Goldman Sachs and Deutsche Bank return London staff to home working November 2, 2020 Goldman Sachs and Deutsche Bank are to return non-essential staff in their London offices to home working ahead of the introduction of a new coronavirus lockdown in England on Thursday. Several major banks had been encouraging staff to return to their London offices in recent months following the relaxation of initial lockdown measures, but news [...]
Travel may be banned once more, but the City of London continues to look outwards November 2, 2020 Overseas travel is set to be heavily curtailed once again over the coming weeks. But despite this restriction, international trade will remain a vital driver for the global economy as it emerges from the shadow of the pandemic. In particular, the green revolution and transition to digital offer huge investment opportunities worldwide as we look [...]
Sainsbury’s mulls sale of banking division October 31, 2020 The new Sainsbury’s boss is reportedly planning a sale of the supermarket’s banking arm as the impact of near-zero interest rates hit. The supermarket launched the bank in 1997 and now boasts more than 2m customers across a range of products including mortgages, home insurance and credit cards. But medium-sized banks are facing pressure as [...]
EU tells banks to comply with sustainability disclosures despite lack of guidance October 30, 2020 The EU has told banks and insurers they must comply with the bloc’s new laws on sustainability-related disclosures from March, even though detailed guidance on how the rules work in practice will not be ready in time. Last year the bloc approved a law designed to increase transparency on how financial institutions consider sustainability risks [...]
Natwest returns to profit as virus loan charges fall October 30, 2020 Natwest returned to profit during the third quarter, reporting forecast-beating earnings after setting aside a smaller-than-expected sum to deal with bad loans due to the coronavirus pandemic. Natwest posted an operating profit before tax of £355m for the three months to September on an income of £1.9bn. The figure beat the bank-compiled analyst estimates of [...]
Credit Suisse profit drops as wealth management fees tumble October 29, 2020 Credit Suisse Group said it would renew dividends and begin a share buyback programme despite posting a 38 per cent drop in net profit for the third quarter as a surge in investment banking failed to offset a slowdown in wealth management. The Swiss banking giant reported a profit of 546 million Swiss francs (£461m) [...]
Lloyds profit beats forecasts on pandemic mortgage boom October 29, 2020 Lloyds posted a forecast-beating profit for the third quarter as Britain’s biggest domestic lender cashed in booming demand for mortgages and set aside a smaller amount to cover bad loans. The bank returned to profitability in the three months to September after posting an unexpected loss in the first half. Lloyds reported a pre-tax profit [...]
StanChart considers resuming dividend after quarterly profit beats estimate October 29, 2020 Standard Chartered said it would consider resuming dividends after reporting a smaller-than-expected 40 per cent drop in third quarter profit as it lowered coronavirus loan loss expectations. The UK-based, Asia-focused lender posted an underlying pre-tax profit of $745m (£572m) for the three months to September, significantly ahead of bank-compiled analyst forecasts of $502m, Standard Chartered [...]
Deutsche Bank swings to surprise profit in third quarter October 28, 2020 Deutsche Bank reported a surprise profit for the third quarter this morning despite its ongoing restructuring and the impact of the coronavirus pandemic. The lender posted a profit of €309m as its net revenues grew 13 per cent year-on-year to €5.9bn during the quarter. It saw profit attributable to shareholders rise to €182m, compared with [...]
Goldman Sachs accused of covering up sexual misconduct allegation October 27, 2020 Goldman Sachs attempted to cover up allegations of workplace sexual misconduct by its head of litigation and fired a female lawyer for raising concerns over his behaviour, a lawsuit filed in New York claims. Marla Crawford, a former associate general counsel at the bank, alleged she was discriminated against and fired after complaining about the [...]