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 [...]
Citigroup shares rise as earnings beat expectations – but profits still drop July 15, 2016 Citigroup shares rose in pre-market trading in New York, after it reported a dip in profits and earnings – but still beat expectations. The figures In a statement posted today, the investment banking giant said revenues fell eight per cent to $17.5bn (£1.31bn) in the second quarter, down from $19.2bn during the same period last year. Adjusted net income fell 14 [...]
Wells Fargo profits drop but US banking giant meets expectations July 15, 2016 US banking giant Wells Fargo has reported a slight drop in profit for the second quarter of 2016 compared with the year before – but still met analsyts' expectations. The figures Net income was down to $5.6bn (£4.2bn) in the second quarter, from $5.7bn in the same period of last year. Earnings per share (EPS) was $1.01, [...]
Santander Bank fined $10m in the US to settle vendor’s overdraft practices July 14, 2016 Santander Bank has today been told to fork out a $10m (£7.5m) fine after one of its vendors signed customers up to overdraft services without their consent. In addition to enrolling customers without their go-ahead, the Consumer Financial Protection Bureau (CFPB) said the bank's telemarketer misled customers into thinking the service offered was free, when it actually cost $35 per [...]
First Republic Bank delivers quite pleasing double digit results July 14, 2016 First Republic Bank's chief executive today said he was "quite pleased" with the double digit revenue and profit growth his firm has delivered. The figures The bank reported net income of $165m for the three months to June, up 25.6 per cent year-on-year, and revenues of $535.1m, up 17.5 per cent. Meanwhile, diluted earnings per share came in at $0.97, [...]