Things have changed but we’re doing well, says Paragon November 23, 2016 Challenger bank Paragon's shares jumped nearly four per cent in trading this morning after revealing increased profits over what the FTSE 250 lender called a "transitional year". The figures Underlying profit for the 12 months to 30 September rose by 9.1 per cent to £147m from £135m last year, while statutory profit before tax increased by 6.7 per cent to £143m. [...]
Goldman Sachs and Santander have left a major blockchain group November 22, 2016 Goldman Sachs and Santander have both exited one of tech's top blockchain consortiums which is backed by some of the world's biggest financial institutions. Both institutions have quit membership of the R3 group and will not be investing in its latest reported funding round. Santander did not comment on its decision to depart R3, however, it's understood it will [...]
The government has sold off more Lloyds shares November 22, 2016 The government has sold off more of its shares in Lloyds Bank bringing taxpayers' holding in the company below eight per cent. A further plan to sell shares to institutional investors was announced by the chancellor Phillip Hammond in October, ditching plans to offload them to retail investors. "Selling our shares in Lloyds Banking Group and [...]
They’re in the money: CYBG turns its first profit before tax in five years November 22, 2016 Clydesdale and Yorkshire Bank Group (CYBG) has today revealed a full year profit before tax, its first in five years. The figures The banking group turned a full year profit before tax of £77m for the year ended September 2016, compared with a £285m loss the year before. However, the company was still making a loss once tax was taken [...]
Bank lobby boss Anthony Browne says it’s time to stop grieving over Brexit November 22, 2016 The head of the British Bankers' Association (BBA) last night declared “the time for grieving is over” in the wake of the Brexit vote. “We should stop looking back, roll up our sleeves and look to the future,” said Anthony Browne, speaking at the BBA’s annual dinner at Mansion House. Read more: Sir Martin Sorrell: Brexit [...]
“I wish we could find something”: Aberdeen Asset Management pulled out of bidding for Unicredit’s €3.5bn Pioneer fund unit November 21, 2016 Aberdeen Asset Management dropped a bid for Italian bank UniCredit’s Pioneer fund unit because the UK-listed firm could not afford the €3.5bn (£3bn) asking price. The fund manager made it through to the second round of bidding before withdrawing, chief executive Martin Gilbert revealed. Read more: Trading in Unicredit shares suspended as investors digest bank stress [...]
Goldman Sachs European boss Michael Sherwood is leaving the firm November 21, 2016 Goldman Sachs International's vice-chairman and co-chief executive Michael Sherwood is leaving the bank at the end of this year, the company revealed today. Sherwood – known as Woody – has decided to retire, the group said, after a 30-year career with the company. During his time at Goldman, Sherwood became one of the UK's best paid [...]
Red tape? What red tape, asks Atom Bank boss November 21, 2016 Up and coming lenders are not facing as many regulatory hurdles as you might think, the boss of one of the UK's newest challenger banks has said today. Speaking at the Confederation of British Industry annual conference, Mark Mullen, chief executive of Atom Bank, noted that the "regulatory hurdles have got better", not worse, since the [...]
Citi and JP Morgan top regulators’ list of systemically important banks, as HSBC and Barclays move to lower tier November 21, 2016 Citigroup has joined JP Morgan Chase as one of the world's top two "systemically important banks", according to an updated list published today by the Financial Stability Board (FSB). Banks in the top tier will have to hold 2.5 per cent of their assets as buffer capital in case of another crisis. This means that US [...]
Falling sterling could mean more of your savings are protected November 21, 2016 Savers have been pretty heavily punished by rock-bottom interest rates in recent years – but now the Prudential Regulation Authority (PRA) wants to make things a little easier, by raising the protection it offers to savers. At the moment £75,000 of your savings are protected under the deposit protection limit, meaning if your bank fails you [...]