Arrivederci: Barclays ditches more of its Italian non-core assets February 7, 2017 Barclays today announced it has agreed to sell of more of its non-core assets in Italy. The banking giant revealed it would be selling a portfolio of non-core performing and non-performing small business and corporate loans to AnaCap Financial Partners, but did not disclose a sale price. The portfolio, which has a book value of roughly €177m (£152.7m) [...]
Premium Bonds just lost some of their shine, as NS&I slashes rates on four of its key products February 7, 2017 Lady Luck was not on the side of Premium Bond holders this morning, after National Savings & Investments (NS&I) revealed it was slashing rates on four of its products. Along with cutting the prize fund rate for Premium Bonds, NS&I will be lowering the interest rate on its Direct Isa, Direct Saver and Income Bonds [...]
Lloyds Banking Group vows to review cases of customers caught up in HBOS fraud, after two ex-bankers jailed February 7, 2017 Lloyds Banking Group today pledged to review the cases of customers who could have been caught up in a fraudulent scheme linked to two former HBOS employees. Last week, two ex-HBOS bankers were among six people jailed for their roles in a ruse to drive small businesses into the ground for their own personal gain, running up [...]
BNP Paribas announces new digital push as profits rise February 7, 2017 BNP Paribas has announced it will invest billions in a new digitalisation push as it reports a growth in gross operating income and revenues for 2016. The figures Revenues grew by 1.1 per cent in 2016 compared to the previous year to reach €43.4bn (£37.3bn), although €597m came from the sale of shares in Visa [...]
MPs call on Lloyds to pay up compensation following HBOS fraud trial February 6, 2017 A group of MPs has today called on Lloyds Banking Group to repay victims of a scheme run by two former HBOS bankers. The two men, Lynden Scourfield, 54, and Mark Dobson, 56, were among six people jailed last week for their roles in a plot which drove troubled businesses into the ground for their own profit, all while [...]
Unicredit shares down more than five per cent as Italy’s biggest bank kicks off Italy’s largest ever rights issue February 6, 2017 Unicredit shares are currently trading down more than five per cent after Italy's biggest bank kicked off its bumper €13bn (£11.2bn) rights issue this morning. The rights issue, which is the country's largest ever, forms part of a wider turnaround plan announced by Unicredit's relatively new chief executive Jean Pierre Mustier late last year to bolster the lender's [...]
Government kicks off next stage of £12bn student loanbook sell-off February 6, 2017 The government formally kicked off the next stage of its bid to sell £12bn-worth of student loans today. City A.M. revealed bankers from Barclays had been appointed to advise on the deal last month. Read more: Bankers appointed by government for latest student loans sell-off push The sale, which is being structured as a securitisation, is being [...]
Lloyds bankers’ bonuses overtake RBS’ this year February 5, 2017 Lloyds Banking Group’s bonus package will be more generous than RBS’ this year for the first time since the financial crash of 2008. RBS has set aside £340m for bonuses this year, according to Bloomberg, but Britain’s other bailed-out bank, Lloyds, is planning to share out £390m. Read more: The government has cut its stake [...]
Dodd-Frank reform could force UK to loosen financial services regulations February 5, 2017 The UK and the rest of Europe could come under pressure to loosen financial services regulations, analysts have said, after the President of the United States last week set in motion his plans to scale back rules across the pond. Donald Trump signed an executive order for the 2010 Dodd-Frank financial regulations to be reviewed on [...]
Bank of America Merrill Lynch is looking for new space in the City despite Brexit uncertainty February 5, 2017 Bank of America Merrill Lynch (BAML) has started its search for new office space despite the uncertainty of the City of London's future following the Brexit vote. The US banking giant is currently located near St Paul's Cathedral, but as its lease expires in 2022, the bank has started looking at other buildings that could [...]