Virgin Money UK reports profit boost thanks to rising interest rates and unsecured lending May 5, 2022 Virgin Money UK posted a boom compared to 2021 figures, with underlying profit increasing 58 per cent to £388m, reflecting stronger income.
UK banks ‘ahead of the pack’ in climate risk exposure disclosures May 5, 2022 UK banks are the most transparent in the world at disclosing their exposure to climate change risks, reveals a fresh report released today. The creation of an accounting framework that incentivises British lenders to update markets on their green credentials has led to them being “ahead of the pack,” according to consultancy KPMG. The Prudential [...]
Inside Barclays chaotic shareholder meeting: AGM halted as security chase and drag out dozens of climate activists May 4, 2022 Barclays’ annual shareholder meeting was disrupted by a small army of climate change protesters who had to be forcibly removed by security. The banking giant’s AGM in Manchester got off to a chaotic start after a series of disruptions from green activists in the audience. Chairman Nigel Higgins was forced to pause the meeting while [...]
Exclusive: Financial services in ‘digital arms race’, with 71 per cent making new products due to customer suggestions May 4, 2022 More than 70 per cent of finance leaders say firms are creating new products due to customers’ changing demands as part of a “digital arms race”. Banks and financial services are adapting to a new demographic according to results of a new survey commissioned by Yobota, of 251 top decision makers, exclusively shared with City [...]
HSBC launches $1bn share buyback as break-up rumours swirl May 4, 2022 HSBC has launched a $1bn (£801m) share buyback programme today, as rumours of a break-up proposal swirl. The lender will buy shares for some $0.50 each, in a bid to shrink its outstanding ordinary shares, it said in a regulatory filing this morning. The agreement, where US bank Merrill Lynch will act as principal, will [...]
Investors’ warm response to break up rumours boosts HSBC shares May 3, 2022 Shares in Britain’s biggest bank climbed today in a sign investors backed a proposal by its largest shareholder to carve out its profit-machine Asia business. FTSE 100-listed HSBC’s shares gained 1.61 per cent today on the first day of trading in London since calls to break-up the lender strengthened. Ping An, a Chinese insurance giant [...]
Credit Suisse sued over links with Russian oligarchs May 3, 2022 New York law firm Pomerantz has filed a class action lawsuit against Credit Suisse, over claims the Swiss bank misled investors as to its dealings with Russian oligarchs. The lawsuit comes after shares in Credit Suisse dropped 2.58 per cent on 28 March, in response to reports claiming the investment bank has carried out extensive [...]
Millions of pensioners set to lose out as rampant inflation eats into capped pension schemes May 3, 2022 Millions of pensioners on “final-salary” pension schemes are set to lose out on thousands of pounds each, due to rampant inflation outstripping the cap on increases. Inflation is set to cost pensioners an average of £400 this year and £7,000 over their lifetimes, as soaring price rises eat into people pension pots. Almost all “defined [...]
Heyday: Goldman Sachs traders reap rewards of volatile global markets May 3, 2022 Turbulent markets have forged a heyday for Goldman Sachs, after the Wall Street trader generated revenue of more than $100m on 32 separate days in the first quarter of this year. Net revenues topped $50m on 45 days out of a total of 62 in the three months to March, within the US investment bank’s [...]
Jefferies offers stipends to allow staff to adopt or go through surrogacy May 3, 2022 Investment bank Jefferies has upped the stakes in the war for talent by offering a stipend of around £20,000 to staff looking to adopt or to go through the surrogacy process. The firm said in an internal memo that it was “enhancing our wellness benefits” with the stipends, which would be available to all staff. [...]