Bank

Barclays Shares Experience Significant Surge Following Tariff Changes In a remarkable turn of events, shares of Barclays surged by over 20% at the market open, eventually stabilizing at a 15% increase. This rebound reflects a broader recovery in the FTSE 100 index following the removal of tariffs previously imposed by the Trump administration. The lifting […]

PwC fined £4.5m (reduced to £2.9m) by the FRC for audit failures at Wyelands Bank, owned by GFG Alliance. The fines stem from inadequate understanding of lending practices and related-party risks, despite PRA warnings. PwC acknowledges the issues and is committed to improving audit quality.

Revolut and Visa challenge the UK’s PSR over a proposed cap on international transaction fees, arguing the regulator overstepped its powers. European banks and fintechs claim the cap will make them lose money post-Brexit. Both seek a judicial review for a fair process.

The Bank of England maintains interest rates at 4.5% amid global trade war uncertainty. Inflation is expected to peak at 3.75% this year, and wage growth of 5.9% could exacerbate price rises. The BoE will reassess Trump’s tariffs at its next meeting in May.

Brex, a $12.3 billion corporate card startup, streamlined operations by laying off 20% of employees and adopting a quarterly product release cycle. These efforts have stabilized cash burn and improved product quality.

SVB’s collapse on 10 March 2023 led to a FDIC lawsuit against 17 executives for negligence. Credit Suisse’s leaders faced no such accountability, highlighting regulatory differences. SVB is criticised for its reliance on long-term government bonds and an imprudent £294 million dividend.