Category Archives: Exchange

03 Mar

Barclays earmarks £750 million for foreign exchange fines

Barclays Bank has earmarked an extra £750 million pounds for expected foreign exchange currency rigging fines which have hit the bank’s profits for 2014. Pre tax profits at Barclays Bank fell from £2.9 billion to £2.3 billion last year as it made a total of £1.25 billion in foreign exchange provisions and set aside £1.1

Read More
09 Feb

HSBC bank helped it’s customers avoid millions in tax

HSBC, the UK’s biggest bank helped wealthy customers cheat the UK out of millions of pounds in tax according to the BBC’s Panorama after seeing 1,000’s of accounts from HSBC’s private bank in Switzerland leaked in 2007. They show bankers helped clients evade tax and offered deals to help tax dodgers stay ahead of the

Read More
09 Feb

Barclays bank predicts euro to USD parity by year end

Barclays bank has predicted the euro foreign exchange rate will hit parity with the US dollar by the end of 2015 due to the ECB’s asset purchase program and increased risks of a crisis to the euro bloc. Barlcay’s predicts the euro will weaken to $1.08 by the end of June, and to $1.05 by

Read More
09 Feb

Santander bank to offer foreign exchange through Post Office

From 2015, Santander bank will offer foreign exchange and other bank services to customers through the UK’s Post Office branch counter network. HSBC was the last big bank to come on board after it extended services through the Post Office to all customers in May 2013. Last year RBS and NatWest broadened their offering through

Read More
02 Feb

New Mis-selling Scandal to hit Barclays, HSBC, RBS and Lloyds

UK banks Barlcays, HSBC, RBS ad Lloyds are set to be embroiled in controversy once again with fresh claims of mis-selling. UK bank shares took a tumble when the Financial Ombudsman earlier last week said they had received up to 4,000 complaints (a week) about mis-sold loan insurance. The overall figure, however, is thought to

Read More
26 Jan

Santander agrees for customers to bank at Post Office

Santander bank has reached an agreement with the UK’s Post Office that will enable its personal current account and business customers to bank at the Post Office’s 11,000 outlets. “As part of an overall commitment to providing our customers access and ability to do their banking when, where and how they want, Santander has concluded

Read More
18 Jan

Natwest bank online website crashes again

Millions of NatWest customers were unable to make payments through the bank’s online website last week, as the system crashed for more than 4 hours. The failure is the latest in a series for the RBS and NatWest group, which is engaged in an expensive struggle with outdated IT systems. A key cause of this

Read More
17 Jan

Barclays Bank, Deutsche Loose Millions on SNB Cap Decision

Barclays Bank and Deutsche Bank, two of the world’s largest currency dealers, were among the first banks to suffer losses after the SNB’s decision to abandon a cap on the Swiss franc, people with knowledge of the matter said. Deutsche Bank lost $150 million on Thursday amid an unexpected surge in the Swiss franc, said

Read More
16 Jan

Argentina bans HSBC bank money transfers abroad

HSBC bank has faced further pressure in Argentina after the country’s central bank suspended HSBC Bank Argentina’s right to transfer money abroad for 30 days. In a statement to the media issued on Monday, the Argentine central bank said its decision was due to irregularities in credit transfers that HSBC Bank Argentina had failed to

Read More
07 Jan

First Direct bank to refund borrowers after personal loan error

First Direct bank has been ordered to repay money to loan customers after not including information about overpaying in the small print in loan statement. Under the UK Consumer Credit Act, lenders have to tell borrowers they can pay their loans off early. The error affects First Direct borrowers who took out a loan after

Read More