How SoftBank won “national interest” backing from Theresa May for its “game-changing” Arm takeover November 7, 2016 Even the most devout follower of the London Stock Exchange’s RNS feed may have been confused by a statement issued by SoftBank last week. The Japanese lender published the number of staff employed by British tech giant Arm, a company it acquired in a £24bn mega-deal over the summer, as at 5 September. The figure, [...]
Here’s why HSBC’s share price is up when its profits are down November 7, 2016 Despite reporting an 86 per cent slide in statutory pre-tax profits this morning, shares in HSBC have soared and are trading up five per cent at 624.4p at time of writing. Why are investors so enthusiastic when profits are plummeting? HSBC's bottom line is being dragged down by hefty one-off hits, such as the disposal of [...]
HSBC’s shares rise four per cent despite larger-than-expected profit slump after Brazil disposal November 7, 2016 HSBC's share price rose by more than four per cent this morning, despite a sharper-than-expected slump in profits in the third quarter – although stripping out currency fluctuations, things looked rather better… The figures Pre-tax profit at the British lender fell 86 per cent to $843m in the quarter ended 30 September, down from $6.1bn in [...]
Tesco Bank halts online payments after thousands of customers affected by fraudsters November 7, 2016 Tesco Bank has halted online payments for its current account customers due to fraudulent activity over the weekend. The bank identified "suspicious activity" via its fraud prevention systems on Saturday and yesterday warned thousands of customers that they may have been targeted by fraudsters. Today, chief executive Benny Higgins said online transactions from current accounts had [...]
OneSavings’ boss wants to know. Until then he’ll “carry on ploughing” November 7, 2016 Clarity. It's a real buzz word at the moment, especially when referring to exactly how Prime Minister Theresa May plans to extract Britain from the EU. Andy Golding, the 25-year banking veteran in charge of challenger OneSavings Bank, is one of many business leaders calling for clarity. “I think that in any situation of change [...]
Profit slump expected for HSBC this quarter November 6, 2016 HSBC is expected to report its profits have plunged when it releases its third quarter results in the early hours of tomorrow morning. Analysts have predicted the banking giant, which is listed in Hong Kong, New York and Paris as well as London, will announce statutory pre-tax profits of $2.4bn (£1.9bn), down 60 per cent compared with [...]
Professors’ retirement fund to invest in future Green Investment Bank projects November 6, 2016 Macquarie Bank is poised to team-up with the pension fund that manages the retirement money of Britain's university professors as part of the privatisation of the Green Investment Bank (GIB). The Universities Superannuation Scheme (USS), a pension scheme that can trace its roots over a hundred years, will help the Australian lender pay for future funding [...]
Williams & Glyn sell off sparks watchdog’s attention November 6, 2016 Royal Bank of Scotland's (RBS) potential sale of Williams & Glyn to challenger Clydesdale & Yorkshire Bank (CYBG) has sparked the attention of the banking watchdog. RBS was told to divest of Williams & Glyn, and its network of more than 300 branches, by 2017 as part of its £45bn state bailout deal. CYBG revealed [...]
Former Barclays boss says technology is the key to scandal-free banking November 6, 2016 A former Barclays boss has said banking scandals could be slashed if there were less people across the sector and more computers. Antony Jenkins, who was suddenly let go from his group chief executive role at Barclays last year, has previously spoken about the "Uber" moment the industry is undergoing, and launched his own fintech venture, [...]
Tesco Bank alerts thousands of customers to potential fraud November 6, 2016 Tesco Bank has notified thousands of customers that they may have been targeted by fraudsters. The supermarket-owned bank said it has identified "suspicious activity" via its fraud prevention systems on Saturday and is taking action as a precautionary measure. "We are sorry for the inconvenience we know this causes, however we want to do everything we [...]