Cybercrime is one of the most critical growing threats facing the global-banking industry today, and it managed to claim another major victim recently. On the weekend of November 5th and 6th, 2016, Tesco Bank was subjected to a hack that saw £2.5 million siphoned off from 9,000 of its accounts in what some security experts are describing as the most serious attack to ever hit the United Kingdom’s banking sector.
When I started my working life in a city centre branch in the early 90’s, the branch staff intimately knew the life stories of virtually everyone who walked through the door.
Trade is the growth engine that empowers the world’s economies. Although circumstances such as the shortage of available trade finance to SMEs limit its operation, other factors such as technology, global governance and education are energizing its transformation into a vehicle carrying the world on an exciting journey toward shared global prosperity.
As the news of Brexit rippled throughout the world, there was initial uncertainty regarding what this move may mean for the UK, and London’s future as Europe’s leading financial centre.
The road ahead for investment banks remains bumpy and curvy, and navigating it will require that each institution take bold action to enact the business model that will enhance its strengths in today’s challenging economic climate. Despite some recent gains, factors such as high costs and product complexity are still weighing the sector down.
Leading think tank Open Europe last month published an independent report investigating how valuable the ability to ‘passport’ financial services across Europe – as laid out in the single market directive – is to the UK’s economy following the country’s decision to leave the EU in June.
Theresa May faces two years of complex talks to unpick the UK from the fabric of the European Union and establish a new relationship with her EU partners. But before she gets there, she faces one significant hurdle: the UK’s outstanding EU bill.
The fears of a Brexit-inspired recession seem to be receding fast. Fresh data is emerging that shows that the British economy is performing more robustly than originally expected.
On June 23, 2016, the United Kingdom (UK) held a referendum on whether to unwind its relationship with the European Union (EU). The UK populace chose “Brexit”. It was a clear vote against the status quo.
Just as HSBC’s global head of foreign-exchange cash trading in London was about to fly out of New York’s Kennedy International Airport on the evening of Tuesday, July 19, he was arrested by US federal officials.