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How much was Lloyds Bank recently fined?
Lloyds Banking Group was fined £64m by the City watchdog for failing to treat mortgage customers fairly after they fell into financial difficulty.
The fine was linked to Lloyds’ mishandling between 2011 and 2015 of more than 526,000 mortgage customers, who have since been reimbursed a total of £300m. The Financial Conduct Authority said that while the bank identified the problem as early as 2011, it “failed to fully rectify the issues”.
The problem started with how the bank gathered information about mortgage customers who had fallen behind or were finding it difficult to make payments. It meant call handlers did not have adequate information to assess customers’ circumstances.
Which Irish software company recently reached a milestone $1 billion valuation?
Irish software company Workhuman achieved unicorn status on foot of a new investment that means it is now valued at $1.2 billion (€1.06 billion).
The company is believed to be only the second Irish company after Intercom to officially confirm it has reached unicorn status, a title given to privately-held tech companies worth $1 billion or more.
Stripe, the Silicon Valley-headquartered online payments company founded by Irish brothers Patrick and John Collison, has long passed the $1 billion mark and is now valued at nearly $36 billion.
Which major high-street bank recently announced it would be cutting 35,000 jobs?
HSBC is resuming plans to cut around 35,000 jobs which it put on ice after the coronavirus outbreak, as Europe’s biggest bank grapples with the impact on its already falling profits.
It will also maintain a freeze on almost all external hiring, Chief Executive Noel Quinn said in a memo sent to HSBC’s 235,000 staff worldwide on Wednesday 24 June. “We could not pause the job losses indefinitely – it was always a question of ‘not if, but when’,” Quinn said, adding that the measures first announced in February were “even more necessary today”.
In a recent statement what was the IMF’s global growth projection for the year?
In a statement on published on Wednesday 24 June 2020 The International Monetary Fund (IMF) stated that they had “downgraded our growth projection for the world economy—a contraction of 4.9 percent for 2020.”
This was followed up by a statement on Thursday which warned of “a disconnect” between financial markets and the real economy, which could result in another major “correction” in asset prices.
Who was recently elected president of the Eurogroup?
Ireland’s finance minister Paschal Donohoe was elected president of the Eurogroup to replace outgoing president Mario Centeno on 13 July.
Donohoe was elected by 19 of the euro zone’s finance ministers on Thursday 2 July, beating his Spanish counterpart Nadia Calviño, and Luxembourg’s Pierre Gramegna, after two rounds of voting.
It is thought that Donohoe’s election will give Ireland a significant platform as the European Union debates how to handle the economic fallout of the Coronavirus pandemic.
Which U.K. Labour MP recently said “getting lawyers back to work is crucial for economy”?
In an opinion piece published in the Financial Times, David Lammy, a Labour MP and Shadow Secretary of State for Justice and Shadow Lord Chancellor in U.K., has said that “getting lawyers back to work is crucial to restarting the economy and beginning the recovery.”
In the piece Lammy acknowledges the clichés of lawyers “turning up to court in a sports car and raking in millions” that he says are perpetuated by “Harvey Specter in Suits or Miranda Hobbes in Sex and the City” but urges that people consider that “£60bn in gross value added to the UK economy” by legal services each year.
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