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Richard Branson has already indicated he will back takeover that will require the agreement of the group’s shareholdersNationwide Building Society is set to tale over its smaller rival Virgin Money after the pair formally agreed to a deal worth £2.9bn.The deal, which will solidify Nationwide’s position as the UK’s second largest mortgage lender, will also trigger the resignation of Virgin Money boss David Duffy,...

Bank increases staff bonus pool by 12% despite hit from exposure to China real estate slumpNice targets, but scepticism is hard to shake at BarclaysBusiness live – latest updatesHSBC has nearly doubled the pay packet of its chief executive, Noel Quinn, despite a drop in fourth-quarter profits, which took an unexpected hit from its exposure to China’s real estate downturn.The London-headquartered lender disclosed on...

Bank announces drop in profits to £6.6bn as it says it plans to return more to shareholdersBusiness live – latest updatesBarclays is to cut £2bn in costs, raising fears of further job losses as the lender shrinks its investment bank in a corporate shake-up intended to increase shareholder payouts by £10bn within three years.The bank said it did not have a “specific headcount target”...

Pre-tax figure of £6.2bn comes as bank confirms Paul Thwaite will take over permanently as CEOBusiness live – latest updatesNatWest made its biggest annual profit last year since the 2007 financial crisis, helped by high interest rates, as the bank confirmed the interim boss Paul Thwaite would permanently take over as its chief executive before a sale of its government-owned shares.The UK lender –...

About 2,800 of supermarket group’s staff will transfer to bank, which will sell Tesco-branded servicesTesco has struck a deal to sell the bulk of its banking business to Barclays for £700m in a deal that will include the transfer of about 2,800 staff to the bank.Britain’s biggest supermarket group has agreed to sell its credit card, loans and savings operations to Barclays but will...

Both banks deny helping Tehran-controlled oil firm PCC to move money in breach of sanctionsTwo of the UK’s largest lenders, Santander UK and Lloyds Banking Group, allegedly held bank accounts for front companies that helped Iranian entities evade US sanctions, according to reports.The news has rattled investors, who sold off shares in the two banks on Monday morning, amid fears that the lenders could...

Out-of-court settlement reached with law firm acting for customers who have been left owing big sumsOne of Britain’s biggest high street banks has agreed a payout to settle a case involving “unfair” mortgages – giving hope to thousands of people who have been left owing huge sums.On the eve of a trial set to last six weeks, Bank of Scotland – part of Lloyds...

Shadow chancellor says party aims to be champion of a thriving financial sector if it wins electionBusiness live – latest updatesLabour will not reinstate a cap on bankers’ bonuses if it wins the next election, the shadow chancellor has said.Rachel Reeves said she had “no intention” of bringing back the cap, saying she wanted to be the “champion of a thriving financial services industry”.The...

Regulator says bank failed to properly implement Financial Services Compensation SchemeBusiness live – latest updatesHSBC has been fined £57m by the Bank of England’s financial stability arm for failing to protect customer deposits in the event of a banking collapse.It is the second-highest fine imposed by the Bank’s Prudential Regulation Authority (PRA) and reflects the seriousness of the failings, the watchdog said. The highest...

While some banks and building societies scrap system, others report increase in usage by customersWhile some banks are scrapping passbook savings accounts amid suggestions they are past their sell-by date, other providers have reported an increase in their usage as people turn to cash to help them manage the cost of living.Newcastle building society said that in 2023 it issued about three times as...

Biggest reduction since December 2021 will allow 1tn more yuan to be released in form of new loansChina’s central bank has announced a surprise cut to the amount of cash that banks must hold in reserve, hoping to boost the lending available to households and businesses as policymakers try to steer the economy through a fragile recovery.Pan Gongsheng, the governor of the People’s Bank...