In the largest accounting scandal in postwar European history, Wirecard, the German fintech payment processor, faces allegations of fraud for fabricating over €1.9bn of cash.
The online app-based challenger bank Monzo has announced plans to cut up to 8% of its workforce, or 120 employees, due to the economic downturn caused by the coronavirus crisis.
Nationwide CEO Joe Garner says that a borrower's credit record should be marked with a temporary notice if they choose to take a further mortgage holiday in response to COVID-19.
UK financial markets regulator, the Financial Conduct Authority (FCA), has launched an investigation into whether sub-prime lender Amigo Loans is conducting appropriate creditworthiness assessments.
To counteract an expected economic contraction of 25% in Q2, the Bank of England (BoE) is considering an unprecedented move to take its base rate into negative territory to incentivise lending and thus stimulate the UK economy.
After just six months of operations, the Royal Bank of Scotland (RBS) has decided to shut down its digital banking brand, Bo.
Leading UK digital bank Monzo has its valuation reduced 40% in its latest fundraising round.
HSBC will set aside a fund of £8.8bn to deal with the impact of the coronavirus crisis on its customers’ ability to repay debts.
Large state-owned Chinese banks, like the Industrial and Commercial Bank of China (ICBC) and the Bank of China (BOC), must brace themselves for an incoming wave of bad debt from smaller Chinese businesses and banks.
The Prudential Regulation Authority (PRA), the regulatory arm of the Bank of England, has requested the UK’s biggest lenders suspend payments to investors as part of its measures to combat the economic downturn caused by COVID-19.