The dream of acquiring your home is often restricted by financial limitations for most people. However, the 2013 Budget gives a ray of hope to those who are aspiring to buy their own home by introducing the  ‘20% loan’ clause. The key feature of the clause is that the 20% loan will be repaid by the borrower upon sale of the property till the home has a market value less…

Insurer Aviva has announced 2000 global jobs on Thursday as part of its ongoing endeavour to cut costs. The Aviva job cuts announcement involved sacking of nearly 2000 employees across its branches in Asia, the European continent and Britain in the next six months. Aviva has said that the decision to cut jobs is being publicised in advance to satisfy Aviva’s promise to its employees and unions to inform them…

Barclays investment bank chief Rich Ricci has resigned and will walk away with a year’s salary as a part of a major management shake up at the bank. Rich Ricci was the right hand of Bob Diamond, the ill-famed ex-CEO of Barclays. Rich Ricci will be stepping down on June 30 with Rich Ricci  leaving the bank with a salary of £700,000. Such payments are not usually made when an…

AXA UK has announced that it is discontinuing the practice of offering face-to-face financial advice in banks namely Co-operative bank, Clydesdale and Yorkshire Banks in the UK, which has resulted in the French insurer cutting 450 jobs owing to new regulations which ban commission payments. Under the new regulations by Retail Distribution Review, customers will now pay upfront instead of having to deal with a middleman.

JPMorgan Chase reported steady revenues by cutting its expenses in the first quarter which helped its earning reach the golden figure of $6.5bn (£4.2bn), rising 33% and beating analysts’ expectations of $5.4bn (£3.5bn) in net income. The bumper earnings show that the economy is recovering from the London Whale grief. Contributors to JPMorgan’s excellent performance in the first quarter are retail banking, powered partly by mortgage originations, and corporate and…

Post Office has launched current account with a new banking deal for customers offering ‘simplicity, transparency and good value for money’. The move could pose a threat to the four big banks in the UK- Lloyds, RBS, HSBC, and Barclays as Post Office has a solid network of 11,500 branches. Post office will offer the current account in association with Bank of Ireland which operates Post Office’s mortgages and savings…

Two hedge funds Lansdowne Partners and GLG, which is a branch of Man Group, are among the 20 potential bidders who have expressed interest in joining the £1bn bid for 316 RBS branches. These hedge funds are likely to cause a stir with their participation in the bid as they were among those investors who profited from bets that banks’ share prices would fall during the delirious period which resulted…

Three top former HBOS executives have been blamed for the bank’s catastrophic collapse and a parliamentary committee suggests financial regulatory to ban these three executives from future roles in the financial sector. The Banking Standards Commission said former bosses Sir James Crosby, Andy Hornby and Lord Stevenson were largely to blame for the bank’s collapse. The scathing report blamed these executives for gargantuan failure of the bank which collapsed in 2008.

A savings calculator is a tool that helps one calculate the amount of money which can be saved over a period of time. The most basic of all the types of saving calculator that is available on the internet is the financial savings calculator to calculate the money present in your bank after a specific time period, the rest being retirement, term loan, home loan savings calculator, etc. The five…

Online banking, also known as e-banking or internet banking, is the process of conducting financial transactions over internet with the help of a secure website that is being operated by a virtual bank, retail bank, building society or a credit union. There must be proper registration that the customer has to follow on the financial institutions website for accessing the services of online banking. Online banking isn’t only provided by traditional…