Calm for now: US regional banks make small gains ahead of Fed rate decision May 3, 2023 Regional banks in the US notched small gains on Wednesday as the sector seemed to calm down following yesterday’s sell-off. Pacwest was trading 3.3 per cent higher while Western Alliance was up 2.1 per cent. The KBW Regional Bank index was up 1.2 per cent. Larger lenders were more mixed. JP Morgan was down 1.1 [...]
Barclays’ AGM disrupted by climate activists furious over bank’s fossil fuel investments May 3, 2023 Environmental protesters have disrupted banking giant Barclays’ annual meeting for shareholders in central London. A few minutes into the meeting, chairman Nigel Higgins was interrupted by a chorus of singers causing several minutes of disruption. Singing a version of the Spice Girls’ Thank You Very Much, the group sang: “Stop right now, no more oil [...]
Metro Bank reports continued profitability as turnaround efforts slowly bear fruit May 3, 2023 Metro Bank recorded its second consecutive quarter of profitability as the bank’s turnaround plans continue to bear fruit. Although it did not provide details, Metro Bank confirmed in a trading update today it was profitable on a statutory basis in the first quarter of this year. This comes after the bank reported profitability in the [...]
BNP Paribas first-quarter revenue beats expectations as trading outperforms May 3, 2023 BNP Paribas’s first-quarter sales beat market expectations as trading business at the eurozone’s biggest bank outperformed most of its peers, while it started to reap the benefits from rising interest rates. BNP’s quarterly profit more than doubled in the first quarter from a year earlier, bolstered by gains from its much-anticipated sale of its U.S. [...]
Lloyds profits swell by nearly 50 per cent as bank boosted by interest rate rises but guidance remains unchanged May 3, 2023 Lloyds first quarter profits rose 46 per cent as the bank became the latest UK lender to see its bottom line boosted by a hike in interest rates. The lender’s pre-tax profits came in at £2.3bn compared to £1.5bn the same quarter last year. Charlie Nunn, chief executive of Lloyds Banking Group said: “The group [...]
US regional banks face big sell-off despite First Republic rescue deal May 2, 2023 Regional banks across the US were under pressure today as investors became increasingly nervous about the state of the banking sector despite JP Morgan’s acquisition of First Republic Bank. The KBW regional bank index, which includes a range of regional lenders, shed 6.6 per cent. Pacwest Bancorp shares were down nearly 30 per cent, while [...]
Credit Suisse AT1 bondholders pile pressure on Swiss regulator with second claim over $17bn writedown May 2, 2023 A second major group of Credit Suisse alternative tier 1 (AT1) bondholders is suing the Swiss financial markets regulator, known as Finma, over its decision to write down $17bn-worth of AT1 bonds as part of UBS’s forced takeover of the Swiss bank. Law firm Pallas Partners said today it is working on litigation, filed in [...]
Tide turns against Ping An as HSBC’s pay outs convince investors, analysts, and boost the share price May 2, 2023 The tide seemed to turn against Ping An today as HSBC recorded bumper profits and a major shareholder rejected the Chinese insurer’s spin-off campaign.
Morgan Stanley to cut another 3,000 jobs as banking layoffs continue May 2, 2023 Morgan Stanley is reportedly set to cut thousands of jobs before the midway point of the year, as the largest round of banking layoffs since the financial crisis looks set to continue. The bank is looking to lay off 3,000 staff, Bloomberg reported, representing about five per cent of the bank’s staff. They are expected [...]
HSBC share price soars after profit surge and bumper buyback May 2, 2023 HSBC has announced its first quarterly dividend since the pandemic and a $2bn share buyback.