Financial and professional services are our entire nation’s Crown Jewels October 14, 2016 I have spent much of the past year speaking to employees, employers and entrepreneurs from across this great country. In December I went to Northern Ireland, in March to Scotland, in July to the North of England, and last week to Bristol and Cardiff – 12 UK cities in total. After each of these trips [...]
Citigroup beats expectations but revenues still fall October 14, 2016 One of the US' largest lenders has surprised and delighted investors by reporting a smaller than expected fall in revenues. The figures Revenues fell five per cent to $17.8bn (£14.6bn) in the third quarter, beating expectations of $17.3bn. Meanwhile, net income fell 11 per cent to $3.8bn, pushing earnings per share down to $1.24, from $1.31 the year before. Banking revenues fell six per cent to $4.1bn, although investment banking [...]
Profits dip at Wells Fargo as it deals with departure of boss John Stumpf October 14, 2016 Wells Fargo has revealed profits dipped during the three months to the end of September, in a week that's seen its chief exec John Stumpf make a dramatic departure. The figures Net income was down to $5.64bn (£4.6bn) from $5.8bn last year, and earnings per share dropped to $1.03 from $1.05. Revenues rose to $22.3bn [...]
Flash crash trader loses challenge against extradition to the US at the High Court October 14, 2016 Navinder Sarao, the trader accused by US authorities of contributing to a 2010 flash crash, cannot appeal a ruling that he must be extradited to the US to face charges carrying a maximum sentence of 380 years. At the High Court today, Lord Justice Gross said it was "clear" the court must turn down his application. [...]
Deutsche Bank could cut another 10,000 jobs October 14, 2016 Deutsche Bank could be preparing to cut another 10,000 jobs in a massive cost-saving drive. According to a Reuters report, the German lender's finance boss, Marcus Schenck, told staff in September the bank will need to "cut another 10,000 staff" on top of the 9,000 job losses announced by chief executive John Cryan last October. Read more: Deutsche [...]
JP Morgan Chase beats expectations as it begins Wall Street bank reporting session October 14, 2016 JP Morgan Chase beat expectations in its third quarter results on Friday morning. The figures The bank reported revenue of $25.5bn (£20.8bn), ahead of analyst expectations of $24bn. The turnover figure was up 8.4 per cent. Earnings, meanwhile, came in at $1.58 per share. This was ahead of the $1.39 per share that analysts were [...]
Yorkshire Building Society has announced its new chief executive October 14, 2016 Yorkshire Building Society has appointed Mike Regnier, its chief customer officer, as its new chief executive. Regnier joined Yorkshire Building Society in 2014 and will move into the top job at the lender on 1 January next year. Read more: High street building society to close branches Chirs Pilling, the current chief executive, said in June [...]
Deutsche Bank has implemented a hiring freeze October 13, 2016 Shares in Deutsche Bank tumbled this morning, after reports suggested the troubled lender has implemented a hiring freeze. Bloomberg reported chief executive John Cryan had emailed divisional chief operating officers ordering them to stop hiring with immediate effect. That caused shares in Deutsche to fall almost 2.9 per cent to €12.03. The freeze will affect all areas of the [...]
Wells Fargo boss stands down and is replaced by chief operating officer October 12, 2016 The embattled boss of Wells Fargo, John Stumpf has quit his post, effective immediately. The reins at the US' third largest bank have been handed onto Tim Sloan, the company’s president and chief operating officer. Sloan will hold onto his role as president. Stumpf had been under increasing pressure to resign in the wake of an investigation into claims that its employees [...]
Barclays ditches more of its non-core assets in Italy October 12, 2016 Barclays has today agreed to sell a portfolio of salary secured loans, worth around £260m, in Italy to IBL Banca. The final sale is still subject to regulatory approvals but is expected to take place in the first quarter of 2017. The sale will also reduce the bank's non-core risk weighted assets by roughly £170m. "Last week we announced agreements to [...]