Lloyds Banking Group to cut 640 jobs and close 23 branches June 29, 2016 Lloyds Banking Group is planning to cut around 640 jobs and close 23 branches as it moves to reduces its presence across the UK. The firm said it would make 525 net role reductions – it plans to create 115 new roles – within its retail and group operations. Lloyds also confirmed that it will close 23 [...]
China and US dominate the top 10 in banking world rankings, as UK gets pushed down the league table June 29, 2016 China and the US are the leaders of the banking world, with banks from these two countries dominating a list of the top 10 banks worldwide published today. China's banks secured four out of the five top slots of the The Banker's 2016 Top 1,000 Banks list, with ICBC keeping hold of its number one slot from [...]
UK slides down world ranking of banks, with only HSBC within the top 10 for core capital June 29, 2016 The gloss has come off the UK's banking sector a little bit today, as research revealed that the country's banks had performed poorly compared with their overseas counterparts. The UK ranked only seventh in a league table compiled by trade magazine The Banker of countries by total pre-tax profits, after banks' combined profits dipped by [...]
Challenger banks creep into the worldwide ranks, but it might not be time to celebrate just yet June 29, 2016 Challengers are making their presence felt in the banking world, with two well-known names making their way into a worldwide ranking for the first time this year. According to The Banker's Top 1,000 Banks rankings for 2016, which was published today and ranks institutes by their tier one capital, Metro has placed 969th, while Sainsbury's Bank ranked at [...]
Moody’s slashes outlook for eight UK banks to negative after Brexit June 28, 2016 Moody’s has dropped its outlook for eight UK banks and building societies after last week’s Brexit vote. The ratings agency has also changed its outlook for the UK banking system from stable to negative. Moody’s expects the result of the EU referendum to “reduce the profitability” of the banks. Read more: S&P and Fitch downgrade UK after [...]
Jury has now reached a verdict for three men charged with Libor-rigging offences June 28, 2016 The jury on the most recent Libor case to go to court in the UK has arrived at a verdict for three of the men charged, but is still deliberating on the other two defendants. Former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich and former Libor submitter Jonathan Mathew are all [...]
Mary Francis joins Barclays as a non-executive director June 28, 2016 A former senior independent director of Centrica has today been appointed a non-executive director at Barclays. Mary Francis, who is currently serving on the board at Swiss Re Group and has previously held non-executive positions at Aviva, Cable & Wireless Communications, the Bank of England and Alliance & Leicester, will join the board of the bank at [...]
Challenger bank Shawbrook’s shares plunge as it books £9m impairment charge on underwritten loans June 28, 2016 Challenger bank Shawbrook had more than 20 per cent shaved off its share price when markets opened this morning after it announced an additional impairment charge of around £9m in the second quarter. The charge is the result of "a number of loans" being underwritten in the company's Asset Finance division that did not meet lending [...]
Mervyn King says Treasury’s exaggerated Brexit claims backfired June 27, 2016 The former governor of the Bank of England yesterday slammed George Osborne and his Treasury team over their Brexit campaign. And Lord Mervyn King said they would now need to row back from exaggerated claims that left him “baffled”. “I think the government said things it is not easy to sustain or support. If the [...]
Not just a UK problem: European banking sector rocked by Brexit vote June 27, 2016 London is not the only city feeling the burn in the banking industry, as many other European cities are experiencing some fallout from the referendum result. Shares in Deutsche Bank and Credit Suisse slid to their lowest level ever earlier today, before closing down 6.2 per cent and 9.2 per cent respectively. Societe Generale closed down 8.4 per [...]