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 [...]
What really goes on inside Barclays’ global business division… February 22, 2017 | City Talk Have 120 seconds free? Take a look behind the scenes at Barclays' UK corporate, consumer and investment bank. Discover why a 250-year relationship is so vital for this operation:
The UK’s big banks need to keep a close watch on risks February 22, 2017 Less than a week ago, analysts were predicting that the UK’s banks could be about to turn a corner. Mega-fines appeared to be tailing off, signalling an end to the failings of the past. It was no secret that fresh challenges lay ahead for the sector, notably the costs of ringfencing and IT legacy issues, but [...]
HSBC slashes its bonus pool for the year, but chief exec Stuart Gulliver’s annual handout rises February 21, 2017 HSBC has cut its bonus pool by 12.3 per cent following a worse-than-expected 2016, although chief executive Stuart Gulliver saw his annual bonus grow. The banking giant revealed its total group variable pay pool for the year was slightly over $3bn (£2.4bn), down from $3.5bn in 2015. Meanwhile, bonuses to go around investment bankers fell to [...]
Brazen French presidential candidate Emmanuel Macron tells London – I want your banks to move to Paris after Brexit February 21, 2017 French presidential candidate Emmanuel Macron has said he wants to lure banks from London to Paris in the aftermath of Brexit, striking a bullish and undiplomatic tone during a visit to Downing Street. "I was very happy to see that some academics and researchers in the UK because of Brexit are considering coming to France [...]
HSBC profits plunge 62 per cent as one-off costs eat into bottom line, and bank mulls moving 1,000 jobs to Paris because of Brexit February 21, 2017 HSBC revealed this morning that its profits have dropped dramatically after a series of one-off hits eroded its bottom line, and added that it was considering moving 1,000 jobs from London to Paris because of last year's Brexit vote. Shares in HSBC Holdings dropped 4.5 per cent at the open and were down 6.5 per [...]
Transferwise now lets you transfer money just by talking to a Facebook Messenger chatbot February 21, 2017 Forget simply messaging friends, now you can use Facebook Messenger to transfer money with the latest chatbot wanting to take care of your finances. London fintech unicorn Transferwise is bringing its online money transfer service to the messaging app, allowing users in the UK to send money to friends or family in the rest of Europe, [...]
HSBC reveals it’s being probed by the watchdog over money laundering compliance issues February 21, 2017 HSBC revealed this morning it is being investigated by the City watchdog over potential shortcomings in its anti-money laundering controls. The bank's 2016 results statement, in which it also revealed its reported profits before tax had slumped 62 per cent to $7.1bn (£5.7bn), said it was "the subject of an investigation by the Financial Conduct Authority [...]
CYBG officially confirms it’s not trying to buy Williams & Glyn, after the Treasury says RBS no longer has to sell the challenger February 21, 2017 Clydesdale & Yorkshire Banking Group (CYBG) officially announced late last night it was no longer looking to buy Williams & Glyn from Royal Bank of Scotland. A statement from the challenger bank said it had "withdrawn its preliminary non-binding proposal for, and ceased discussions relating to, the Williams & Glyn operations". Shares in CYBG are trading up 1.8 [...]
The many musings of Douglas Flint: Highlights from the HSBC chairman February 21, 2017 HSBC announced its 2016 full-year results this morning, and, alongside the figures, a statement from chairman Douglas Flint. While shareholders have shown all the signs of not agreeing with his assertion "HSBC's performance in 2016 was broadly satisfactory", with shares falling 4.5 per cent on the open after the bank announced its reported pre-tax profits for [...]