Societe Generale tops forecast, but retail woes put focus on CEO plan August 3, 2023 Societe Generale beat quarterly earnings forecasts on Thursday as the French bank kept costs and provisions down, but a slump at its retail business will turn up pressure on its new CEO as he prepares to unveil his plan. An investor day on Sept. 18 will be a key test for Slawomir Krupa, tasked with [...]
Monzo staff comms reveal anti-Tory messages as de-banking scandal grows August 3, 2023 Monzo staff made multiple disparaging remarks about the Conservative party, according to reported internal company messages, as a growing row about lenders closing individuals bank accounts engulfs the banking sector. The internal communications, reported by The Telegraph, show staff describing Tories as “evil”, and called for Conservative MP Jacob Rees-Mogg to “do the human race [...]
Natwest forced to pay £90,000 after sacking exec days after cancer surgery August 2, 2023 A former Natwest executive was awarded £90,000 yesterday after she brought a case against her old employer for dismissing her days after she underwent surgery for cancer. Adeline Willis, a senior risk and compliance officer, was let go by Natwest in April 2020, eight months after a bowel cancer diagnosis and just days after she [...]
Steady as she goes: Virgin Money launches further buyback after solid third quarter August 2, 2023 Virgin Money’s margin remained stable, despite increasing competition in the market, as Richard Branson’s bank said it anticipates a £175m share buyback at its end of year results. The challenger bank launched a £50m buyback today, after it passed the Bank of England’s stress test, and expects to deliver a £125m buyback with its full [...]
HSBC in tech push as boss Noel Quinn suggests acquisitions spree August 1, 2023 HSBC will launch a new joint venture with B2B fintech firm Tradeshift as boss Noel Quinn said more bolt-on acquisitions could be in the offing to develop its appeal to tech firms. As part of the new venture, announced this morning, HSBC will invest $35m into Tradeshift. The investment will be made in two parts [...]
Robert Walters posts 60 per cent profit slump as economic woes clobber recruitment August 1, 2023 A recruiter that is often viewed by analysts as a bellwether for the UK jobs market has posted a 60 per cent drop in profits as a result of firms trimming hiring amid the economic slowdown. Robert Walters, which specialises in sourcing talent for the City’s biggest banks, brokers and insurers, said today operating profits [...]
The Global Ecosystem of Insurance August 1, 2023 | Sponsored “Insurance is a three hundred, four hundred, year old industry,” Richard Wheeler, Aon’s co-leader of Global Re Specialty reflects. “But the opportunities ahead still significantly outweigh the journey that the market has been on. Because everything requires insurance.” Wheeler would know. In his role he ranges across global challenges, in the world’s richest and poorest [...]
Number of ‘Isa millionaires’ surges to more than 4,000 – triple from pre pandemic August 1, 2023 The number of “Isa millionaires” has surged to more than 4,000, according to HM Revenue & Customs (HMRC) figures. Some 4,070 savers were sitting on Isa pots worth more than £1 million, as of April 2021, according to the data, obtained following a freedom of information (FOI) request on behalf of financial services network the [...]
Metro Bank swings back to profit in first half as boss Frumkin claims ‘strategy is working’ August 1, 2023 Metro Bank achieved profitability in the first half of 2023 as the bank’s recovery from an accounting scandal continues. In the first half of the year the retail bank reported a pretax profit of £15.4m, swinging from a loss of £10.5m the year before when the bank faced significant restructuring and write-off costs. The second [...]
HSBC launches $2bn share buyback after rising rates helps bank beat expectations August 1, 2023 HSBC launched a new $2bn (£1.56bn) share buyback programme after comfortably beating expectations in the second quarter. In the three months to June, pretax profit hit $8.8bn (£6.86bn) – over $4bn higher than last year and surpassing the $8bn predicted by analysts. The strong performance reflected the impact of rising interest rates around the world [...]