Bank of England survey finds public has all time low confidence in its ability to tackle inflation June 16, 2023 Public confidence in the Bank of England’s ability to tackle inflation has plummeted according to a fresh survey by… the Bank of England. The central Bank issued its quarterly poll of public attitudes to tackling inflation as speculation grows that it will hoist interest rates to 5.75 basis points next week, amid out-of-control inflation. Asked [...]
Peel Hunt records £1.5m loss as revenue down almost £50m amid ‘extraordinary’ market turmoil June 16, 2023 Investment banking firm Peel Hunt recorded a loss of £1.5m after warnings the UK is experiencing “extraordinary” market turmoil. The company reported revenue of £82.3m, down £48.7m on last year’s £131m, it made a loss before tax of £1.5m – a drop from the previous 12 months’ pre tax profits of £41.2m. CEO Steven Fine [...]
Natwest boss: We’re managing loan book ‘very very closely’ as rates spike June 15, 2023 Natwest boss Dame Alison Rose said the bank was seeing “no material signs of distress” in its loan book despite the impact of rising interest rates. Speaking at the Goldman Sachs financial conference, Rose said: “We have seen no increase in defaults or impairments and the same on the business side… What we’ve actually seen [...]
Revolut hit with 40 per cent valuation write down amid banking licence woes June 15, 2023 Revolut’s value has plunged by nearly 40 per cent over the past year as it struggles to win a banking licence and fails to provide full “visibility” on its accounts, according to a major investor in the firm. London-based Revolut, run by Russian-British founder Nik Storonsky, bagged a $33bn valuation at the peak of the [...]
Oaknorth founder Rishi Khosla: Tall poppy syndrome, Tory rhetoric and why the UK is losing its lustre for fintech June 15, 2023 Rishi Khosla, chief of OakNorth, says the UK needs to celebrate the success of its fintech entrepreneurs
HSBC agrees new terms for delayed sale of French retail business as exit from global markets picks up pace June 15, 2023 HSBC has agreed new terms for the sale of its French retail division to Cerberus-backed My Money Group, paving the way for the delayed sale to be completed early next year. Under the new terms of the deal, Cerberus will invest €225m (£192.5m) into the business while HSBC will retain a €7.0bn portfolio of loans [...]
TSB calls on Meta to make ‘urgent’ interventions on fraud or consumers risk losing up to £250m June 14, 2023 TSB Bank has called on Meta to make urgent interventions to protect consumers from spiralling levels of fraud with customers at risk of losing hundreds of millions of pounds. According to current industry projects, consumers could lose up to £250m from Meta platforms in 2023 without action from the tech giant. Earlier this year, TSB [...]
Britcoin: Digital pound will not be introduced without a Parliamentary vote June 14, 2023 Lawmakers agreed that the digital pound, or ‘Britcoin’, should not be introduced without proper parliamentary scrutiny. Speaking in the House of Lords, Lord Forsyth said the notion that the Treasury and the Bank of England could introduce the digital pound “without having proper parliamentary scrutiny… is utterly ridiculous.” The Bank of England and Treasury are [...]
CoCos are back: European banks launch first AT1 bonds since Credit Suisse collapse June 14, 2023 AT1 bonds made a roaring comeback as European banks issued the first euro-denominated CoCo bonds since the collapse of Credit Suisse back in March. BBVA and Bank of Cyprus issued around €1.2bn (£1bn) bonds between them yesterday, and investors were only too happy to snap up the riskiest form of corporate debt. An AT1 bond [...]
Alantra gives vote of confidence to London as it switches investment banking HQ to City June 13, 2023 Spanish investment bank Alantra has shifted its investment banking headquarters to a new office overlooking St Paul’s in a boost for the City. The Madrid-based bank said the new London office, based on 25 Cannon Street, is a “natural next step…given the significance of the City of London as a global financial centre”. The new [...]