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. [...]
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 [...]