R3 boss: Coronavirus is exposing cracks in banking tech April 28, 2020 As banking sectors across the globe grapple with the fallout from the coronavirus pandemic, a Wall Street veteran suggests the crisis may expose the need for new technology. David Rutter, who had a decade-long stint at interdealer Icap and now heads up financial tech firm R3, believes issues like the lending of coronavirus loans have [...]
HSBC CEO: Applications for coronavirus loans ‘now easier’ to process April 28, 2020 HSBC’s CEO today blamed the sheer demand for coronavirus loans for banks’ apparent slowness to lend out cash to struggling small businesses. Noel Quinn said banks have seen a “significant volume” of applications for the Coronavirus Business Interruption Loan Scheme (CBILS) so far. And he rejected the notion that a full government guarantee of such [...]
Lenders grant 1.6m mortgage payment holidays to homeowners April 28, 2020 Lenders have granted 1.6m mortgage payment holidays to homeowners facing financial difficulties due to the coronavirus outbreak. Chancellor Rishi Sunak announced in March that households with mortgages would be entitled to three-month payment holidays. Over a third of payment holidays approved so far were done in the first week of the UK’s lockdown. One in [...]
TheCityUK boss: Banks not ‘shirking’ CBILS duty April 28, 2020 One of the City’s most senior figures has insisted banks are not “shirking their responsibilities” as the government unveiled further modifications to the controversial Coronavirus Business Interruption Loan Scheme (CBILS). Miles Celic, chief executive of industry group TheCityUK, said that banks were doing “their level best” to address demand for loans in what he called “an [...]
HSBC first quarter profit halves on coronavirus pandemic April 28, 2020 HSBC saw coronavirus rip its first quarter profit in half today as it counted a huge $2.4bn jump in credit losses as a result of the pandemic. The bank’s share price declined 1.7 per cent to 409.3p in early trading as it revealed profit before tax sank 48 per cent year on year to $3.21bn. [...]
UBS profit jumps 40 per cent despite coronavirus disruption April 28, 2020 UBS reported a sharp rise in first-quarter net profit, helped by higher trading volumes as clients reacted to market volatility. Net profit rose 40 per cent year on year to £1.6bn. UBS had said earlier this month it expected a net profit for the period around $1.5bn. Market volatility helped UBS’s investment bank post a [...]
Santander first quarter profit plunges 82 per cent on coronavirus April 28, 2020 Spain’s Santander bank posted an 82 per cent year-on-year slump in quarterly net profit todayas it booked higher provisions for expected credit losses from the coronavirus outbreak. The Eurozone’s second-largest bank by market value reported a profit of €331m (£288.5m) for the first quarter ended in March. Overall loan-loss provisions rose 80 per cent after [...]
UK banks ease coronavirus business loan requirements April 27, 2020 The UK’s biggest banks have said they will ease their lending conditions to make it easier for small businesses to access cash through the coronavirus business loan schemes, after chancellor Rishi Sunak offered 100 per cent guarantees to the smallest businesses. The coronavirus business interruption loan scheme (CBILS) has been criticised by many firms who [...]
Lloyds gives staff at risk stay of execution during coronavirus pandemic lockdown April 27, 2020 Lloyds Banking Group has given staff in redundancy an extra month of breathing space during the coronavirus lockdown. The bank said last month it would pause plans to cut 780 jobs during the crisis. However, those already going through the redundancy process faced an unknown fate, with one source telling City A.M. they feared Lloyds [...]
Private equity groups: EU state aid rules could block coronavirus loans April 27, 2020 Private equity firms are increasingly concerned that viable but highly-indebted or loss-making British firms, potentially including high-street names, will be ruled out of coronavirus business loan schemes due to European Union state aid rules. European lobbying groups representing the industry are set to write to the EU this week to try to ensure such firms [...]