Former Co-operative Bank boss admits misconduct October 28, 2016 A former boss of the Co-operative Bank has admitted misconduct and agreed to pay out £20,000 to the Financial Reporting Council (FRC). Barry Tootell, the chief financial officer and chief executive of the Co-Operative Bank between 2009 and 2013, was accused of not exercising due skill, care and diligence in managing the firm for which he [...]
Persistent headaches: Five problems facing RBS chief exec Ross McEwan October 28, 2016 Ross McEwan may have been pleasantly surprised as he peaked through his fingers to see what had happened to the Royal Bank of Scotland's (RBS) share price this morning. Read more: RBS shares jump up and down to the noise of loss-making quarter Unfortunately for the chief exec of RBS, an initial jump of five per cent wobbled [...]
UBS’ share price rises after profiting from record US wealth management returns October 28, 2016 Records aplenty fell at UBS this morning after announcing bumper third quarter results that beat expectations, but its share price was more conservative, climbing one per cent in morning trading. Adjusted profit before tax was SFr1.3bn (£1.1bn), up a stonking 33 per cent compared to 2015. Read more: UBS spending over £830m on IT system overhaul The [...]
The government’s Lloyds sale ignores its primary duty: The public October 28, 2016 Say what you like about Margaret Thatcher, but she knew how to say thanks. Critics will crow about the poll tax – but they are the same people who were given the chance to own a slice of British Gas as part of the Tell Sid campaign. Today’s Treasury leaders could learn a thing or [...]
Labour shadow chancellor John McDonnell has accused the government of seeking a “bankers’ Brexit” October 27, 2016 Labour's shadow chancellor John McDonnell has hit out over Theresa May's EU plans, accusing the government of favouring a “bankers' Brexit”. Speaking in London earlier today, he said the government was trying to “cut special deals” for the City. McDonnell has previously hit out over rumours of Downing Street seeking a special carve-out for financial [...]
Permanent TSB completes EU deleveraging plan with sale of second slug of its mortgage book to Cerberus October 27, 2016 The fund that has spent billions hoovering up some of the UK's banks' most distressed mortgage portfolios, today splashed out €2.4bn (£2bn) to snaffle Permanent TSB's Irish housing book. US distressed debt investor Cerberus Capital Management already owns 50 per cent of Capital Home Loans, a subsidiary of Permanent TSB, and this deal completes the part state-owned lender's €8.4bn [...]
Overseas operations at this Japanese bank are No-mur-a in the red October 27, 2016 Net income leapt 31 per cent at Japanese bank Nomura as the broker benefited from an increased investor appetite for currency hedges and bonds. Nomura posted ¥61bn (£476m) of net income for the three months to September, underpinned by strong domestic performance and overseas operations swinging back into the black. Read more: This investment bank has been [...]
TSB waves away Brexit fears as profits and customers boosted at the challenger bank October 27, 2016 TSB has today announced a massive boost to profits for the year to date, as customers come calling despite the recent Brexit vote. The figures The challenger bank announced statutory profits before tax of £161.6m for the nine months to September, up 229.1 per cent from £49.1m for the same period the year before. Meanwhile, management profit before [...]
Barclays profits boosted for third quarter but PPI rears its ugly head again October 27, 2016 Barclays has today revealed its profits soared during the third quarter of its year, but its year to date is lagging behind 2015. The figures The banking giant announced statutory pre-tax profits of £837m for the three months to September, up 35 per cent from the £619m it revealed for the same period last year. [...]
Lloyds’ share price flops after financial institutions buy up another government slice: Hammond promises to give taxpayers their money back October 27, 2016 A further slug of Lloyds Banking Group (Lloyds) shares have been off-loaded by the government, taking the Treasury's interest in the lender to less than nine per cent. Having flagged his intention to re-ignite the government's sell-off earlier this month, Chancellor Philip Hammond highlighted that this was a further step towards taxpayers getting all their money back [...]