FTSE 100 Live: Stocks to slump despite US claims of ‘good foundations’ for Iran deal; Tech-sell off hits Asia
Why challenger banks see Brexit as an opportunity July 20, 2016 A group of challenger banks has written to the Treasury select committee to shine a light on the opportunity Brexit brings to cut banking red tape. The letter, which is signed by the chief executives of Aldermore, Charter Savings, Hampden and Co, Metro Bank, OneSavings Bank, Secure Trust Bank and Shawbrook, is dated 30 June. However, [...]
HSBC currency traders charged in New York in US rate-rigging investigation July 20, 2016 Two of HSBC's top currency traders have been charged in New York today as part of the US investigation into rate-rigging, currency fixing and market manipulation. One, Mark Johnson, the bank's London-based global head of foreign exchange was arrested at John F Kennedy airport yesterday by FBI agents and was charged this afternoon in a federal court in Brooklyn with [...]
Morgan Stanley profits and revenues slide but shares rise as investors still impressed July 20, 2016 Morgan Stanley failed to bring home the bacon in its most recent quarter, after it revealed today that both profits and revenues had failed to meet last year's standards. The figures The banking behemoth reported net income for the three months to June of $1.6bn (£1.2bn), down 12 per cent compared with $1.8bn the year [...]
Everything that glitters is Goldman Sachs, as profits surge for the three months to June July 19, 2016 Goldman Sachs triumphed over all expectations today, reporting a surge in profits for its most recent quarter. The figures The US banking giant reported net earnings for the three months to June of $1.8bn (£1.4bn), a massive 74 per cent increase on just over $1bn the year before and a 61 per cent increase from $1.1bn in the [...]
Santander’s added $100m to its fintech venture fund July 18, 2016 Santander is ploughing a further $100m (£75.3m) into its venture fund to invest in fintech startups around the world. The cash doubles the bank's UK-based venture investment fund, Santander InnoVentures, which has already invested in blockchain startups Ripple and Digital Asset Holdings. “A deeper investment in our fintech fund represents Santander's success in investing in disruptive new technologies that will help [...]
Bank of America beats expectations despite taking a sharp blow to profits and revenues July 18, 2016 Bank of America beat analysts' expectations today, despite reporting a drastic drop in both profits and revenues. The figures The bank reported revenue net of interest expense of $20.4bn (£15.4bn) for its second quarter of 2016, down from $22bn in the same period the year before. Revenue on a fully taxable-equivalent basis, meanwhile, came in at $20.6bn. [...]
NatWest launches a not-so-small fund for small businesses July 18, 2016 NatWest will say this morning that it has faith in small businesses, while launching a £1bn fund. The bank is launching a new lending fund, which is designed to support the growth of businesses across England and Wales which have not yet broken the £2m mark for turnover. "Small businesses make up more than 99 per [...]
Italian banks now likely to get hybrid solution, as EU rules still stand in the way of original plan July 17, 2016 Italy's embattled banks are likely to benefit from a hybrid solution rather than a full-blown government bailout, it has been suggested. It was widely understood the Italian government had been in discussion with the EU regarding plans to inject €40bn (£33.5bn) into the country's banking industry, which is currently struggling with hundred of billions of euros of [...]
US bank earnings round two: What will this week have in store for Goldman Sachs, Morgan Stanley and Bank of America? July 17, 2016 It's set to be another big week on Wall Street, with another slew of banking giants due to announce earnings. Bank of America Merrill Lynch will share how it performed in its most recent quarter on Monday, while Goldman Sachs is set to do the same on Tuesday. Morgan Stanley will be reporting on Wednesday, [...]
The Co-operative Bank has hired a new chief financial officer July 15, 2016 The Co-operative Bank has hired John Worth as its new chief financial offer. Barclays and Ernst & Young veteran Worth, currently interim finance chief at Hiscox, will take the reins at the lender at the beginning of September. It's not an easy time to join the Co-op: not only did chief executive Niall Booker hand in [...]