Consumers choose challenger banks due to poor service on high street October 29, 2019 Poor customer service at high street banks is causing consumers to turn to challengers such as Monzo in droves, a new report has found. Read more: Monzo smashes past £2bn valuation in fresh funding round Customers are particularly peeved about the difficulty of mortgage applications and the resolution of problems, according to the report from [...]
Men dominate investment banking deals, research finds October 28, 2019 A new ranking of Europe’s top investment bankers reveals that no women were included in the top 10 by number of deals over £100m. According to the research by data platform Mergerlinks , the top deal doer in Europe in the year ended the first half of 2019 was Rothschild & Co banker Dominic Hollamby [...]
HSBC profit sinks as bank says performance is ‘not acceptable’ October 28, 2019 HSBC has called parts of its performance “not acceptable” as it revealed an 18 per cent drop in third quarter profit today, fuelled by weak results in its European and US divisions. The figures Profit before tax dropped 18 per cent to $4.8bn (£3.8bn) in the three months to the end of September to fall [...]
MPs slam bank IT failures and float higher levies on sector October 28, 2019 MPs have harshly criticised IT failures among some of the UK’s biggest banks as “unacceptable” and recommended that regulators take action to make lenders improve their systems. Read more: TSB returns to growth after IT meltdown A detailed report from parliament’s Treasury Select Committee (TSC) said bigger levies on the financial sector could be used [...]
Quickquid owner to take £58m hit on exiting the UK October 25, 2019 The owner of the UK’s largest payday loan company Quickquid said it will take a £58m hit on closing down the firm and pulling out of the UK market. US-based Enova said in its results last night that it was exiting the UK “due to regulatory uncertainty”. The company said it was recording an after [...]
Four things we learned from Barclays results October 25, 2019 Barclays delivered a mixed set of results for the third quarter today, with strong performance in its controversial investment bank outweighed by a massive £1.4bn PPI claims hit. These are the top four takeaways from Barclays results today. Barclays was not expecting PPI ‘avalanche’ Barclays otherwise strong third quarter results were torpedoed by a whopping [...]
Investment banking boost helps Barclays despite £1.4bn PPI charge October 25, 2019 Barclays has confirmed a £1.4bn hit to its balance sheet following a rush of payment protection insurance (PPI) claims. The British bank also warned that a gloomy global economic outlook could make it harder to hit profit targets despite posting a double-digit rise in pre-tax profit for its third quarter today. Read more: Amazon shares [...]
Barclays backs down over Post Office cash ban after backlash from MPs October 24, 2019 Barclays has rowed back on controversial plans to stop cash withdrawals from post offices, after it came under fire from an influential committee of MPs. Politicians were set to urge Barclays to reverse its decision in a session of the Business, Energy and Industrial Strategy (Beis) Committee tomorrow, threatening to grill the lender’s bosses in [...]
‘Super’ Mario Draghi’s ECB odyssey comes to an end October 24, 2019 European Central Bank (ECB) president Mario Draghi will today chair the final rate-setting meeting of his eight-year tenure. If not quite a poisoned chalice, his successor Christine Lagarde is certainly being left with an unappetising cocktail. Read more: Mario Draghi’s ECB reign ends with Eurozone ‘close to stagnation’ Growth in the bloc is slowing towards [...]
Metro Bank to be loss-making ‘in 2020 and beyond’, Barclays warns October 24, 2019 City experts have warned of further pain to come at Metro Bank after the troubled lender revealed widening losses last night. Metro Bank reported underlying losses before tax of £3.6m for the first nine months of the year after the bell closed yesterday, falling from £25.1m last year as a result of a major accountancy [...]