In the money: Moneysupermarket.com revenue swells amid travel return October 18, 2022 Price comparison platform Moneysupermarket.com has continued to see buoyant revenue after the return of summer holidays and business travel. In quarterly results on Tuesday, Moneysupermarket said recent performance had exceeded expectations and its full-year EBITDA would sit “towards the upper end of market expectations”. The London-listed company celebrated revenue of £101.9m, up one third, for [...]
Uncertainty over timing of UK announcement of Big Bang 2.0 financial services reforms October 17, 2022 There is now uncertainty over when the UK will unveil its post-Brexit changes to EU financial services regulations amid the current government turmoil. The Treasury said last month that former chancellor Kwasi Kwarteng would announce the long-awaited reforms, which will include changing the EU’s Solvency II directive on insurance firms, in October. This target may [...]
JP Morgan tops quarter estimates whilst Morgan Stanley misses the mark October 14, 2022 JP Morgan reported a less-than-feared 17 per cent fall in third-quarter profit this afternoon, while Morgan Stanley posts a revenue plunge. JP Morgan’s adjusted profit was $3.36 per share, above analysts’ average estimate of $2.88, according to Refinitiv data. JP Morgan chief Jamie Dimon said that consumers in the US were continuing to spend despite [...]
City bonuses rise at more than twice the rate of wages since 2008, study says October 14, 2022 The City has proved its resilience to challenging economic headwinds, with bonuses increasing at more than twice the speed of wages since the financial crash. The rapid growth in bonuses reflects the continued activity in the Square Mile and the lack of real-terms growth in people’s salaries. While most workers’ salaries had effectively plateaued, TUC [...]
Kids’ finance app GoHenry bags £50m cash injection October 13, 2022 Kids’ finance app GoHenry revealed it had bagged $55m in fresh funding today as it looks to fuel its expansion across Europe.
London’s FTSE 100 weighed down UK banks tumbling October 12, 2022 London’s FTSE 100 was marred by the UK’s largest listed lenders falling sharply today on fears over borrowers struggling to pay home loans. The capital’s premier index fell 0.86 per cent to 6,826.15 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dropped 1.73 per [...]
Another Andrew Bailey misstep was the last thing markets needed October 12, 2022 Andrew Bailey’s tenure as Bank of England governor has not been a happy one. Marked first by the pandemic, it has been defined by rising prices, an economic slowdown and now a crisis of sorts in financial markets. Amidst all of this, the one thing the City would look for would be reliable and consistent [...]
City deal sealed as LHV snaps up Bank North’s SME lending business October 12, 2022 LHV UK has told City A.M. that the company has reached a deal to snap up Bank North’s Small Medium Enterprise lending business. “This transaction enables us to accelerate our strategy to expand to servicing SMEs,” the firm said. LHV UK made an offer to acquire the entire SME lending business of lender Bank North. [...]
Fintechs are failing on financial inclusion, says commission chair October 12, 2022 Fintech firms are not widening the net to struggling consumers as they battle a cost of living crisis this year, the chair of the Financial Inclusion Commission has warned.
Bailey: No extension to emergency bond-buying programme October 11, 2022 Bailey tells pension funds the Bank is "out" of the bond-buying market