UBS profits slump as trade war tensions and low interest rates bite October 22, 2019 UBS suffered a double-digit drop in profit over the last three months, as the banking giant echoed many of its rivals by flagging concerns over the future of the global economy. The Swiss lender reported that adjusted pre-tax profits for the third quarter slumped 16 per cent when compared with the same three-month period in [...]
Bottom third of banks facing ‘do or die’ moment, report warns October 22, 2019 More than a third of banks across the world must merge with rivals or radically restructure in order to survive any future downturn, according to a new report out this morning. Flattening yield curves, weakening consumer confidence and slowing growth in volumes and top-line revenues all pose a “do or die” moment for a large [...]
‘Legitimacy crisis’: Bank of England needs new policies and more transparency, says report October 22, 2019 The Bank of England needs major reform to maintain the public’s trust, including the creation of a credit policy and a new approach to choosing the next governor, research and campaign group Positive Money has said. Read more: Bank of England’s Mark Carney defends move not to publish governor shortlist However, some economists have pushed [...]
Standard Chartered boss ‘to take pay cut’ after investor revolt October 21, 2019 The boss of Standard Chartered is reportedly planning to take a pay cut in an effort to pull the curtain down on one of the firm’s largest corporate fallouts in recent years. Chief executive Bill Winters is preparing to accept a voluntary cut in pay following a shareholder rebellion over the bank’s remuneration policy, according [...]
One in four UK households now predict the Bank of England to cut interest rates October 21, 2019 The number of households expecting the Bank of England (BoE) to cut interest rates has risen to its highest level since the Brexit referendum, survey data showed today, as Britons remain downbeat about their financial health over the coming months. Read more: Bank of England deputy suggests Brexit deal could see rates rise Households are [...]
Wirecard hires KPMG to inspect accounting, days after dismissing calls for independent audit October 21, 2019 German payments giant Wirecard has hired KPMG to conduct an independent audit, in a bid to address claims its finance team had tried to inflate its reported sales and profits. The announcement was enough to push shares up 6.7 per cent this morning. It comes days after chairman Wulf Matthias dismissed calls for such an [...]
Serious Fraud Office shut down Libor rigging investigation October 19, 2019 The Serious Fraud Office (SFO) has shut down an investigation into the rigging of Libor. Libor is the benchmark interest rate that tracks the cost of borrowing cash. The decision comes despite evidence implicating the Bank of England, the BBC reports. Read more: Regulators say firms must not wait to move away from Libor The [...]
Natwest raises available loans for small businesses by over £2bn for Brexit support October 17, 2019 NatWest has added £2.2bn to a Brexit loan pot aimed at supporting small businesses amid Britain’s imminent departure of the EU. The high street lender is upping the size of its Growth Funding programme to £8.2bn after identifying thousands of smaller firms facing potential disruption with Brexit. Read more: Bank of America trumps estimates Natwest, [...]
Bank of America trumps estimates despite drop in profits October 16, 2019 Bank of America’s profits slumped almost 20 per cent in the third quarter of this year, but its shares rose on a better-than-expected performance. The lending giant’s share price climbed almost two per cent in premarket trading after three of the firm’s four main divisions posted a rise in revenue. Read more: Banks struggle with [...]
Afreximbank IPO: African bank confirms plans to list in London October 16, 2019 An African trade finance group has confirmed its plans to plough ahead with a listing in London, giving a boost to the capital’s ailing initial public offering (IPO) market. The African Export-Import Bank, which provides trade finance for large infrastructure projects across the continent, is hoping to raise $250m (£196m) in its float on the [...]