Lloyds Banking Group kicks off £1bn share buyback programme March 8, 2018 Lloyds Banking Group this morning launched its £1bn share buyback programme, unveiled at its full-year results last month. The bank said it had entered into an agreement with UBS to carry out the share buyback programme on its behalf – and to make trading decisions under the programme independently. The programme starts today and will [...]
More job cuts “inevitable” says Royal Bank of Scotland finance boss March 1, 2018 It is "inevitable" that Royal Bank of Scotland (RBS) will cut jobs in the coming years, according to the lender's chief financial officer. Ewen Stevenson today said the the cuts would focus on slimming down head office functions, as well as legacy data centres, but refused to address the size of the redundancies expected. Speaking [...]
The Royal Mint’s 26 new 10p coin designs are an A-Z of why Britain is great March 1, 2018 The Royal Mint has unveiled 26 new 10p coins featuring an A to Z of designs celebrating life in the Britain, which are being launched as part of a collection it called the Great British Coin Hunt. From the Angel of the North to the Zebra Crossing, the designs "map what makes Britain great", the [...]
Banks leave £13bn in cheap money from Term Funding Scheme on the table March 1, 2018 The final tally of cheap Bank of England (BoE) loans taken on by Britain’s banks is now in, with lenders leaving almost £13bn on the table. Banks borrowed £127bn under the Term Funding Scheme (TFS), which closed yesterday, according to Bank of England data. The scheme delivered a stream of almost interest-free loans to banks [...]
Natwest to launch new fintech accelerator in London in April February 26, 2018 Natwest bank will launch new fintech accelerators in four cities across the UK in April, including one in the capital, it announced today. The bank will launch units in London, Manchester, Bristol and Edinburgh, supporting up to 80 fintech firms with a "technology team mentor" and access to government contacts. The six- to 18-month acceleration [...]
Goldman Sachs mulling sale and leaseback of new London headquarters February 26, 2018 Goldman Sachs is considering selling its massive new headquarters in London and leasing it back. The investment bank’s new London office, which functions as its European headquarters, could fetch as much as £1bn, Bloomberg first reported. Goldman currently employs more than 6,000 staff in London, and has not announced how many, if any, jobs will [...]
Now Lloyds Bank has published its gender pay gap with women earning 33 per cent less than men February 23, 2018 Lloyds Banking Group has become the latest UK lender to reveal its gender pay gap. Britain's biggest bank said on average it pays women in the company 32.8 per cent less than men. Its median gender pay gap was also 32.8 per cent. The lender said this was due to a larger proportion of men [...]
Lloyds share price rises after profits increase: Here’s how the analysts reacted February 21, 2018 Lloyds Banking Group today bombarded investors with a rise in profits which nevertheless missed estimates, a £1bn share buyback, and a £3bn investment programme as it unveiled its new three-year strategy. Shares rose by two per cent at the time of writing. Read more: Lloyds profits jump despite increased PPI bill Read more: Lloyds announces [...]
Metro Bank reveals first ever annual profit as deposits grow by almost half February 21, 2018 Metro Bank today announced its first ever full-year profit, with a strong expansion seeing its assets and loans both grow by more than 60 per cent. The challenger bank reported a statutory profit before tax of £18.7m, while the underlying figure was £20.8m compared to an £11.7m loss the year before. Shares fell by more [...]
Treasury Select Committee publishes full “disgraceful” report into RBS’ restructuring unit and “profit centre” GRG February 20, 2018 The Treasury Select Committee has published the FCA's unredacted report into Royal Bank of Scotland's restructuring unit GRG after MPs agreed to do so this afternoon. The full report, which is available here, appears to be the same as others that have been widely circulated having been leaked in recent weeks. It makes clear that [...]