Finextra Research: Latest fintech news, analysis, interviews, features and opinion by industry experts

Bradford & Bingley axes 370 jobs; shuts processing centre

Troubled UK lender Bradford & Bingley (B&B) is axing 370 jobs - including 300 roles at a mortgage processing centre - as it looks to cut costs following the downturn in demand for mortgages.

25 September 2008

News/Mortgage processing

Hbos cuts jobs in mortgage shake-up

UK bank group Hbos is cutting hundreds of jobs under a restructuring of its mortgage operations, which includes the closing of its TMB brand.

13 August 2008

News/Mortgage processing

Lender Processing Services joins the Finextra50 index

Lender Processing Services (LPS), the subsidiary spun off in a separate NYSE listing by Fidelity National Information Services last week, has entered the Finextra50 Financial Technology Index. The index fell .8% to 80.92 in a short week for US markets. The Innovation Group saw the biggest gain while Bravura led the losers.

07 July 2008

News/Mortgage processing

ING Direct in EUR416m bid for Germany's Interhyp

ING Direct, the Internet banking business of Dutch group ING, is launching an all cash EUR416 million takeover bid for German direct mortgage broker Interhyp.

20 May 2008

News/Mortgage processing

Citi axes 670 UK jobs

US banking group Citi is closing down its Future Mortgages and CitiFinancial lending units in the UK, leading to the loss of 670 jobs, including 400 call centre roles.

20 May 2008

News/Mortgage processing

Outsourcing and offshoring take centre stage at Finexpo

Finexpo - Outsourcing Strategies, a new one-day conference and exhibition from Finextra on 5 June in London will feature keynote presentations from Deutsche Bank, IBM and Société Générale. It will also feature panel discussions covering best practice and the latest outsourcing trends on the sell-side and buy-side - from business processes such as trade execution, risk management and analysis through to back-office processing, infrastructure and application development.

09 May 2008

News/Mortgage processing

Fair Isaac cuts 420 jobs

Fair Isaac, the Minneapolis-based provider of credit scoring technology, is cutting 420 jobs and shedding several business units under a restructuring programme designed to boost revenue and cut costs by $100 million a year.

02 April 2008

News/Mortgage processing

Ex-Egg team take over MoneyQuest

A group of former Egg employees, led by Paul Gratton, have taken a controlling stake in direct mortgage broker MoneyQuest. Terms of the acquisition have not been disclosed.

17 March 2008

News/Mortgage processing

Nationwide switches to SAP for Banking

The UK's Nationwide Building Society is migrating its banking, savings and mortgage operations to the SAP for Banking platform as part of a £300 million business transformation programme.

17 March 2008

News/Mortgage processing

UK bank IT spending to rise

Despite the implications of this year's global credit crunch, UK bank expenditure on software and IT services is set to grow at a compound annual growth rate of 7.7% between 2007 and 2011, according to a study by European research outfit Pierre Audoin Consultants.

07 December 2007

News/Mortgage processing

NAB hit with A$20m damages claim from former tech chief

National Australia Bank (NAB) has been hit with a A$20 million damages claim from its former chief information officer Ian Crouch who has accused the bank of "misleading or deceptive conduct" in terminating his employment contract in 2004.

16 November 2007

News/Mortgage processing

Fidelity National to spin off lender processing division

Fidelity National Information Services (FIS) says its board of directors has approved the spin off of its lender processing services (LPS) division into a separate publicly traded company.

25 October 2007

News/Mortgage processing

Wells Fargo works overtime to fix systems outage

US bank Wells Fargo says it has fixed a "computer problem" that began on Sunday afternoon and disabled ATMs and prevented customers from accessing online accounts.

21 August 2007

News/Mortgage processing

Lloyds TSB to axe C&G branch jobs; shift 210 IT roles offshore

UK bank LLoyds TSB is axing hundreds of jobs by closing 31 branches operated by its mortgage lender Cheltenham & Gloucester (C&G) and shifting 210 IT roles to offshore centres.

08 August 2007

News/Mortgage processing

Homeloan Management to create 425 jobs in Glasgow

Homeloan Management Ltd (HML), a UK provider of outsourced mortgage administration services to banks and lenders, is creating 425 new jobs in Glasgow to meet increasing demand for its services.

07 August 2007

News/Mortgage processing

Lloyds TSB sends out SMS to mortgage applicants

UK high street bank Lloyds TSB is to launch a new mobile phone text service designed to keep customers informed of the progress of mortgage applications.

13 June 2007

News/Mortgage processing

Bank of Scotland customer data lost in the post

Bank of Scotland (BoS) - part of the UK's Hbos banking group - is notifying more than 60,000 mortgage customers that a computer disc containing their personal information has been lost in the postal system.

04 June 2007

News/Mortgage processing

ANZ to automate mortgage processing; offshore back office jobs

Australian banking group ANZ is introducing an online mortgage application and processing service under an automation drive that will see some of the 900 back-office jobs at its home loans unit offshored to its facility in Bangalore, India.

16 May 2007

News/Mortgage processing

Co-op awards TietoEnator five-year managed services deal for mortgage processing

TietoEnator has won an extended five-year deal with the UK's Co-operative Bank to outsource software and hardware support for its mortgage administration system.

26 April 2007

News/Mortgage processing

Halifax customer data stolen

UK bank Halifax has admitted that paper documents containing confidential information on some 13,000 of its mortgage customers have been stolen from an employee's car.

27 March 2007