Outcry from Unite the union as Royal Bank of Scotland (RBS) set to launch “shameless” raid on its staff’s defined benefit pensions March 21, 2016 Unite has today heavily criticised what it described as a "shameless" decision by banking giant Royal Bank of Scotland (RBS) to pass on £18m a year in costs of running its defined benefit (DB) pension scheme to its employees. RBS' decision is a result of changes to the pension system, which effectively increased the rate of both [...]
Lloyds bondholders head to the courts over bank’s attempts to buy back bonds at face value March 21, 2016 Lloyds bondholders head to the Supreme Court today, as they attempt to stop the bank from compulsorily purchasing bonds back at face value. The bondholders, who won the right to have their appeal one day before the repurchase was due to take place in February, argue that the bank should pay a premium for the bonds [...]
Not all banks on board with pay equality scheme ahead of Tuesday announcement at the Bank of England March 20, 2016 The Treasury is scrambling to sign up remaining banks ahead of radical proposals on gender balance set to be unveiled by the chief executive of Virgin Money Jayne-Anne Gadhia at the Bank of England on Tuesday. The challenger bank boss has been carrying out a nine month investigation into gender equality in the banking industry and [...]
UBS: European Court of Human Rights accepts petition to challenge French court ruling on helping clients avoid tax March 18, 2016 UBS has won the support of the European Court of Human Rights (ECHR) to push through a challenge to a French ruling over whether it helped clients avoid tax. The Swiss bank said in its accounts filed today that the Strasbourgh-based ECHR had accepted a petition to challenge parts of the decision. UBS was placed under formal examination in [...]
UK challenger banks: OneSavings Bank, Aldermore, Shawbrook among the lenders seeing a bounce-back March 17, 2016 Challenger banks are bouncing back after months of share price weakness, with the markets rewarding smaller listed lenders for posting double-digit increases in profits, lending and customer numbers. The regulators have handed out licences to 15 new banks since 2013, and City A.M. understands around 10 more are seeking a licence this year. Recent years [...]
Average pay slashed by 15 per cent at Goldman Sachs International, the banking giant’s European branch, for the year ended December 2015 March 17, 2016 Pay has not been so golden for Goldman Sachs' European employees this last year, as the latest set of accounts for Goldman Sachs International shows that pay fell by an average of 15 per cent. According to the accounts for the year ending December 2015, the wage bill for the banking giant's European arm fell to [...]
OneSavings Bank share price jumps 20 per cent after challenger bank reports 52 per cent rise in pre-tax profits March 17, 2016 Shares in the challenger OneSavings Bank closed up more than 20 per cent today after the bank reported a 52 per cent rise in full-year pretax profit, far exceeding analyst expectations. OneSavings, which specialises in residential mortgages and buy-to-let, as well as loans to small and medium-sized enterprises (SMEs), said loans and advances increased 31 per cent to £5.1bn in [...]
Arbuthnot Banking Group share price rises by more than four per cent after posting 52 per cent jump in profits as subsidiary Secure Trust Bank re-affirms interest in Williams & Glyn March 17, 2016 Shares in Arbuthnot Banking Group rose by more than four per cent this morning after the bank reported a 52 per cent rise in annual pretax profits, with performance boosted by growth in its private and retail banking businesses. Arbuthnot said pretax profit rose to £34.2m for the year ended 31 December, up from £22.5m the year [...]
Deutsche Bank won’t be profitable in 2016, chief executive John Cryan warns – sending the bank’s share price sharply lower March 16, 2016 German banking behemoth Deutsche has said the ongoing overhaul of the bank in the wake of regulatory changes means 2016 "will not be a profitable year", chief executive John Cryan told a Morgan Stanley organised conference in London this morning. Investors have baulked at the announcement, sending the shares down five per cent in Frankfurt. [...]
Barclays gives top bosses, including new chief executive Jes Staley, £8.7m in shares March 15, 2016 Barclays revealed today that it slashed the value of shares awarded to its top bosses this year following a drop-off in share price, handing new chief executive Jes Staley and others stock worth £8.7m – nearly half of the £16.4m announced in March of last year. Barclays said the total number of shares awarded to directors and senior executives today was [...]