Metro Bank gets down to business, planning to increase its number of in-store managers by around a third January 17, 2017 Business banking is booming for Metro Bank, so much so that the challenger plans to increase the number of business bankers in its branches by around a third, or 30 per cent, in 2017. The bank, which opened its first branch in 2010, recently announced it was putting £1bn to one side to support business customers [...]
Italian banking crisis: Monte dei Paschi boss to produce new business plan by February January 16, 2017 The boss of Monte dei Paschi di Siena is drawing up a new business plan for the troubled lender, with the aim to get it polished off by February. Shortly before Christmas last year, the bank's private sector rescue deal, designed to pump €5bn (£4.4bn) of capital into the lender's coffers, collapsed after it failed to get [...]
Insurance sector slapped with a 70 per cent top-up levy from regulators January 16, 2017 UK regulators have hiked levies on the insurers and pension firms despite plans to reduce total levies on the Britain's financial sector next year. The Financial Services Compensation Scheme (FSCS), a statutory initiative to compensate customers of financial services that are unable to pay claims against them, announced its overall budget for 2017/18. The overall industry levy will fall [...]
Brexit and beginners: Why the City must step up and support the next generation January 16, 2017 The City of London Corporation hosted its annual London Government Dinner last week. Central to the event was the topic of Brexit, in which the London mayor Sadiq Khan was vocal on how devolution would play a critical role in supporting Britain’s capital after Brexit. The lord mayor’s speech covered a different but equally important issue; [...]
City eyes best possible access to Europe’s Single Market January 16, 2017 The City is shifting to a new focus on best possible access to Europe's Single Market, rather than pinning hopes on continued membership of the trading bloc, as it prepares for the Prime Minister to announce a so-called clean Brexit tomorrow. In a much anticipated speech, Theresa May is expected to make clear the UK’s [...]
US banking giants, including Goldman Sachs, forecast to announce revenue slide next week January 15, 2017 US earnings season might be about to prove that not all that glitters is Goldman, as the investment banking titan is predicted to announce a double digit slide in full-year revenues on Wednesday. Analysts have also forecast a slump in revenues for Morgan Stanley, which reports on Tuesday, and Citigroup, which reports on Wednesday. According to [...]
Wells Fargo’s profits slumped as fourth quarter earnings missed expectations January 13, 2017 Wells Fargo today reported profits were down for the second year as its fourth quarter earnings missed expectations. The figures The US' third-largest bank said quarterly net income was down to $5.3bn (£4.3bn) from $5.6bn the previous year, while diluted earnings per share were down to $0.96 compared with $1.00 last year. Revenue stayed consistent with the fourth [...]
JP Morgan has ushered in the Trump era by smashing expectations January 13, 2017 JP Morgan smashed expectations in the fourth quarter, reporting adjusted earnings per share of $1.71 on forecasts of $1.43. The figures Revenues rose to $24.3bn in the fourth quarter, five per cent lower than the $25.5bn it brought in during the previous quarter – but two per cent up on the $23.7bn it made in the fourth quarter [...]
Bank of America kicks off Wall Street bank results with strong performance in final quarter of 2016 January 13, 2017 Bank of America Merrill Lynch (BoAML) today revealed an increase in revenue, income and earnings during the final quarter of last year. The figures Revenue excluding interest expense was up two per cent in the quarter, to $20bn (£16.4bn) from $19.6bn this time last year. Net income jumped to $4.7bn from $1.4bn in the fourth quarter of 2015.The [...]
Out-of-depth traders among reasons for the seriousness of last year’s sterling flash crash January 13, 2017 The bank for central banks has today pointed the finger at inexperienced traders as one of the causes of last October's sterling flash crash. On 7 October last year, sterling plummeted around nine per cent against the US dollar in the early hours of trading in Asia, although it bounced part way back again quickly [...]