AGP Executive Report
Last update: 9 hours agoBanking Jobs: Barclays plans to cut 5,000 roles by year-end as it leans on AI and technology to improve efficiency. Its third-quarter profit also missed forecasts after weaker investment-bank earnings. Regulation: The PRA and FCA proposed easing the Senior Managers and Certification Regime, including scrapping annual certification for about 139,000 staff. The changes could save firms £2bn over a decade, while FCA chief Nikhil Rathi warned AI is putting financial-system risks “on steroids.” Digital Resilience: A Google Cloud outage disrupted banking apps, while a serious PHP vulnerability prompted emergency website shutdowns. The UK is also planning stronger protection for subsea cables critical to financial services. Economic Pressure: Inflation rose to 3.5% in September and government debt passed £3tn, adding to pressure ahead of the Budget and strengthening expectations of higher interest rates. Fintech: LemFi expanded in the UK beyond transfers, adding savings and credit services for customers managing finances across borders.
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