Mastercard snaps up Vocalink giving banks a £700m windfall July 21, 2016 Mastercard has snapped up a majority stake in Vocalink, the payments processor that probably handles your salary payment, in a £700m deal giving the biggest UK banks a windfall. The deal comes after the UK regulator urged banks to sell their stake in Vocalink, the system which governs trillions of payments in the UK, from bacs salaries to [...]
Challenger bank TSB reports 440.5 per cent jump in pre-tax profit July 21, 2016 Challenger bank TSB has reported a massive jump in pre-tax profit for the six months to 30 June, as customer numbers increased to beat targets and lending went up by almost 30 per cent. The figures Statutory pre-tax profit went up 440.5 per cent compared to the first half of 2015, hitting £125.4m, compared with [...]
Morgan Stanley chief exec says the bank may have to move staff to the continent following Brexit vote July 20, 2016 Morgan Stanley's chief exec has said the bank will relocate some of its UK staff following the Brexit vote. James Gorman said today the UK's decision to depart from the EU likely meant the bank would need to set up a headquarters in continental Europe, which would mean some jobs would be shifted. However, Gorman [...]
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 [...]