Difficult decision to come from Sunak and Hunt on bank surcharge October 30, 2022 The government has not ruled out reversing a tax cut on the UK’s biggest banks as it scrambles to overfill a huge hole in the public finances. Asked today by City A.M. if chancellor Jeremy Hunt and prime minister Rishi Sunak would commit to cutting the bank surcharge, an effective windfall tax, the Treasury said [...]
Ex Fed official says Bank of England ‘contributed to the Truss govt’s demise’ October 28, 2022 A top former official with the US Federal Reserve has claimed the Bank of England ousted Liz Truss. Narayana Kocherlakota, the ex president of the Federal Reserve Bank of Minneapolis, made his comments in a piece for Bloomberg this week. This comes after Truss left office following weeks of chaos in UK financial markets sparked [...]
NatWest: No ‘signs of heightened financial distress’ from customers yet October 28, 2022 NatWest has said it is not yet “seeing signs of heightened financial distress” from customers, after posting a £1.1bn flat quarterly profit. Analysts had forecast a pre-tax profit of £1.2bn, with the bank just missing this. Alison Rose, the chief executive, said the big four bank was “acutely aware of the challenges that people, families [...]
Government eyes bank surcharge U-turn despite Lloyds profits tumbling October 27, 2022 Britain’s biggest mortgage lender, Lloyds Bank, has set aside hundreds of millions of pounds in preparation for a surge in loan defaults caused by the rising cost of living and higher interest rates squeezing household budgets. The lender today said it had banked £668m over the three months to September to absorb souring loans, primarily [...]
Credit Suisse plots 9,000 job cuts and £3.5bn share sale in final attempt to save business October 27, 2022 Scandal-stricken lender Credit Suisse is looking to raise 4bn Swiss francs (£3.5bnn) by offloading stock as it slashes 9000 jobs and spins off its investment bank in a bid to steady the ship after heavy losses this year.
Deutsche Bank posts ninth successive quarterly profit as turnaround efforts yield gains October 26, 2022 ONE OF Europe’s biggest lender’s Deutsche Bank has notched its ninth successive quarterly profit, marking a big turnaround after years of being mired in scandal and losses. The German giant said today profits hit €1.12bn (£975m) in the three months to September, up from €194m (£167m) in the same period last year. Deutsche Bank’s profits [...]
UK banks return to amassing default reserves amid inflation and mortgage crunch October 26, 2022 Barclays said profits had jumped six per cent in the third quarter of the year as it became the latest lender to see performance buoyed by rising interest rates.
HSBC shares sink to bottom of FTSE 100 despite profits topping City forecasts October 25, 2022 HSBC’s profits slid over 40 per cent in the third quarter of the year as it was hit by rising loan losses and hefty charges relating to the sale of its French retail business.
Falling yields take edge off UK borrowing costs but City’s eyes are on Rishi Sunak October 25, 2022 The rebound seen over the course of the last couple of days appears to be being driven by a sharp fall in bond yields, at least in European markets with the sharp drop in UK gilt yields marking the unwind in premium that we saw in the aftermath of the market turmoil post the UK [...]
Credit Suisse pays £208m to settle French probe October 24, 2022 Credit Suisse has agreed to pay France €238m (£208m) to settle a tax fraud and money laundering probe brought against it by the country’s economic crime agency. The embattled financier said in a statement it had reached a settlement with France’s Parquet National Financier (PNF) financial crime unit to resolve a “legacy matter” relating to [...]