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Barclays is set to compensate customers up to £7.5 million following a three-day IT outage that caused over half of its online payments to fail. The incident, which began on January 31, disrupted services for millions, particularly affecting those making tax payments. The bank has already paid nearly £5 million in damages from previous outages, bringing potential total compensation to £12.5 million since January 2023.
US export controls intended to stifle China's chip industry have inadvertently accelerated its growth, particularly for Huawei, which has improved its AI chip yield to 40%. Despite challenges from Nvidia's established software ecosystem and limited access to advanced manufacturing tools, the shift towards inference-heavy AI workloads may favor Huawei as demand for cost-efficient chips rises. The ongoing chip war suggests that the US may have inadvertently strengthened China's technological self-sufficiency.
The UK financial watchdog has banned former Credit Suisse bankers Andrew Pearse and Surjan Singh for their roles in a $2bn bribery scandal linked to Mozambique's tuna bonds. Both men, who pleaded guilty to accepting $52mn in bribes, face criminal proceedings in the US for money laundering and wire fraud. The scandal has severely impacted Mozambique's economy and contributed to Credit Suisse's downfall.
HM Revenue & Customs is set to replace Barclays with Lloyds Banking Group as the primary bank for UK government services, ending a decade-long contract worth tens of millions. The new £99 million deal, part of a £334 million agreement with NatWest and Citigroup, reflects a shift in banking partnerships amid scrutiny over Barclays' environmental practices. The contract announcement is expected later this month, following a procurement process that emphasizes value for money and social responsibility.
Noel Quinn, the former CEO of HSBC, has been appointed as the new chair of Julius Baer, succeeding Romeo Lacher, who is stepping down after five years. Quinn's extensive banking experience is expected to aid the Swiss wealth manager as it navigates a cost-cutting initiative following significant losses linked to the collapse of the Signa property group. His appointment is pending shareholder approval at the upcoming annual general meeting in April.
Lloyds Banking Group misclassified £44.1bn of customer deposits as interest-bearing in submissions to the Bank of England, leading to inaccuracies in data used by the Financial Conduct Authority (FCA) for its cash savings market review. The error, identified and corrected late last year, inflated the amount of non-interest-bearing accounts to £282bn. While Lloyds stated there was no impact on customers or financial reporting, the mistake raised concerns about the reliability of historical data used by the FCA.
Deutsche Bank's recent hiring spree has reversed much of the job cuts initiated by CEO Christian Sewing, with a notable increase in back-office roles despite significant investments in IT for automation. While non-interest costs have been trimmed by 2% and revenues increased by 19% since 2018, the bank has repeatedly missed cost-cutting targets, leading to a total headcount nearing 90,000. The rise in back-office staff, now at 58,000, has offset reductions in client-facing roles, highlighting ongoing challenges with regulatory compliance and internal inefficiencies.
UniCredit has threatened to withdraw its €10bn bid for Banco BPM if shareholders vote to increase the offer for asset manager Anima. The Milanese lender emphasized that any changes to the Anima offer would impact its own proposal, while BPM's leadership criticized UniCredit's tactics as dangerous and hostile. Tensions rise amid ongoing consolidation efforts in Italy's banking sector, with BPM asserting its commitment to a standalone strategy.
Warren Buffett’s Berkshire Hathaway significantly reduced its stakes in major banks, selling nearly three-quarters of its Citigroup shares, amounting to over $2.4 billion. The conglomerate also continued to offload Bank of America shares, cutting its stake below 10% after initially investing during the financial crisis. This strategic divestment follows a period of cautious investment amid the regional banking crisis.
HSBC is set to announce $1.5bn in annual cost savings as part of CEO Georges Elhedery’s restructuring plan, aimed at creating a more agile organization. The overhaul includes significant layoffs, particularly among senior management, and a withdrawal from non-core markets, including parts of its investment banking business. Despite these changes, the bank's headcount remains high, with 215,180 full-time employees as of September 2023.
Roula Khalaf
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