- Managers of Wealth - Europe - Wealth, private banking and asset management news and opinion

Digital bank for 'mass affluent' set to launch later this year

Monument estimates that there are around 3.5 million “mass affluent” people in Britain with a combined £200bn in cash between them.

World Finance Reveals the Winners of its Annual Banking Awards

News provided by World News Media

TSB and Quilter live with Iress’ platform to connect brokers with lenders

In bringing on board both sides of the value equation, we’re a huge step closer to achieving this goal.

Revolut: A Normal Bank – Unfortunately

The remainder of the letter was devoted to how Revolut was going to make more money from serving its clients.

LHV to acquire the Danske Bank’s unit involved with Estonian corporate and public sector credits

LHV Pank and Danske Bank have reached an agreement on the price of the transaction, according to which a discount of 19 million euros will be subtracted from the volume of the portfolio

Citi defies coronavirus with Western European corporate lending push

The 15 offices are predominantly in central and eastern Europe including Poland, Turkey and Russia.

Nationwide takes £100m hit as profits plummet

Chief executive Joe Garner said, “While the coronavirus impacted our profitability in the last few weeks of the year, there was pressure on margins even before it hit.”

HSBC to sell US retail arm as part of more 'drastic' overhaul: reports

It is understood the board's review of what is already the biggest overhaul in the bank's 155-year history will involve deeper job cuts.

Challengers beat incumbents on account opening experience

UX expert Peter Ramsey from Built for Mars has investigated whether these new entrants do actually make the process of opening an account better.

Commerzbank calls in consultants from McKinsey and Bain

In January, the chief financial officer of Commerzbank, former McKinsey partner Bettina Orlopp, announced that the bank had hired Bain & Company to identify an additional €500 million in savings

Russian bank TCS expects slower growth in 2020, withdraws guidance

TCS, the parent company of Tinkoff Bank, had previously said it expected annual net profit to increase to 42 billion roubles - another record - from 36.1 billion in 2019.

Open Banking: Are consumers keeping an open mind?

While the regulation was designed to facilitate open banking, the market demand was uncertain.

Banks to book more than $50bn against bad loans

Lenders take diverging approaches in making provisions for coronavirus damage

CaixaBank posts profit of €90 million

CaixaBank has deployed an extensive package of measures to support the needs of both businesses and individuals.

Lloyds Banking Group scrapes profit after $1.75 billion COVID-19 provision

Lloyds is viewed as a bellwether for the British economy, as the country’s largest provider of home loans and one of its biggest backers of businesses.

32 banks incl BNP Paribas, Crédit Agricole go live on blockchain for interbank reconciliations

The permissioned solution uses R3’s enterprise blockchain Corda which enables only the two participating banks to share the transactions with each other.

AIB joins coronavirus loans scheme weeks after main NI banks

Most of that has been customers seeking repayment holidays.

Swedbank sees first loss since 2009 on fine, coronavirus

Meanwhile, the coronavirus raises the prospect of loan losses and credit impairments for banks, as businesses shut their doors and lay off staff.

Russia’s central bank closes deal to sell Sberbank to finance ministry

The deal had been discussed for several months but has now been rushed through as a way of pumping through more cash from the National Welfare Fund into the budget in the midst of the economic meltdown caused by the double whammy of the collapse of oil pr

Metro Bank announces criteria changes

For applications with bonus, commission or overtime income, 50 per cent of the bonus, commission or overtime averaged over the past two years will be used in the affordability assessment, and the past two years’ P60s will be required as evidence.

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