SocGen profit slumps amid major restructuring November 6, 2019 Societe Generale has posted a steep drop in profit for the third quarter of this year, missing analyst expectations amid a major restructuring effort. The bank reported net profit of €854m (£734m) for the three month period, dropping almost 35 per cent when compared to the same quarter last year. Analysts expected a net income [...]
Santander takes majority stake in Ebury for £350m November 4, 2019 Santander has snapped up a majority stake in UK-based fintech firm Ebury for £350m. The Spanish bank’s acquisition of a 50.1 per cent holding in the firm comes as part of a wider effort to target more growth from SMEs. Read more: Debate – will Uber’s move into banking succeed or fail? Ebury, which operates [...]
DEBATE: Will Uber’s move into banking succeed or fail? November 4, 2019 Can Uber graduate from taxi rank to taxi bank after announcing its move into financial services? YES, says Andrew Mitchell, vice president at JCB. Uber’s drivers are its bedrock. And growing driver service and revenue options without earth-shattering outlays is shrewd indeed. As such, Uber Money is a logical step to maximise its digital-lifestyle standing [...]
Labour mulls climate change finance crackdown as election looms November 3, 2019 The Labour party is considering measures to crack down on firms which invest in fossil fuels which include making the Bank of England (BoE) change its policy operations to avoid carbon bias. In an announcement which has raised concerns about “skewing” the BoE’s focus, Labour said it was also considering forcing banks to publish the [...]
ECB warned over bond-buying’s effect on stock markets November 3, 2019 The European Central Bank’s (ECB) money-printing programme risks causing significant damage to stock markets, Wall Street analysts have warned new president Christine Lagarde. Read more: Mario Draghi defends his record at final ECB meeting The message of caution came as the ECB restarted its “quantitative easing” (QE) programme on 1 November, through which it digitally [...]
Three problems at the top of new RBS boss Alison Rose’s to-do list November 1, 2019 Alison Rose begins life as the new boss of RBS today with her work cut out for her. In a letter to staff this morning, the RBS lifer set out her commitments, which included “a clear focus on shared success” and “investment in people”. But as the firm’s recent quarterly financial results demonstrated, there is [...]
Sajid Javid delays appointment of new Bank of England governor November 1, 2019 The eagerly-anticipated appointment of the new Bank of England governor has been pushed back until after the general election. Chancellor Sajid Javid has delayed the announcement of a successor to Mark Carney, who is leaving the role on Threadneedle Street at the end of January next year. Read more: BBC data breach reveals names of [...]
MPs demand banks do more to tackle economic crime November 1, 2019 MPs have said that regulators should consider slapping sanctions on financial firms which have not introduced certain anti-fraud measures by March next year. Banks have been told by the Treasury committee to do more to protect and reimburse consumers exposed to economic crime. Read more: Lloyds Banking Group profit slumps after £1.8bn PPI hit Watchdogs [...]
Judgment imminent in Lloyds’ shareholders £600m financial crisis-era group action October 31, 2019 The long-awaited judgment in a financial crisis-era shareholder action against Lloyds Banking Group and five former directors of Lloyds TSB is expected imminently, according to people close to the case. The £600m claim focused on Lloyds TSB’s acquisition of HBOS in autumn 2008 at the height of the financial crisis. The claimant group of 300 [...]
Friends again: The Co-op Bank and Capita have renewed a £141m contract after falling out in 2016 October 31, 2019 Capita has been tasked with running the Co-operative Bank’s mortgage servicing operations for the next six years, in a contract win which indicates the once-strained relationship between the two is back on course. The £141m deal comes after a public spat in September 2016, in which the Co-op Bank claimed the London-listed firm had failed [...]