Standard Chartered announces $1bn buyback scheme and lifts guidance despite weak profit February 16, 2023 Standard Chartered announced a $1bn (£831m) buyback scheme and raised its guidance for the next couple of years despite its results failing to meet market expectations. Results for the bank, which has been subject to takeover speculation in recent months, were much weaker than expected. Profit in the final quarter of 2022 was significantly below [...]
Up and Atom: How the Durham-based digital bank is taking on the high street stalwarts February 16, 2023 Lending, according to Atom Bank boss Mark Mullen, is back in vogue. While it’s a view that might run counter to some of the political disquiet towards Britain’s big high street lenders, for Durham-based digital lender Atom, it’s hard to argue with. The firm has tempted in hordes of customers this year and is on [...]
Barclays shares slump to bottom of FTSE 100 as investors take fright at profit drop February 15, 2023 Barclays shares tanked nearly eight per cent today, sending them to the bottom London’s FTSE 100 index, driven by investors fretting over the bank announcing today weaker than expected profits. The firm’s profit in the three months to December last year fell eight per cent to £1.3bn despite a £800m revenue bump, taking the lender’s [...]
Hunt urged to transform ringfencing regime which puts UK at ‘disadvantage internationally’ February 15, 2023 Chancellor Jeremy Hunt has been urged to reform the ringfencing regime “as quickly as possible” as UK Finance submitted proposals ahead of the Spring budget. In a list of proposals submitted today, UK Finance, the industry body, said “the current ringfencing regime puts the UK at a disadvantage internationally, as well as trapping liquidity and [...]
Barclays cuts bonus pool as profits tumble eight per cent on £500m provisions for loan defaults February 15, 2023 Barclays performed worse than expected in the final quarter of 2022, as higher expenses and an increase in bad loan provisions weighed on performance, leading to a £200m bonus cut for top staff. Profit fell in the quarter after the bank set aside £498m in impairment costs in case of bad loans, compared to a [...]
What now for Standard Chartered, and why is the bank still a takeover target? February 15, 2023 Standard Chartered found itself the target of takeover talks last week, after Bloomberg reported that First Abu Dhabi Bank was ready to make an offer once the cooling off period from its last offer, which had been just weeks earlier in January, had passed. The rumours were quickly quashed by First Abu Dhabi Bank (FAB), [...]
Atom Bank boss backs London as home for much-anticipated IPO February 15, 2023 The chief of digital lender Atom Bank has publicly thrown his weight behind London as its home for an eventual initial public offering, in a boon to the City as it looks to tempt in more tech listings.
Leap in business insolvencies as ‘tough start’ to 2023 leads to 52 per cent surge in compulsory liquidations February 14, 2023 Corporate insolvencies rose seven per cent year-on-year in January 2023 with the number of compulsory liquidations up over 50 per cent, according to figures released today. The Insolvency Service said 1,671 companies went insolvent in January 2023, a seven per cent rise on the same month the previous year and 11 per cent when compared [...]
Britcoin needs to prove it can secure adoption and not spy on our consumers, experts warn February 13, 2023 The digital pound faces a range of challenges before it could be adopted in the UK, experts told City AM, as industry figures continue to grapple with the announcement that a central bank digital currency (CBDC) is “likely to be needed” in the future. The risks a so-called Britcoin poses to financial stability and the [...]
Natwest: Pensions fintech bought by bank in £144m deal which will ‘shake up savings’ February 13, 2023 Natwest is to buy pensions fintech Cushon for £144m in a move the bank says will bolster its offerings of “financial wellbeing” products. The FTSE 100 lender said it would take an 85 per cent stake in the London-based fintech while the company’s existing management would retain the remaining 15 per cent. The chief of [...]