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Unite Claims RBS to Cut 900 Jobs

Union, Unite, has claimed that Royal Bank of Scotland (RBS) plans to cut 900 technology jobs in an attempt to decrease costs. The union has said that the job cuts are to be made from the bank’s London office by 2020, and will be made up of 650 permanent IT staff and around 230 contractors…. View Article

Co-operative Bank Loses Customers but Positive about Future

Figures from the Co-operative Bank show that it has lost around 25,000 customers during the first half of 2017. It is believed this loss was due to the unstable position the bank found itself in and its customers worrying about its future. During the period which saw the bank go up for sale back in… View Article

Despite Large Charge, RBS Returns to Profit in First Half of Year

During the first half of 2017 RBS has returned to profit, despite doubt from a large ‘one-off charge.’ The charge (a legal cost), resulting from a US legal case over mis-sold US mortgage products, cost the bank £396m. However, RBS has reported a profit of £939m over the first six months of the year, which… View Article

FCA Considers Unarranged Overdraft Charges Ban

The Financial Conduct Authority (FCA) is said to be considering whether charges should be banned for unarranged bank overdrafts. The regulator described charges currently experienced by those using unarranged overdrafts as ‘high and complex.’ However, they did stress that a full ban on these charges was just one option currently being considered. The consideration comes… View Article

Barclays Announces Further PPI Provisions Alongside Lloyds

Just a day after Lloyds Banking Group featured in the news for setting aside a further £700m for Payment Protection Insurance compensation, Barclays have too announced they have set aside an extra £700m for this same reason. Barclays have just announced a loss of £1.2bn for the first half of 2017, due to costs relating… View Article

Further £700m PPI Compensation Set Aside by Lloyds

Lloyds Banking Group have reportedly set aside a further £1bn to compensate their customers for the mis-selling of Payment Protection Insurance (PPI) and also the mis-treatment of their mortgage customers. It is thought that £700m of this will be used towards compensating further PPI mis-selling claims with around £283m being used to repay approximately 590,000… View Article

Personal Loan Increase could be ‘Dangerous’ for UK Economy

A Bank of England Official has stated that the ‘sharp rise’ in personal loans could be a potential danger to the UK economy. Alex Brazier, the Bank of England’s Financial Stability Director said that ‘outstanding car loans, credit card balance transfers and personal loans have increased by 10% over the past year.’ However, typical household… View Article

Polymer £10 Notes to Enter Circulation

Clydesdale Bank has announced that its new £10 plastic note will enter into circulation on 21st September 2017. The £10 note from Clydesdale, which will portray a picture of the Scottish Poet Robert Burns will be the second polymer note to enter into circulation. The £5 polymer note was released back in September 2016. The… View Article