Goldman Sachs’ private equity arm is set to announce a £150m investment in insurance group Hastings Direct that will leave chairman Neil Utley cashing in tens of millions of pounds from the business he turned around after buying it in 2008.

Banks will be told to maintain 7 per cent tier one capital

European banks will be forced to maintain a tier one capital ratio of at least 7 per cent, according to reports ahead of this weekend's meeting between financial regulators and ministers in Switzerland.

'System error' halts bank's £99 mortgage fee

Nationalised bank Northern Rock has been forced to withdraw its £99 mortgage application fee due to a technical problem, it emerged today.

Money Insider: Nationwide's price rise masks a customer focus

Debit cards issued with Nationwide Building Society's FlexAccount have been a hugely popular, low-cost option for overseas travellers for many years. However, changes are afoot.

'Good bank' bad, 'bad bank' good at Rock

Northern Rock's "good bank" posted a £140m loss for its first six months as an independent company while the "bad bank" it was spun off from reported a £350m pre-tax profit.

David Prosser: Northern Rock repays its saviours

Outlook So much for the bad bank. It is increasingly clear that, over time, taxpayers are going to make a tidy little sum from the closed book of mortgages that will remain in public ownership even after the rest of Northern Rock is sold off. Even stripping out one-off accounting effects, the profit the bad bank booked yesterday was close to £170m.

Northern Rock plans to resume credit cards and loans

Nationalised Northern Rock plans to start offering credit cards and personal loans again as it readies itself for sale to the private sector, the group revealed today.

Former Rock director hit with £320,000 fine and banned

The City watchdog yesterday continued its pursuit of former Northern Rock executives, fining the bank's former finance director David Jones £320,000 and banning him from the City. The fine was levied because of his role in hiding the true level of the bank's mortgage arrears before the Rock's spiral into crisis that led to its nationalisation.

Financial services growth slower than expected

Growth in the UK financial services industry has been slower than expected despite the sector posting its strongest performance since Northern Rock's collapse in September 2007, the CBI business lobby group said today.

The Rational Optimist, By Matt Ridley<br />Pandora's Seed, By Spencer Wells

Is it a cheap shot to point out that Matt Ridley, scourge of greens and author of The Rational Optimist: How prosperity evolves, is also the Matt Ridley whose optimistic chairmanship of Northern Rock steered it to bankruptcy in 2008? I don't think so. Because both book and bank display what might best be described as irrational optimism - a blind belief that what has worked before will always work, regardless of a changing environment, whether financial or planetary.

Union fury as Rock axes 650 jobs

Northern Rock's management team was described yesterday as "short term" and "rash" for planning to shed 650 of the state-owned bank's 4,500 remaining staff. The company dealt those who remain a further blow by closing the final salary pension scheme to future contributions.

Up to 650 jobs to go at Northern Rock

Nationalised lender Northern Rock said today that it was planning to cut up to 650 jobs by the end of the year.

Steve Richards: New politics? Don't you believe it. Old rivalries will soon be back

The so-called new politics is the logical extension of Blairism rather than a break from it, with both leaders testing their parties' ideological flexibility

Rock finance director quits

Northern Rock's so-called "bad bank", Northern Rock Asset Management, yesterday said that finance director David Jones had quit the company with immediate effect to focus on a Financial Services Authority investigation. The watchdog last week fined and banned

Steve Richards: Something had to give &ndash; and it has

Brown now knows that all the cards are up in the air once more, and he holds an ace in his belated, calculated support for a referendum on electoral reform
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