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 [...]
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 [...]