Wells Fargo warns over interest rate cuts despite boost in profits January 12, 2024 Wells Fargo said it had topped profit expectations for the fourth-quarter of the year today but warned that predicted interest rate cuts could dampen profits in the year ahead.
JP Morgan and Bank of America profits shrink as US banks pay for SVB failure January 12, 2024 JP Morgan’s profits shrank in the final three months of the year as the lender paid out $2.9bn for the rescue of smaller regional banks in the US.
Metro Bank: Troubled lender’s CFO to leave after turbulent 12 months January 12, 2024 James Hopkinson has been the bank's CFO and executive director since September 2022 after serving in a similar role at ClearBank.
Consumers urged to consider switching as nearly £400bn languishes in low-interest accounts January 11, 2024 Britons are keeping nearly £400bn in current and savings accounts earning just one per cent interest or less, according to new research, as savers are urged to shop around for the best deals.
UK government rejects calls for banks to pre-fund multibillion-pound deposit guarantee scheme January 11, 2024 The government has confirmed that it does not want British banks to imminently pay billions into a deposit insurance guarantee scheme designed to reduce the burden on taxpayers if lenders fail.
Mortgage rates are falling — how low could they go in 2024? January 11, 2024 More than 30 British lenders have slashed their home loan prices in the last two weeks as 2024 kicks off with a mortgage price war.
Former boss of Gupta-linked Wyelands Bank fined over breaches of senior manager rules January 11, 2024 The main banking watchdog has fined Iain Mark Hunter, former chief executive of wound-down Wyelands Bank, £118,808 for “material breaches” of senior manager rules, including how the lender handled ties to steel tycoon Sanjay Gupta. The Bank of England’s Prudential Regulation Authority (PRA) found that between 7 March 2016 and 28 May 2020 Hunter breached conduct [...]
Wise keeps its head above water as big banks look for slice of the payments pie January 10, 2024 The London-listed fintech is starting to face competition from bigger, more established lenders, as well as new challengers looking for a slice of the payments action.
Banks at risk from exposure to ‘opaque’ private equity sector, regulator warns January 9, 2024 Benjamin, who will be joining the Bank of England's Financial Policy Committee (FPC), noted that UK businesses now get as much funding from the non-bank sector as from traditional lenders.
Shoe Zone thanks back-to-school shopping for near 20 per cent profit boost January 9, 2024 High street retailer Shoe Zone thanked back to school shopping for a 19.1 per cent jump in profit before tax for the full year.