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...Metro became the first new high street bank in the UK for a century when it opened its flagship branch in Holborn, in central London, in 2010....
...Metro, the first of a wave of challenger banks that promised to upend the established order in UK retail banking following the financial crisis, is racing to shore up its finances....
...Metro Bank has promised to cut another £30mn off costs, adding to a £50mn plan already in place, as it pushes ahead with its restructuring programme....
...Microsoft has hired the co-founder of Google’s DeepMind, the Bank of Japan raised interest rates for the first time since 2007, and leading European and UK artificial intelligence start-ups have been lobbied...
...The Bank of Mexico on Thursday cut interest rates for the first time in this cycle, making it the latest major Latin American central bank to begin lowering borrowing costs....
...The bank first ran into trouble after the Bank of England declined in September to grant it capital relief for mortgage lending until at least 2024, which resulted in a capital hole....
...Nigeria’s central bank sharply raised interest rates to 22.75 per cent at its first meeting since July as Africa’s most populous country hopes to contain its most severe economic crisis in almost three decades...
...The central bank said recent train and airport strikes could hit production in the first quarter, while order books for industry and construction were “dwindling”....
...Beyond this simply fabulous resource, the paper explores the age-old question as to whether central banks even need capital in the first place....
...The Bank of Japan is likely to hold off from raising interest rates next week but investors expect the central bank to outline its response to rising inflationary pressures caused by the yen’s decline....
...In today’s newsletter: Metro Bank’s messy week Abcam’s takeover drama The regulatory saga that left Metro Bank in a pinch Metro Bank hasn’t exactly been on a tear in recent years....
...radio broadcast by a British monarch, George V at the Empire Exhibition in London, and the first commemorative stamps being issued in Great Britain....
...Metro Bank’s first London branch opened with an unlikely combination of polished marble, chrome and free lollipops in 2010....
...Further reading— The Metro Bank Coin Caper (FTAV)— A brief look at Metro Bank’s offer document (FTAV)— The misregulation of Vernon Hill (FT)— How Metro’s challenging week unfolded (FT)— Lex readers weigh...
...The Bank of Japan has raised interest rates for the first time since 2007, becoming the world’s last central bank to end negative rates as the country puts decades of deflation behind it....
...Launched in 2010, Metro was the first of a new breed of challenger banks that regulators hoped would shake up the banking market after the financial crisis of 2008-09....
...The moves came after the Swiss National Bank became the first major central bank to start easing monetary policy as it unexpectedly cut its headline interest rate by 25 basis points to 1.5 per cent....
...It persistently changes its inflation forecasts more than other central banks. There are two reasons for this. First, volatile UK gas and electricity prices is something the BoE can do nothing about....
...Gilinski first took a stake in Metro in November 2019 when he picked up 9 per cent after its accounting scandal and the bank’s subsequent £375mn cash call....
...US stocks notched their first back-to-back weekly loss in more than four months, with investors now looking ahead to several central bank decisions next week....
...It showed that the central bank employs many PhD researchers in the core areas of modelling, the majority of whom spend little or no time on the core function of the central bank....
...The agreement capped a torrid week for the challenger bank, the first of a crop of lenders that promised to shake up the UK high street in the wake of the financial crisis....
...He is also the founder of Commerce Bank, acquired by Toronto-Dominion Bank in 2007 for $8.5bn, and the tiny Philadelphia-based Republic First Bancorp, which has suffered its own financial difficulties....
...Metro’s 2010 launch marked the first new UK bank on the high street in more than 100 years, making it the poster child for the growth of challenger banks....
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