Outgoing RBS boss Ross McEwan to take top role at National Australia Bank July 19, 2019 The outgoing head of the Royal Bank of Scotland (RBS) is taking the reigns as new chief executive of the National Australia Bank (NAB). Ross McEwan, a banking veteran who is set to step down from RBS by April next year, has been poached by the NAB as it looks to recover from a financial [...]
Let’s end the government monopoly of financial regulation July 19, 2019 The growth of financial regulation seems inexorable. Andy Haldane, chief economist at the Bank of England, has noted that in 1980 there was one UK regulator for every 11,000 people employed in finance, compared to one for every 300 people by 2011. At that rate of growth, the number of regulators will overtake the number [...]
Watchdogs rebuff Bank of England’s criticism of Woodford fund scrutiny July 18, 2019 An international financial regulator has defended its current global rules for investment funds today in a pointed retaliation to recent criticism made by the Bank of England. Following the suspension of Neil Woodford’s flagship fund, the Bank of England said the International Organisation of Securities Commissions (Iosco) had not set out how such funds should [...]
Wealth management arm helps Morgan Stanley to beat profit estimates July 18, 2019 Morgan Stanley reported a dip in profits during the last three months, but followed several of its big banking peers this week by trumping Wall Street estimates. Read more: Danske Bank misses profit estimate after troubled 12 months The US multinational group posted earnings of $2.2bn (£1.76bn), or $1.23 a share, falling from $1.30 per [...]
Danske Bank misses profit estimate after troubled 12 months July 18, 2019 Danske Bank’s pre-tax profits for the second quarter of 2019 fell below expectations, as low interest rates and costs from an Estonian money laundering scandal dented its balance sheet. Read more: Danske Bank sacks former interim CEO over fees crisis The European banking giant posted pre-tax profits of 4.76bn Danish crowns (£576m) during the three [...]
FCA boss Andrew Bailey heckled by victims of financial scandals July 17, 2019 The head of Britain’s financial watchdog was heckled by aggrieved small-scale investors at a public meeting this afternoon, following a spate of corporate controversies that have cast a cloud over the body’s reputation in recent months. Andrew Bailey, the chief executive of the UK’s Financial Conduct Authority, faced a grilling from victims of several high-profile [...]
Arbuthnot profits rise as it targets growth after capital raising July 17, 2019 Arbuthnot Banking Group reported an uptick in profits during the first half of 2019, following a major capital-raising plan to achieve future growth. The historic private and commercial bank, which is listed on London’s Alternative Investment Market (Aim), reported pre-tax profits of £2.9m in the six months to 30 June, rising from £1.2m in the [...]
Wells Fargo outperforms estimates as profits climb July 16, 2019 Wall Street banking giant Wells Fargo reported a rise in quarterly profits this afternoon, comfortably beating expectations as it presses ahead with a major cost-cutting overhaul. The lender posted earnings per share of $1.30 during the second quarter of 2019, rising from $0.98 per share a year ago and beating $1.15 per share Refinitiv estimates. [...]
Goldman Sachs beats Wall Street estimates despite profit drop July 16, 2019 Goldman Sachs outperformed expectations on Wall Street this afternoon as a double-digit surge in investment and lending boosted the banking giant, despite a fall in quarterly profits. Shares in the New York-based firm edged up 1.1 per cent pre-trading after it reported earnings per share of $5.81, falling from $5.98 a year earlier but beating [...]
JP Morgan trumps expectations with 16 per cent rise in profits July 16, 2019 JP Morgan Chase beat analyst estimates this afternoon after posting a double-digit rise in profit, bolstered by a tax windfall and higher net interest income. America’s largest bank reported a 16 per cent rise in profit to $9.65bn (£7.7bn) today, or $2.82 per share, trumping Refinitiv estimates of $2.50 per share. Read more: Citigroup starts [...]