Citigroup profits smash estimates as bank unlocks loan loss reserves July 14, 2021 US bank Citigroup smashed analysts’ estimates for second-quarter profits as the sharp American economic rebound allowed the bank to unlock a deluge of loan loss reserves. Net income surged to $6.19bn in the second quarter of this year, up sharply from $1.06bn in the same period last year. The banking giant’s profits were lifted by [...]
Bank of America revenue slides as rock-bottom rates squeeze income July 14, 2021 Revenues at Bank of America slid four per cent in the second quarter of this year, driven by rock bottom interest rates to ease the economic fallout from Covid eating in the banking giant’s net interest income. Overall revenue, net of interest expense, fell to $21.5bn, much lower than analysts’ estimates of $21.8bn. Read more: [...]
World’s first Islamic international digital bank to launch in UK July 14, 2021 The world’s first Islamic international digital bank will be launched in the UK, Boubyan Bank Group announced today. Nomo, part of the Boubyan Bank Group, will offer bank accounts and financial management services for clients in Kuwait and the Middle East region. Read more: Watchdog warns Monzo and NatWest over banking transaction history breaches Nomo [...]
JP Morgan to lift pandemic office capacity caps in London July 14, 2021 JP Morgan will soon lift its 50 per cent capacity cap for its Canary Wharf office as pandemic restrictions are lifted next week. Employees will still be required to wear masks in common areas and complete health checks, as reported by Financial News. The US investment bank’s return-to-office task force said in an internal memo: [...]
UK listed companies set for rebound after brutal pandemic hit July 14, 2021 UK listed companies saw a record decline over the course of the Covid-19 pandemic, but recovery is already underway and predicted to rapidly pick up. Investment manager J O Hambro Capital Management today said the pandemic was deeper and more widespread than any other downturn in recent history. The impact of the coronavirus pandemic was [...]
UK lenders urged to maintain support for businesses and households July 13, 2021 The watchdog of Britain’s financial system urged the UK’s largest lenders to maintain support for businesses and households today. The Financial Policy Committee said in a report published on Tuesday that it “continues to judge that it is in the collective interest of banks to support viable, productive businesses, rather than to seek to defend [...]
Brexit: EU unlikely to throw doors open to UK financial services, says Bailey July 13, 2021 Andrew Bailey, Governor of the Bank of England, said on Tuesday he does not expect the EU to open the doors to UK financial services exports following Brexit. “On equivalence, I think it’s fair to say that nothing really has moved forwards” Bailey told a news conference today. Brussels has yet to decide whether rules governing the [...]
Cloud computing providers pose risk to financial stability – BoE July 13, 2021 Cloud computing providers could become a threat to financial stability and regulators need to crackdown on them to strengthen banks’ resiliency, the Bank of England warned on Tuesday. The Bank said some cloud computing providers can be secretive and could disrupt the normal functioning of the UK financial system. Read more: British SMEs exposed to [...]
Exclusive: Financial services deal making climbing back up after subdued 2020 July 13, 2021 Deals in the UK financial services sector more than doubled in the first half of 2021, compared to the first six months of last year. Professional services giant Ernst & Young told City A.M. today that the UK financial services industry saw 121 deals in the first half of this year compared with 57 during [...]
Rampant dealmaking pushes Goldman Sachs’ earnings ahead of estimates July 13, 2021 US investment banking giant Goldman Sachs posted a strong set of results on Tuesday which surged ahead of analysts’ forecasts for second-quarter earnings. The rise in profits at the Wall Street giant was driven by the firm capitalising on a record-breaking dealmaking period as companies took on cheap debt and deployed dry powder to snap [...]