Bank of America profit nearly halves after it sets aside $4.8bn to cover bad loans April 15, 2020 Bank of America said today its profit for the first quarter was down 45 per cent on the same period last year as it set aside billions to cover expected loan defaults. The lender said its earnings for the three months to 31 March were $4bn (£3.2bn), compared to $7.3bn for the same period in [...]
Standard Chartered bans staff from using Zoom and Google Hangouts April 15, 2020 Standard Chartered has become the first major bank to ban staff from using Zoom during the coronavirus crisis due to cybersecurity concerns. In a note to managers, seen by Reuters, chief executive Bill Winters last week also warned against holding virtual meetings on Google Hangouts. It comes amid growing scrutiny of Zoom’s security standards as [...]
Insurer Hastings to pay dividend despite Bank of England warning April 15, 2020 Hastings said today it would go ahead with its planned dividend despite a warning from the Bank of England to the insurance industry to think carefully before paying out cash to shareholders. Car insurer Hastings said it did not offer any lines affected by coronavirus such as travel or business interruption insurance. Hastings also said [...]
Businesses still struggling to access coronavirus loan scheme, says BCC April 15, 2020 Only two per cent of businesses have successfully managed to access the government’s coronavirus business interruption loan scheme (CBILS), according to a survey published today. Nine per cent of respondents to the survey by the British Chamber of Commerce (BCC) said they were unsuccessful with slow or no response from lenders the main reason cited. [...]
Barclays halts job cuts while coronavirus crisis ongoing April 14, 2020 Barclays has halted new job cuts while the coronavirus is ongoing the bank said in a memo. Barclays said it is also supporting staff in the process of being made redundant, the memo seen by Reuters said. The lender said it would support staff by paying up to 80 per cent of an employee’s wages [...]
JP Morgan’s profit dives on coronavirus credit provisions April 14, 2020 JP Morgan said today that its profit for the first quarter was 68 per cent down on a year previously after it set aside $6.8bn (£5.4bn) in coronavirus-related credit provisions. The bank reported net earnings of $2.9bn, down from $9.2bn for the same period last year. JP Morgan said reported revenue for the quarter was [...]
Coronavirus: Banks approve 1.2m mortgage holidays amid financial strain April 14, 2020 More than 1.2m UK households have agreed mortgage holidays with their banks, figures have shown, as the coronavirus crisis causes borrowers unprecedented financial stress. Chancellor Rishi Sunak announced on 17 March that households with mortgages would be entitled to three-month payment holidays, meaning payments would be suspended. It was part of an unprecedented coronavirus response [...]
RBS pays out 70 per cent of government coronavirus loans April 12, 2020 The vast majority of the emergency coronavirus cash being doled out to small businesses has come from the Royal Bank of Scotland (RBS), the lender has revealed. Taxpayer-backed RBS has so far approved 2,500 loans — roughly 70 per cent — under the government’s coronavirus business interruption loan scheme (CBILS), the Sunday Telegraph reported. The [...]
Former business secretary Greg Clark leads calls for overhaul of coronavirus loan scheme April 9, 2020 Former business secretary Greg Clark MP today branded the government’s coronavirus loan scheme for small and medium-sized businesses a “disappointment” and called for an overhaul of the programme. “It hasn’t been taken up as widely as was touted when it was first launched. Since it was there to provide finance for businesses in substantial quantities [...]
FCA introduces credit card and loan freeze to help consumers through coronavirus April 9, 2020 The Financial Conduct Authority (FCA) announced a package of measures today to help customers with credit cards and loans during the coronavirus lockdown. The City watchdog said the measures would help provide temporary financial relief to people with commonly used consumer credit products. Firms are expected to offer customers a temporary payment freeze on loans [...]