Digital challenger bank Monzo’s just raised millions more and plans fresh crowdfunding February 23, 2017 Digital challenger bank Monzo has landed a new multimillion pound round of funding from fresh investors valuing it at £65m. The startup, which is seeking to disrupt traditional banking with online-only services, will combine the investment with a fresh round of crowdfunding following huge demand from private investors last year, totaling £22m. The round was [...]
As Lloyds posts its highest profit in a decade, have British banks got over the financial crisis? February 23, 2017 Fahad Kamal, senior market strategist at Kleinwort Hambros, says Yes. In the latest stress tests conducted by the European Banking Authority, only two of the 51 banks tested – neither British – would fall below the minimum capital level required in an “adverse” scenario. Admittedly, some UK banks still have a hangover from the pre-crisis [...]
Leeds Building Society’s profits headed north for the fourth year in a row, but boss warns low interest rates and Brexit could make the road ahead tough February 22, 2017 Leeds Building Society announced today its annual profits before tax had risen for the fourth year in a row, but the lender's boss warned super low interest rates could lead to tough times ahead. The figures The building society revealed profits before tax of £116.6m, up 7.5 per cent compared with £108.5m the year before. However, [...]
Metro Bank boss: We could have made a profit sooner but I wanted to build a bank my kids would be proud of February 22, 2017 Metro Bank announced its full-year results this morning, revealing it had grown closer to getting out of the red but was still yet to turn an annual profit. The challenger bank revealed this morning underlying losses before tax had improved 75 per cent for the year to £11.7m, up from £46.6m, and statutory losses before tax [...]
Tom Hayes, the first person to be found guilty of Libor-rigging offences in the UK, is suing the City watchdog over his industry ban February 22, 2017 Tom Hayes, the first person to be found guilty of Libor rigging in the UK, is suing the City watchdog to overturn a ban on him working in the industry. The former UBS and Citigroup trader was jailed for 14 years in August 2015, but his sentence was reduced to 11 years by the Court [...]
Wrenching euro clearing out of London after Brexit will harm financial stability, warns the Bank of England’s deputy governor February 22, 2017 Dragging euro clearing out of London after Brexit could pose a risk to global financial stability and push up transaction costs, according to a deputy governor of the Bank of England (BoE). Sir Jon Cunliffe, who supervises financial stability for the Bank, hit out at “currency nationalism” as policymakers wrangle over the fate of euro [...]
Lloyds Bank bumps up its bonus pool on healthy pre-tax profits February 22, 2017 Lloyds Banking Group has boosted its bonus pool, after reporting its statutory pre-tax profits had more than doubled for 2016. The bank's bonus outcome rose to £392.9m for 2016, up from £353.7m in 2015. However, Lloyds' bankers could have been in line for more – the lender also revealed today it had skimmed 19 per [...]
This is how City analysts reacted to Lloyds Bank’s results February 22, 2017 Lloyds Banking Group announced this morning that pre-tax profits had more than doubled last year, sending its shares up 3.6 per cent in early trading. The lender reported statutory profit before tax had gone up 158 per cent to £4.2bn in 2016, from £1.6bn in 2015. While this was slightly below analysts' expectations of a [...]
Metro Bank crept further out of the red in 2016 February 22, 2017 Metro Bank revealed this morning it had taken a leap closer to turning an annual profit during 2016. The figures The challenger bank reported an underlying loss before tax for the year of £11.7m, an improvement of 75 per cent compared with £46.6m the year before, and a statutory loss before tax of £17.2m, compared with £56.8m the year before. [...]
Lloyds Bank pre-tax profits more than doubled in 2016 as PPI charges were slashed February 22, 2017 Lloyds Banking Group reported today that its statutory pre-tax profits for the year had shot up, as conduct-related charges for the year (ie. PPI costs) were more than halved. The figures The bank revealed statutory profits before tax of £4.2bn, up 158 per cent on £1.6bn the year before – although analysts had predicted the figure [...]