Banking

The Bank of Lithuania has imposed a €3.5 million (c. £3m) fine on Revolut for deficiencies in its anti-money laundering (AML) processes, marking the UK-founded fintech's largest financial penalty to date. The Lithuanian central bank, which oversees Revolut's European banking operations al

Lloyds Banking Group has announced it is strategically enhancing its artificial intelligence (AI) capabilities by training 200 senior leaders through an intensive 80-hour programme – "Leading with AI". Delivered in partnership with training provider Cambridge Spark and experts from Cambridge U

Hampden Bank has announced strong growth in its 2024 annual results, alongside significant expansion plans and the retirement of its chair, Simon Miller. The Edinburgh-headquartered bank saw double-digit increases in both deposits and lending. Deposits grew by 16% year-on-year to £991 million,

As part of HSBC's stringent cost-cutting strategy under chief executive Georges Elhedery, the bank has dismissed London-based investment bankers on their bonus announcement day, with many receiving no payout. The move, following the bank's January decision to shutter its mergers and acquisitions and

Private bank Hampden has relocated its Edinburgh headquarters and rebranded from Hampden & Co to Hampden Bank. The bank has moved from 9 Charlotte Square in Edinburgh, where it opened in 2015, to a newly developed double-townhouse office at 20 and 21 Charlotte Square, the iconic square that is p

The Cumberland Building Society has broadened its commercial offering to include professional services. This expansion, underpinned by the building society's "kinder banking" philosophy, aims to assist businesses across Scotland and the North of England.

Barclays customers are experiencing further disruption as the bank's app suffered a new outage on Sunday 8 March, preventing fund transfers and payments. Reports of the problems surfaced around 7am, with a sharp increase in reported outages on Down Detector. Customers have complained of being unable

The UK government has relinquished its position as RBS-owner NatWest Group's largest shareholder, with its stake falling below 6% on Friday. This marks a significant milestone in the bank's journey back to full private ownership, more than 16 years after its taxpayer-funded bailout during the 2008 f

HM Revenue & Customs (HMRC) is set to replace Barclays with Bank of Scotland-owner Lloyds Banking Group in a significant government banking contract, ending a ten-year agreement. The move, worth £99 million to Lloyds, comes as HMRC awards a new £334m, 12-year contract to a consortium

Thousands of Nationwide, TSB, and Bank of Scotland-owner Lloyds Banking Group customers across the UK experienced significant disruption on Friday morning as a technical fault rendered their mobile banking apps inaccessible. Downdector recorded a surge of over 4,000 reports of issues, affecting user

Lloyds Bank's top executives are set to receive substantial bonuses, despite the lender's recent financial results and ongoing branch closures. Chief executive Charlie Nunn will receive a £1.1m bonus, with finance boss William Chalmers set for £812,014, according to the bank's annual rep

St Andrews-born Jane Fraser, CEO of Citigroup, has become the world's highest-paid female banker, with her total compensation exceeding $100 million. The 57-year-old, the only woman leading a major global bank, earned $34.5 million (c. £27.4m) in 2024, bringing her earnings since taking the he

Standard Chartered PLC has announced a further $1.5 billion (c. £1.2bn) share buyback following a 20% jump in underlying pre-tax profit to $6.8bn (c. £5.4bn) for the year ending 31 December 2024. This surge was driven by a 13% increase in operating income to $19.7bn (c. £15.6bn), w

Bank of Scotland-owner Lloyds Banking Group has reported a significant 20.4% drop in annual pre-tax profit, falling short of market expectations. The UK's largest mortgage lender posted a profit of £5.97 billion for 2024, down from £7.5bn in 2023, missing analysts' forecasts of £6.

HSBC has announced plans to save $300 million (c. £240m) in 2025 and cut $1.5 billion (c. £1.2bn) from its annual cost base by the end of next year. This comes as the bank details the impact of Group CEO Georges Elhedery’s restructuring. The bank also aims to redeploy $1.5bn from n