The City is struggling with the Whitehall Brexit machine October 18, 2016 Key figures in the City are growing increasingly frustrated with what they see as an indifferent and unsupportive approach towards the Square Mile in two of the government departments responsible for hammering out the UK’s Brexit deal. Several sources have indicated to City A.M. that, while Philip Hammond and his Treasury team are instinctively sympathetic [...]
Tyrie urges FCA to publish its report into RBS October 18, 2016 The chairman of the influential Treasury Select Committee (TSC) Andrew Tyrie has urged the financial watchdog to publish its report on Royal Bank of Scotland’s treatment of financially distressed business customers. Tyrie has written to the Financial Conduct Authority (FCA) chief executive Andrew Bailey, asking him when the report will be published. The calls follow [...]
There’s no room for complacency about the value of passporting rights to UK financial services October 18, 2016 For almost three decades, Brits have been wandering around the globe with small burgundy books in their pockets and purses. Since the June referendum, however, the colour of these travel documents has become a bone of contention for Brexiteers. In fact some have begun campaigning for the return of the old dark blue passport used until 1988 [...]
Watchdog moves to quash misleading rankings in investment banking October 18, 2016 The City watchdog has today proposed putting an end to misleading league tables used by banks looking to woo clients. Publishing its final findings from its investment and corporate banking market study, the Financial Conduct Authority (FCA) noted it was not uncommon for banks to use league tables in pitches which inflated their performance, and added it [...]
The UK’s biggest banks are bracing themselves for another £2bn on their PPI bill October 18, 2016 Britain's largest banks are set to add billions to their collective bill for payment protection insurance (PPI) mis-selling in the next two weeks. According to Sky News, executives at Lloyds Banking Group, Royal Bank of Scotland, HSBC and Barclays are in the process of finalising top-up provisions, amounting to around £2bn in total – due to be [...]
Goldman Sachs glitters as it beats analyst expectations October 18, 2016 Goldman Sachs shares have risen in pre-market open trading, after its latest quarterly earnings left analyst expectations in the dust. The figures The US banking giant reported net earnings of $2.1bn (£1.7bn) for its third quarter of 2016, an increase of 47 per cent based on $1.4bn the year before and an increase of 15 per [...]
Banks blame Draghi for their dwindling profits October 18, 2016 There is no end in sight for Europe's squeezed banking sector as the continent's top lenders prepare to feel the pain of negative interest rates for at least the next six months. Nearly every bank in the Eurozone said their profits had been hit as a result of the European Central Bank (ECB)'s historically low [...]
Profit at the world’s largest asset manager rose in the last quarter October 18, 2016 BlackRock, the world's largest asset manager, has posted a rise in quarterly profit, beating analyst expectations. The New York-based firm's performance will be seen as a strong sign of resilience in a weak market for many traditional asset managers. The numbers Third quarter earnings came in at $5.14 a share on $2.84bn in revenue, beating Thomson Reuters consensus expectations of about $5 [...]
Attempt to revamp retail banking was “feeble”, Treasury committee hears October 18, 2016 Recent efforts to improve banking for customers have been weak, the man at the helm of a leading consumer interest body has said today. Speaking in front of the Treasury Select Committee today, Peter Vicary-Smith, chief executive of Which?, slammed the Competition and Markets Authority's (CMA) recent report into the retail banking sector as "feeble", remarking it [...]
Three things to look for when Goldman Sachs announces its third quarter results today October 18, 2016 Goldman Sachs is the next US banking giant due to reveal how it's performed during the third quarter of 2016, announcing results before the bell today. Here are three things to keep an eye out for: Legal costs It doesn't take more than a passing glance at a newspaper to know banks aren't exactly strangers to [...]