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Starling’s profits drop 25% as bank takes blame for Covid loan losses

Our own weak controls led to £28m of losses through government’s bounce back loans, says chief executiveThe digital bank Starling has suffered a 25% drop in annual profits and said it would turn down government guarantees on £28m of Covid loans losses after conceding its own weak controls were to blame.The admission stirs up a long-running controversy over Starling’s handling of the government-backed bounce back loan (BBL) scheme, which was built to get money quickly to small businesses during lockdown. Continue reading...

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