently causing him to personally guarantee $ 700 million in loans taken out by his companies.

In the amended complaint filed on Friday, the Justice family and the coal companies claim that Greensill Capital UK “has carried out continuous and very profitable fraud”.

Justice told reporters on Tuesday that the loans were “a burden on our family beyond belief.” Justice’s Bluestone Resources Inc., which is involved in the mining of metallurgical coal used to make steel, sued Greensill in March in federal court in New York.

The business concerns of the Republican governor, who Forbes recently pulled from his billionaire list due to growing debt, have been publicly aired over the past week. In addition to the $ 700 million owed to Greensill, Justice revealed in a separate lawsuit that he was personally responsible for $ 368 million at Virginia-based Carter Bank & Trust.

And Justice companies face several other problems, including penalties totaling $ 3.2 million from the federal government and lawsuits over allegations of non-delivery of coal by its companies.

The latest filing in the case against Greensill in the US District Court in New York shows that the governor and his wife, Cathy Justice, and son Jay Justice have personally guaranteed payment for Bluestone’s loans. The complaint alleges that the London-based bank misled them by hiding its own financial risk.

Greensill, a London-based supply chain finance company, filed for bankruptcy in March over allegations of fraud. The Financial Conduct Authority, the UK’s financial regulator, announced a formal investigation into Greensill’s collapse after receiving allegations it said were “potentially criminal in nature.”

Greensill began lending to Bluestone in 2018. The company sought funding after a period of decline under the ownership of Russian mining and metallurgical company Mechel, according to court documents.

“When the Russians had Bluestone, what happened to Bluestone? It completely came to naught, ”Justice said at a press conference on Tuesday. The company had unpaid vendor obligations and tax debts when the Justice family took over it in 2015.

Greensill’s loan was supposed to help rebuild the business, but bank officials in November 2020 began asking for early repayment of the loan and additional fees, according to the complaint.

The Justice family say they only personally signed the loans with the understanding that repayments would start no earlier than 2023, when Bluestone would have had years to rebuild and generate cash flow. Justice and its companies are seeking damages from Greensill in their lawsuit.

At his Tuesday press conference, Justice briefly touched on his other loan from Carter Bank in Virginia, saying he still personally guarantees loans for his businesses.

“I personally guaranteed the loans,” he said. “The loans were always personally guaranteed when they moved from Carter Bank through Greensill to other banks along the way. It has been for a long, long, long time.

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