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 [...]
Deutsche Bank share price down despite surprise profit for third quarter October 27, 2016 Deutsche Bank share price has dipped in early trading, despite announcing today it was profitable in its third quarter of this year, beating analyst expectations. The figures The German bank revealed net income of €278m (£248.2m), a substantial improvement on the €6bn loss it announced for the same period last year. The lender booked a hefty €13.2bn of non interest [...]
Deutsche Bank’s Mexican operations sold to Investabank October 27, 2016 Deutsche Bank has sold its two Mexican units as part of an ongoing drive to flog non-core assets. Investabank picked up Deutsche Bank Mexico and Deutsche Securities for an undisclosed amount – although it is looking to investors to provide 2.5bn pesos (£112m) to help fund the purchase. The deal is still subject to sign-off [...]
Lost UK influence over EU financial services regulation could come back to bite the City October 26, 2016 Theresa May’s suggestion at the European Council meeting in Brussels last week that the UK would continue to play a role in EU institutions and their respective decision-making processes post-Brexit was met with thinly disguised incredulity by European leaders. Manfred Weber, leader of the European People’s Party in the European Parliament, commented after the meeting: [...]
Oleg Tinkov reveals an interest in the UK, what he thinks about Apple and has some advice for fintech start-ups October 26, 2016 The billionaire businessman behind one Russia’s largest banks has revealed his interest in setting up in the UK. Although listed on the London Stock Exchange, Tinkoff Bank is Russian-focussed and the second largest credit card issuer in the country. It was set up in 2006 by its flamboyant chairman, Oleg Tinkov, and is Russia’s sole [...]
From law changes to Lloyds: How the PPI scandal has developed over time October 26, 2016 Lloyds Banking Group today revealed it had put an additional £1bn aside to cover payment protection insurance (PPI) claims it predicted would come its way over the next few years. Here's how we got to today's announcement: 2005: There had been various murmurs from the media that all was not right in the world of PPI selling [...]
New PRA boss says it’s full steam ahead for City red tape despite Brexit October 26, 2016 The new chief executive of the Prudential Regulation Authority (PRA) will say this evening that it will push ahead with enforcing the next tranche of City red tape despite the recent Brexit vote. In a speech at the City Banquet at Mansion House, Sam Woods is expected to say it is "full steam ahead" as far as implementing [...]
Lloyds Banking Group shares recover as profits slide and it puts £1bn aside for PPI claims October 26, 2016 Lloyds shares recovered from a drop this morning, after the bank revealed profits tumbled during its third quarter – and it set more money aside to cover payment protection insurance (PPI) claims. The figures Statutory pre-tax profits dropped to £811m for the three months to September, down 15 per cent from £958m the year before. Net interest income also [...]
Investors have launched a petition asking the government to sell Lloyds shares to the public October 26, 2016 It seems retail investors were counting on getting their hands on a slice of Lloyds Bank – after a company representing potential shareholders launched a petition asking the government to give the public a chance when it sells off its final stake. Earlier this month the government unveiled the details of its final sale of [...]