And they’re off: Royal Ascot racegoers put on a patriotic show as iconic horse racing meet gets underway
Digital bank Oaknorth hires ex-Bank of England director October 16, 2018 Challenger bank Oaknorth has hired former Bank of England director Martin Stewart to join its advisory board. Working with the fintech as an independent adviser, Stewart was previously the director of banks, building societies and credit unions at the Bank of England. Oaknorth said it hopes that by bringing Stewart on board, it can better serve [...]
Schroders grows institutional assets, as retail struggles to keep up October 15, 2018 Schroders yesterday posted a 0.7 per cent increase in assets under management since the beginning of the year. The growth was fuelled by a 1.7 per cent increase in institutional assets, as total assets under management rose to £449bn. Read more: Lloyds to put £13bn wealth unit into joint venture with Schroders The rise in [...]
European banks add weight to demands for EU to act on no-deal Brexit financial stability risks October 15, 2018 The lobby group representing investment banks in Europe has added its voice to the growing calls for EU authorities to act now to stop financial market chaos in the event of a no-deal Brexit. The Association for Financial Markets in Europe (Afme) said it is “vital” that the European Commission give assurances that clearing houses, [...]
Card clash: Mastercard UK’s Mark Barnett on the battle for payments market share October 15, 2018 The likelihood is that, reading this, you have a Visa debit card somewhere on your person. Only two per cent of Britons currently have a Mastercard debit card, but that will change shortly after a string of wins for the US giant which will see its market share increase by 10 times. TSB and Santander [...]
Bank of America posts record quarterly pre-tax income in spite of investment bank weakness October 15, 2018 Bank of America today beat analyst expectations with record quarterly pre-tax profits and higher revenues for the third-quarter, although analysts were less impressed by the lender’s loan growth amid nerves from the recent market sell-off. Pre-tax income rose by 18 per cent to $9bn in the three months to the end of September, while revenues [...]
Bank of England: Insurers and banks must manage the financial risks of climate change October 15, 2018 The Bank of England has urged banks and insurers to improve its mitigation of the financial risks of climate change. Financial institutions will also be asked to disclose how it will manage those risks as well as explore potential scenarios for the future in new measures put forward today. The BoE’s Prudential Regulation Authority (PRA) [...]
UK Finance makes £15m loss following merger of six trade groups October 14, 2018 UK Finance made a £15m loss following a merger of six financial services trade groups, its accounts revealed. The trade association, which represents nearly 300 firms in the banking and financial services sector, received a membership income of £13.7m – and total income of £17.2m – but suffered the loss due to the costs of the [...]
RBS shares jump as it prepares to pay shareholders its first dividend since the financial crisis October 12, 2018 Royal Bank of Scotland (RBS) is set to pay its first dividend since the financial crisis, it said today. The dividend of 2p per share will be its first since 2008, when it nearly went bankrupt, forcing the government to buy up its stock. Read more: RBS introduces 1.5 per cent savings rate days after [...]
Blackrock wins £30bn investment contract from Scottish Widows as owner Lloyds walks away from Standard Life Aberdeen October 12, 2018 Blackrock today won a £30bn investment contract in Lloyds Banking Group-owned Scottish Widows. The asset manager will invest the pension company’s funds in index strategies while also seeking to establish a strategic partnership to collaborate in risk management, alternative asset classes and innovative investment technology, Lloyds said. The money forms part of a £110bn pot [...]
HSBC hiring senior former JP Morgan banker to co-head its global investment bank October 11, 2018 HSBC is set to announce the hire of a senior former JP Morgan banker to co-head its global investment bank. It is understood that the hire of Greg Guyett, who held senior roles at JP Morgan in the UK, US and Asia, will be announced in the next few days. Guyett’s hire, first reported by [...]