Lloyds Banking Group profit slumps 97 per cent after £1.8bn PPI hit October 31, 2019 Lloyds Banking Group narrowly avoided tipping into the red this morning after taking a major third-quarter dent from the mis-selling of payment protection insurance (PPI). The lender’s pre-tax profits were reduced to £50m, falling 97 per cent from the same period last year after setting aside £1.8bn for PPI provisions. Read more: UK banking sector [...]
Keith Morgan to stand down as head of British Business Bank October 31, 2019 Keith Morgan, head of the state-owned British Business Bank (BBB) will stand down at the end of next year after eight years at the helm. Morgan, who has been chief executive of the UK’s development bank since its formation in 2013, will stand down at the end of 2020 to ensure an orderly transition to [...]
Citi chief political analyst Tina Fordham moves to new boutique law firm Avonhurst October 31, 2019 Investment bank Citi’s chief global political analyst Tina Fordham is moving to new boutique law firm Avonhurst as a partner and head of global political strategy, the firm announced today. The hire is an unusual one as law firms have not traditionally advised their clients on political risk. Speaking to City A.M. Fordham said: “It [...]
US Federal Reserve lowers rates again but signals it is done cutting October 30, 2019 The US Federal Reserve took the axe to interest rates for the third time in a row today, just hours after data showed the US economy slowed in the third quarter. Read more: US economic growth beats expectations with Fed poised to cut rates Fed president Jay Powell struck a more cautious tone than at [...]
Daiwa Capital Markets faces $150m bill after Supreme Court appeal loss October 30, 2019 Daiwa Capital Markets Europe faces a $150m (£116m) bill after losing an appeal to the UK Supreme Court today. The court ruled in favour of Singularis Holdings – now in liquidation – in a claim for negligence against the English subsidiary of the Japanese bank. The case relates to a payment Daiwa made at the [...]
Credit Suisse profit doubles amid rise in wealth management business October 30, 2019 Profits at Credit Suisse more than doubled during the last three months following a robust performance in its flagship wealth management arm. The Swiss lender reported net profits of SFr751m for the third quarter, jumping 108 per cent when compared with the same period in the previous year. Read more: Deutsche Bank posts losses amid [...]
Deutsche Bank losses hit €832m amid restructuring and revenue slump October 30, 2019 Deutsche Bank posted deepening losses during the last three months as the troubled German lender pressed ahead with a costly turnaround plan. A double-digit drop in revenues and costs from the firm’s major restructuring pushed losses down to €832m (£718m) over the quarter, compared with profit of €229m in the same period last year. Read [...]
Standard Chartered trumps expectations as profit jumps to $1.2bn October 30, 2019 Standard Chartered shrugged off troubles in its embattled Hong Kong market this morning after trumping estimates with a double-digit rise in profit. Adjusted pre-tax profits climbed 16 per cent year-on-year to $1.2bn (£900m) during the last quarter, surging 17 per cent ahead of the City’s consensus forecasts. A sharp rise in business from corporate clients [...]
UK charges drag down profit at Santander October 30, 2019 Santander’s net profit slumped during the third-quarter as one-off charges in the UK blighted Europe’s biggest lender. The Spanish bank reported attributable profit of €501m (£432m) in the last three months, diving 75 per cent when compared to the same quarter a year ago. Read more: UK banking sector coughs up £40bn in tax Brexit [...]
UK banking sector coughs up £40bn as tax burden mounts October 30, 2019 Banks in the UK stumped up almost £40bn for the Treasury coffers in the last year as the tax burden facing lenders mounted. Taxes borne by the banking sector have soared by 50 per cent over the past five years, according to a report out today from trade body UK Finance and accountancy giant PwC. [...]