Small businesses borrow £18bn in three weeks under Bounce Back Loan Scheme May 27, 2020 Small and medium-sized businesses have borrowed more than £18bn under the government’s Bounce Back Loan Scheme (BBLS) in its first three weeks of operation. The BBLS was introduced by chancellor Rishi Sunk after criticism that the existing Coronavirus Business Interruption Loan Scheme (CBILS) was not being made accessible to many businesses by the banks administering [...]
Lloyds suspends job cuts until October amid coronavirus crisis May 22, 2020 Lloyds Banking Group said today it has suspended all job cuts until October to help employees through the coronavirus crisis. City A.M. revealed last month that staff already going through redundancy processes feared the bank would leave them jobless at the height of the pandemic. Lloyds had previously suspended all new job cuts, but those [...]
Close Brothers’ securities division helps to offset coronavirus impact May 22, 2020 A strong performance in Close Brothers Group’s securities division partially offset the impact of the coronavirus on the banking group in the third quarter. Winterflood Securities experienced a substantial increase in trading volumes since the coronavirus outbreak. The figures In Close Brothers’ banking division, the loan book reduced slightly in the third quarter. It decreased [...]
Lloyds hit by investor backlash over executive pay package May 21, 2020 Lloyds was left reeling from a shareholder revolt today after more than a third of investors voted against the bank’s pay policy for top executives. The investor backlash came after influential proxy adviser group ISS recommended voting against the changes to the policy amid concerns it will all but guarantee long-term bonuses. While the rebellion [...]
City calls for financial services not to be overlooked in Brexit trade deal May 21, 2020 City figures have this week called for the UK and EU not to overlook financial services in the final Brexit trade agreement. The UK published its draft Brexit trade agreement this week which called for the UK and EU for treatment “no less favourable than that it accords to its own like financial services and [...]
More than three quarters of RBS staff set to work from home until at least September May 21, 2020 More than 50,000 of RBS’ staff will continue to work from home until at least the end of September. The decision to keep more than three quarters of the bank’s workforce at home for the next four months was revealed in an internal memo, first reported by the Guardian. It will then be reviewed again [...]
Lloyds boss says bank can absorb coronavirus loan defaults May 21, 2020 The chief executive of Lloyds Banking Group today said the bank would be able to soak up a jump in loan defaults triggered by the coronavirus pandemic. Antonio Horta-Osorio told the bank’s annual meeting today that supporting customers hit hard by the pandemic was the “right thing to do”, but would have a financial impact [...]
Investec takes £105m hit to profit as coronavirus affects trading income May 21, 2020 Investec has said the impact of the coronavirus pandemic on its operating profit of the year was £105m, as trading income fell 7.5 per cent. The figures Investec’s adjusted operating profit for the full year was 16.8 per cent behind the prior year, at £608.9m. Adjusted operating profit from continuing operations of £419.2m was 24.1 [...]
Government seizes £150m from dormant bank accounts for Covid-19 response May 20, 2020 The government is raiding dormant bank and building society accounts across the UK to help fund its response to the coronavirus crisis. Roughly £150m will be seized to help charities, social enterprises and vulnerable individuals during the pandemic, culture secretary Oliver Dowden said today. This includes £71m that will be sourced through the government’s dormant [...]
BoE’s Andrew Bailey: It would be ‘foolish’ to rule out negative interest rates May 20, 2020 Bank of England governor Andrew Bailey has said it would be “foolish” to rule out negative interest rates but said the BoE is “not ruling it in” either. The governor has previously argued against negative rates but admitted today: “I have changed my position a bit.” Chatter about negative interest rates has increased in recent [...]