UK banking

'Tin eared' bank boss

Bill Winters

The Financial Times ran a piece on Tuesday in which Bill Winters, the chief executive of Standard Chartered, criticised shareholders after almost 40% of them voted against the bank's pay policy at its annual meeting in May.

The concern is about the pension contributions to Mr Winters.

“Picking on individual pension arrangements . . . and suggesting that there is some big issue there is immature and unhelpful,” Mr Winters told the Financial Times.

Now the FT is quoting shareholders hitting back.

Five top-20 shareholders in the bank told the Financial Times that they were unimpressed by Mr Winters’ decision to attack shareholders. One big asset manager described the chief executive as “tin eared”.

Another large shareholder said: “As an immature investor, I’m going to not make any rash comments, but look forward to the fallout coming.”

UK banking system 'can withstand no-deal Brexit'

Faisal Islam

BBC Economics Editor

Bank of England

The Bank of England says the British banking system is still resilient to the financial impact of a worst-case disorderly Brexit, even as the chances of a no-deal Brexit have increased in recent months.

In publishing its regular health check on the banks, the Financial Stability Report, the Bank said: “The perceived likelihood of no-deal Brexit has increased since the start of the year”.

It said that “material risks” of economic disruption from such a scenario remain, but that there had been “some improvement in the preparedness of of the UK economy for no-deal Brexit”.

This worst-case scenario stress test involves the economy shrinking by 4.7%, unemployment more than doubling to 9.5%, and property prices falling by 33%.

The Bank’s key Financial Policy Committee went further than it has before by saying that the banking system would also be resilient to a disorderly Brexit occurring at the same time as a global trade war involving 25% tariffs on US-China trade, all global inputs and a 30% drop in the US stock market.

Read more from Faisal.

Building society steps in to help soon-to-be bankless town

Councillor John Blackie and Andrew Haigh, chief executive at Newcastle Building Society, at the Upper Wensleydale Community Office
Newcastle Building Society
Councillor John Blackie and Andrew Haigh, chief executive at Newcastle Building Society, at the Upper Wensleydale Community Office

For a positive change, here's a good news story.

Fed-up bank customers in Hawes, North Yorkshire are facing the withdrawal of the last bank in town.

But a regional building society is stepping into the breach. Newcastle Building Society is in discussions to launch a community branch for local people based in the Upper Wensleydale Community Office.

"As a building society we believe in the role of the high street at the heart of our communities," said chief executive Andrew Haigh.

Councillor John Blackie has battled to ensure Hawes has maintained local services against the odds.

He said: "The news of the opening of the community branch will offset the feeling of being left in isolation from financial services that was set off by the impending loss of the last bank in town.”

Allegations of signature forgery explored

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