Thursday newspaper round-up: Nationwide, Tesla, online banking, Lendy

Most Nationwide banking customers will pay more for going into the red after it became the first major current account provider to respond to a ban on excessive fees. Nationwide, which has almost 8 million current account holders, said that following a clampdown by the Financial Conduct Authority (FCA), it would be introducing a single overdraft interest rate of 39.9%, and removing many fees. That rate is more than double the 18.9% that the building society now charges holders of its FlexAccount for an authorised overdraft. – Guardian

Tesla shares tumbled more than 11% in after hours trading on Wednesday after the company reported a larger than expected $408m loss in its second quarter earnings and announced the departure of its chief technology officer (CTO). Despite selling more cars than ever, Tesla is still struggling to prove it is profitable and has suffered a series of high-profile exits. JB Straubel, the CTO, will be replaced by the vice-president of technology, Drew Baglino, Elon Musk, Tesla’s CEO, announced on a call with investors on Wednesday. – Guardian

EU rules supposed to make online banking more secure risk leaving those who do not own mobile phones locked out of their accounts. The new regulations, being introduced at the direction of the EU, mean banking customers will need to go through "two-step verification" when logging in online. This means entering a password and then a passcode, typically sent by text message. – Telegraph

The Financial Conduct Authority should consider compensating people mis-sold loans by Lendy, the failed peer-to-peer business, according to Lord Myners, the former City minister. The regulator ordered Lendy to begin a “remediation” programme in late 2017 for ordinary investors who backed certain loans on the platform.- The Times

About 72,000 people lost their jobs in the retail industry in the past year as it has been hit by online shopping and automation. The British Retail Consortium said the number of employees dropped 2.3 per cent in the second quarter of the year compared with the same period in 2018. It marked the 14th consecutive quarter of year-on-year decline. – The Times