Credit Suisse back on track as second quarter profit soars July 31, 2019 Credit Suisse today said it is on track to meet its full-year targets after posting its strongest quarterly results in four years. The bank reported pre-tax profit of 1.3bn Swiss francs (£1.1bn) in the second quarter, up 24 per cent on the previous year. Net profit attributed to shareholders soared 45 per cent to 937m [...]
JP Morgan starts European audit review July 30, 2019 JP Morgan Chase has reportedly launched a review into its current relationship with auditors for its major European arm. The Wall Street giant has kicked off a process to look at the role currently held by PricewaterhouseCoopers (PwC) as the accountant of JPMorgan Securities. Read more: Metro Bank finance director steps down to take new [...]
Lawsuit opened over Capital One data breach which hit 100m customers July 30, 2019 A class action lawsuit has been filed in the US over a data breach at Capital One bank that saw about 100m US customers have their personal information stolen by a hacker. Read more: Equifax fined up to $700m for massive data breach Roughly 140,000 social security numbers and 80,000 linked bank details were stolen, [...]
Embattled asset manager Gam appoints Blackrock director as CEO July 30, 2019 Troubled Swiss asset management firm Gam has appointed Blackrock director Peter Sanderson as its new chief executive. Sanderson has served as head of financial services consulting for Europe, the Middle East and Africa since 2012. Read more: Activist investor pressures scandal-hit Gam over compensation Interim chief executive David Jacob, who took on the role after [...]
Metro Bank finance director steps down to take new role at Revolut July 29, 2019 Metro Bank’s finance director is leaving the embattled lender to take on a new role at fast-growing financial technology group Revolut. David Maclean is joining the digital firm after stepping down from his role at Metro Bank, which has suffered a torrid six months in the wake of a major accountancy error. Read more: What [...]
Barclays and RBS among banks hit by £1bn forex rigging lawsuit July 29, 2019 Barclays and the Royal Bank of Scotland (RBS) are among five banks targeted in a £1bn class action lawsuit over forex rigging that was filed today. The action follows a May ruling by the European Commission that Barclays, RBS, JP Morgan, Citibank and UBS had violated EU competition law. The five banks have been collectively [...]
What are the banks doing to help survivors of financial abuse? July 29, 2019 Money ultimately brings us freedom, so what if your partner were to restrict access to your income or bank account? It’s not uncommon for perpetrators of domestic abuse to manipulate their partners through money in this way – in fact, according to Women’s Aid, a third of survivors say that their access to cash during [...]
Santander hits back at Andrea Orcel over would-be CEO’s €100m lawsuit July 26, 2019 Santander has responded to a €100m (£90m) lawsuit being brought by its would-be chief executive, Andrea Orcel, after the bank withdrew its job offer in early 2019. The Spanish bank said the offer letter it sent to Orcel in September 2018 did not constitute a contract under local law. Read more: Orcel ‘offered €52m’ by [...]
TSB returns to growth after IT meltdown July 26, 2019 TSB announced it has returned to growth following a computer system meltdown that left millions of customers unable to access their accounts. The figures Statutory profit before tax in the first half of the year was £21.1m, compared to a loss of £107.4m in the first six months of 2018. Total customer deposits increased by [...]
Metro Bank share price plummets in wake of profit drop and departure of chair July 25, 2019 Metro Bank’s share price hit an all time low this morning, as investors fretted over the troubled lender’s news that profits have fallen and its founder is stepping down as chairman. Shares in the high street challenger bank plummeted 16 per cent to 400p in early morning trading. Read more: Metro Bank’s Vernon Hill is [...]