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, [...]
BlackRock falls short of expectations due to low pound and wary investors July 14, 2016 The world’s largest asset manager BlackRock has missed expectations in its second quarter. Revenue is down three per cent to $2.8bn (£2bn), net income declined four per cent to $789m, while assets under management also fell four per cent on last year to $4.89 trillion. BlackRock’s adjusted earnings per share for the quarter were $4.78, falling short of an analyst consensus of $4.81. The New York [...]
And so it begins: JP Morgan Chase kicks off US bank results with a slight slump in profits, but a rise in revenues July 14, 2016 Net income at JP Morgan Chase has slumped slightly year-on-year, but comfortably beat analysts' expectations, the banking giant reported today. The figures The company reported net income of $6.2bn (£4.6bn) for its second quarter of the financial year, down one per cent compared with $6.3bn the year before but up 12 per cent on $5.5bn in the last quarter. However, the [...]
Investment banking revenues across Europe have hit a 14-year low in 2016 July 13, 2016 European investment banking (IB) revenues have plunged to a 14-year low, new figures show. In total, IB turnover has come to $8.2bn (£6.2bn) so far this year, to 12 July, according to Dealogic. This is down 22 per cent on the same period in 2015 and is at its lowest year-to-date level since 2002. The figures emerged [...]
Harrods Bank has become the first UK lender to sell gold online – and it’s launched an own-brand bullion bar July 13, 2016 Harrods is looking to cash in on the rush to safe-haven assets, such as gold, by launching an online service for selling gold bullion bars. The online service is the first of its kind from a UK bank, and will sell bars from 1g up a 12.5kg, as well as an own-brand Harrods Bank bar. The lender already sells [...]
Brexit fallout: Currency market bloodbath was a boon for broker Icap July 13, 2016 The market turmoil that followed Britain's shock decision to leave the European Union was a boon for broker Icap – but that wasn't enough to offset the wider difficulties facing its electronic trading division. The firm, which will soon be called Nex Group, said today that currency trading volume jumped to $200bn on 24 June. It came after [...]