Making bank: HSBC profits soar past expectations but it warns of global economy risks May 3, 2019 HSBC hailed rocketing profits for its first quarter today as it also sounded a warning over risks to the global economy. Read more: Metro Bank's shares in meltdown after profits halved The figures Reported profit before tax rose 30.7 per cent to $6.2bn in the three months to the end of March, the bank revealed. [...]
UBS shareholders revolt against leadership over €4.5bn French tax fraud fine May 2, 2019 UBS shareholders have refused to approve the performance of the bank’s leadership following a €4.5bn tax evasion fine. The Swiss banking giant was issued the fine by a French court in February after being found guilty of laundering the proceeds of tax evasion. Read more: UBS fined €4.5bn in French tax fraud trial but vows [...]
Activist investor Ed Bramson suffers heavy defeat in battle for seat on Barclays board May 2, 2019 Activist investor Ed Bramson has suffered a heavy defeat in his battle to win a seat on the Barclays board. Shareholders votes came in at 87.2 per cent against his election, as the US-based investor was only able to amass 12.8 per cent of the vote. Aside from his own 5.5 per cent stake, and factoring [...]
Bank of England upgrades UK growth forecast as household spending boosts economy May 2, 2019 The Bank of England once again voted to keep interest rates on hold today, as it painted a picture of an economy propped up by household spending as Brexit uncertainty continues. Read more: City A.M.'s shadow MPC votes to hold interest rates despite recent growth Threadneedle Street also upgraded Britain's 2019 economic growth forecast to 1.5 [...]
Climate change protesters target Bank of England MPC meeting May 2, 2019 Climate activists protested outside the Bank of England this morning calling for the institution to go green, ahead of the release of its inflation report this afternoon. Demonstrators from Positive Money and Fossil Free London urged the central bank to make its quantitative easing programme environmentally friendly by stopping asset purchases in high-carbon sectors and [...]
Metro Bank shares suffer meltdown after profits halved and customers leave in aftermath of £900m loans error May 2, 2019 Metro Bank shares staggered to a record low this morning after it revealed profits halved in the aftermath of its £900m loans error. Read more: Metro Bank profits halve in aftermath of £900m loans blunder The challenger bank’s share price lost 19 per cent of its value after the market opened following last night’s revelation, [...]
When the boss jumps ship, it’s up to employees not to rock the boat May 2, 2019 When Royal Bank of Scotland announced that chief executive Ross McEwan was stepping down, it didn’t take long for the news to turn to talk of remuneration packages and successors. This response is to be expected, but it does leave an important question unanswered: how will employees at the front line of the firm be [...]
Lloyds Bank ‘prepared for further Brexit uncertainty’ as profits stay flat May 2, 2019 Lloyds Bank is prepared to weather further Brexit uncertainty, the group’s chief executive said today as the bank reported results for the first quarter. Read more: Lloyds Bank handed capital boost by regulator following risk change The figures Profit before tax was flat at £1.6bn, the bank said this morning, while underlying profit was up [...]
Metro Bank profits halve and deposits fall in aftermath of £900m loans blunder May 1, 2019 Metro Bank profits halved in the first quarter and deposits fell as it battled the aftermath of a £900m loans blunder. The lender revealed it had lost of its largest customers due to "adverse sentiment" following the error, as deposits fell 3.6 per cent from the previous quarter. The challenger bank also reaffirmed that its £350m [...]
City watchdog launches review of the financial advice market May 1, 2019 The City watchdog today launched a review of the financial advice market amid concerns investors are paying too much. The Financial Conduct Authority’s review will look at what consumers want from the market and how the market works to deliver this. The FCA will review how changes made since 2012, including the retail distribution review [...]