Commerzbank shares tank as pre-tax profits almost half and it warns there could be more to come August 2, 2016 Shares in Commerzbank have plummeted to their lowest-ever level today, after the bank revealed a slump in profits in its half-year results and warned the current business environment could continue to hamper its performance. The figures Pre-tax profits at the bank fell to €575m (£485.8m) for the first half of 2016, down from €1bn the year before. Meanwhile, revenues before [...]
Santander UK makes bid for RBS’ Williams & Glyn unit August 2, 2016 Santander UK has put forward a bid to buy what would be RBS' Williams & Glyn unit. RBS was instructed to sell the Williams & Glyn unit, which is more than 300 branches strong, by the end of 2017, as part of its £45bn state bailout deal. However, the bank warned in April that it might [...]
Deutsche Bank and Credit Suisse booted from top stock market index August 2, 2016 The bad news just keeps on coming for the naughty children of the European banking sector. To top off what has been one of the finest examples of a corporate annus horribilis, both Deutsche Bank and Credit Suisse are to be kicked out of the Eurostoxx 50 after their market cap has shrunk to record lows. [...]
Matteo Renzi: Italian banks not the bane of Europe August 2, 2016 Italy's Prime Minister has today hit back at critics' claims his country's banks are some of the most burdensome in Europe's banking sector. The country's banks are thought to be saddled with approximately €360bn (£304.7bn) of non-performing loans and it has been widely speculated that Renzi has recently been trying to arrange a capital injection for the sector with [...]
Banks’ share prices dip after FCA announces PPI deadline August 2, 2016 UK bank stocks dipped in early trading today, after the City watchdog announced that it was pushing back its deadline for payment protection insurance (PPI) complaints. The Financial Conduct Authority (FCA) said it plans to set a cut-off point for PPI claims that will fall by the end of June 2019 at the latest. Previously, banks had been [...]
UBS rogue trader Kweku Adoboli says his actions were like a self-sacrifice to chase his employer’s goals August 1, 2016 Rogue trader Kweku Adoboli has hit back at suggestions he acted out of greed, correcting his critics by saying his actions were motivated by wanting to benefit his employer. Adoboli was convicted on two counts of fraud in 2012 after his unauthorised trading lost Swiss banking giant UBS £1.4bn. He was released from prison last summer [...]
The state of Europe’s banks is far from steady August 1, 2016 Bank investors rejoice! The European Banking Authority (EBA) has declared stress tests should no longer be about pushing fresh capital into the system or drilling down into asset quality. No. The good news is that “steady-state monitoring” is what’s needed. So will this provide the assurance investors need? I’m not convinced. Even if stock prices [...]
Tom Hayes’ crowdfunding campaign breaks £30,000 mark August 1, 2016 The crowdfunding campaign to raise money for Tom Hayes' legal fees has broken the £30,000 barrier. The Fundrazr campaign, which has been set up to support the former UBS and Citigroup traders' appeal to the Criminal Cases Review Commission (CCRC), has now raised £30,705, or 20 per cent, of its £150,000 target. The campaign had been stalled [...]
This bank feels fine about the Brexit vote so far August 1, 2016 While June's Brexit vote gave most of the banking sector a beating, one industry giant has revealed its business is doing fine, for the time being at least. Citigroup has revealed it is yet to feel its business be seriously shaken by June's Brexit decision. A regulatory filing published today noted Citigroup had "not experienced any significant negative impact [...]
HSBC’s online banking is down August 1, 2016 HSBC is suffering technical problems, leaving customers unable to access online banking services. The issue arose around 3pm according to Downdetector, which has had more than 900 reports of issues so far. HSBC said its service is currently unavailable, but did not elaborate on the reason behind the issue. The issue is also affecting First Direct, the [...]