Executives at Credit Suisse ignored warnings from colleagues about troubled Sanjeev Gupta, pressing ahead with funnelling billions to his business despite others at the bank blacklisting the steel tycoon.
Nationwide customer savings more than double over the pandemic to £10.6bn
As well as deposits, Nationwide’s pre-tax profits nearly doubled from £466m to £823m, as cost-cutting measures collided with a rise in income across the business.
Customer deposits have more than doubled since the year before the pandemic, Nationwide said today, while remote working has made its workforce ‘more productive’.
With lockdown restrictions closing high streets and putting a pin in travel, Nationwide found deposits increased by £10.6bn in the year to 4 April, as customers stashed cash into savings accounts.
Just £5.7bn was deposited in 2019, highlighting the spending limit of multiple lockdowns and the ‘financial strength’ of the high street lender over the pandemic, CEO Joe Garner said.
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