Economics / Markets

Santander has confirmed it has stopped offering investment advice to new customers resulting in the potential loss of 724 jobs.

Cyprus has implemented a series of stringent capital controls as it seeks to prevent assets fleeing the country when its banks reopen today.

The Bank of England's Financial Policy Committee (FPC) has said UK banks had a £25bn shortfall in their capital requirements at the end of 2012, as stricter capital requirements impacted balance sheets.

The third reading of UK's GDP growth for Q4 2012 has confirmed a 0.3% contraction between the third and fourth quarter.

GOSLING'S GROUSE

The UK's five major banks could see their profits take a significant hit in 2012 as regulatory pressures and a series of recent scandals take their toll, according to KPMG.

The Governor of the Bank of England has said the financial crisis is "far from over" as he joined fellow central bank chiefs, including Ben Bernanke, to discuss economic policy.

The S&P 500 is on the verge of passing its all-time closing high after rising as much as 0.5% in early trading.

FIVE THINGS

Cyprus has agreed a €10bn bailout deal that will force large losses on some big deposit holders but avoids a controversial levy on all bank accounts.