Treasury Committee chair Morgan criticises government over economic crime reforms May 8, 2019 The chair of the Treasury Committee Nicky Morgan MP criticised the government today for failing to create a register of politically exposed persons to help fight economic crime. Morgan was commenting on the government’s response today to the Committee’s recent report on economic crime. “It is disappointing that the government has chosen not to endorse [...]
UK adults could lose out on a combined £100m a year by not investing their savings May 8, 2019 UK adults could be losing out on a combined £100m a year by not investing their savings, according to research published today. A survey of over 2,000 adults by money app Yolt found one-in-four leave their savings in their current account and 14 per cent do nothing with their savings at all. On a nationwide [...]
Lloyds Banking Group: Q1 results analysis May 7, 2019 | City Talk By Graeme Evans from interactive investor. After a stunning share price performance, do these 'hit and miss' results justify optimism? Lloyds Banking Group (LSE:LLOY) investors, in need of a silver lining after an underwhelming earnings season from UK lenders, only have to look back 24 hours earlier to the surprise gift handed to the bank [...]
Deutsche Bank scandal: Courts still chasing billions through tax scams and carbon credits May 7, 2019 Major banks enabled fraudsters to steal billions of pounds of public money through VAT scams, according to documents obtained by the Bureau of Investigative Journalism. A decade later, tax authorities are still chasing the money through the courts. Traders in London facilitated the so-called “carousel” fraud by organised crime gangs in 2009, which involved the trading [...]
Royal Bank of Scotland undone by Brexit May 6, 2019 | City Talk By Graeme Evans from interactive investor. These were a 'noisy' set of Q1 results from RBS, but probably look 'worse than the reality'. Back in the dividend-paying ranks and with shares up by as much as 25 per cent in 2019, The Royal Bank of Scotland (LSE:RBS) provided investors with a reality check as the state-backed lender [...]
Former high court judge to review Lloyds’ compensation payouts to HBOS fraud victims May 3, 2019 Lloyds Bank has launched an independent review of its HBOS victims compensation scheme. The bank has appointed former high court judge Ross Cranston to assess the outcome of the recently completed customer review, which has handed out more than £96m in compensation to victims of the HBOS Reading fraud. Read more: Former Hbos chief executive [...]
Provident moves to reassure investors as sub-prime lender fights hostile takeover bid from rival Non-Standard Finance May 3, 2019 Doorstep lender Provident Financial reported that the business’s performance has picked up as it continues to fight against a £1.3bn hostile takeover by smaller rival Non-Standard Finance (NSF). The firm reported that customer growth in its Vanquis Bank and home credit division was up 13 and 40 per cent respectively, and said historical regulatory issues [...]
Lloyds Bank: The must-know numbers ahead of Q1 results May 3, 2019 | City Talk By Alistair Strang from interactive investor. Lloyds shares remain in a static state. Our chartist runs the numbers again hoping for a catalyst. When we last reviewed Lloyds Banking Group (LSE:LLOY), we admitted considerable discomfort in projecting the share's future potentials. Instead, we opted for the coward's route, suggesting it was probably going to be [...]
Societe Generale profits fall as French bank implements restructuring plan May 3, 2019 French bank Societe Generale reported a drop in profits as it put in place a restructuring plan following a weak 2018. The figures Read more: Societe Generale to cut 1,600 jobs after investment banking review Profit fell 26 per cent to €631m and revenues dropped 1.6 per cent to €6.19bn. Net losses increased to €51m, [...]
It’s time to fix regulation and scrap socialism for the banks May 3, 2019 For too long, it has been possible for bankers to make massive profits while socialising losses through subsidies, deposit schemes, public ownership, and bailouts in times of crisis. This creates a moral hazard: bankers are encouraged by the regulatory regime to take on excessive risk, allowed to issue limited equity, and in case of a [...]