Santander reviews dividend and slashes executive pay amid coronavirus crisis March 24, 2020 Santander has postponed its interim dividend and slashed pay for senior management due to the coronavirus pandemic, with chair and chief executive of the Spanish bank donating half their pay to a medical equipment fund. The eurozone’s largest lender usually pays out an interim dividend in November, but will now consolidate the payment with the [...]
Contactless spending limit increased in response to coronavirus March 24, 2020 The spending limit for contactless card payments will be increased next month in response to the coronavirus outbreak. Shoppers will be able to spend £45 using contactless payments, up from £30, from 1 April. The measure was already being considered by the industry but its introduction has been brought forward due to the coronavirus pandemic [...]
Coronavirus: Brokerage fee automation is a must in the current downturn March 24, 2020 Investment banks are embroiled in an unforeseen cost crisis when trading over the counter (OTC) markets, driven by a surge in swaps, interest rates, oil and currency derivative volumes. This month, some of the world’s largest interdealer brokers, who negotiate OTC trades between the big banks, have seen record trading volumes as sudden changes in [...]
GBP / EUR update March 20, 2020 | City Talk As everywhere across the world, everything in the UK has been accelerating at pace and the pound has paid the price. Whilst not always at the bottom of the pile, sterling has been struggling and hit a 35-year low against the US dollar. Measures to address all aspects of the crisis were well-received by investors [...]
Deutsche Bank warns of material impact from coronavirus pandemic March 20, 2020 Deutsche Bank has warned that the economic fallout from the coronavirus pandemic may affect its ability to meet financial targets as the lender undergoes a radial overhaul following years of losses. The warning is the first time Germany’s largest bank has publicly expressed concerns over the impact of the outbreak, which has disrupted Deutsche’s operations [...]
Bank of England cancels stress tests over coronavirus March 20, 2020 The Bank of England has cancelled this year’s stress test of major banks in Britain, saying it could be hard to implement new global capital rules while lenders are focused on supporting customer lending amid the coronavirus pandemic. The central bank’s decision to scrap the test of the UK’s eight top banks comes after the [...]
Investec warns on profits as it navigates ‘challenging’ market March 20, 2020 Investec has warned of a fall in profit as it navigates “challenging market conditions”, exacerbated by the coronavirus outbreak. The specialist bank said operating profit for the year to 31 March 2020 is expected to be 7 to 14 per cent behind the previous year, while adjusted earnings per share would be down between 16 [...]
Banks hope to keep trading floors open if London faces stricter coronavirus lockdown March 19, 2020 Global banks are hoping to keep their London trading floors open amid the worsening coronavirus pandemic and are confident that traders would be designated “key workers” if the capital is placed on formal lockdown. Five major banks told City A.M. they were planning to continue operations with their traders split between core sites in the [...]
Government measures will shore up British banks’ creditworthiness, says Moody’s March 19, 2020 Measures introduced by the Bank of England and Treasury to support the UK economy as it grapples with the coronavirus pandemic will support British banks’ creditworthiness, according to ratings agency Moody’s. On Tuesday, Chancellor Rishi Sunak announced a financial support package including up to £330m of loan guarantees, equivalent to 15 per cent of GDP, [...]
Credit Suisse quarterly profit rises despite coronavirus turmoil March 19, 2020 Credit Suisse said it was on course to deliver strong results for the first quarter despite market volatility related to the coronavirus pandemic. In a trading update released this morning, the Swiss banking giant said profits for the quarter would comfortably beat the 1.06bn Swiss Francs (£940m) it reported before tax for the first quarter [...]