UBS set for £2.7bn more credit crunch write-offs August 11, 2008 UBS IS expected to write off €3.5bn (£2.7bn) in assets damaged by the credit crunch tomorrow, as the interim banking results season limps to a close. The Swiss banking giant, which had significant exposure to US subprime mortgages, has endured a year of gloom, posting writedowns of $37bn since the beginning of the credit crunch [...]
Nomura in bid talks with Collins Stewart August 8, 2008 Cash-rich Japanese bank Nomura is believed to be in talks with small cap stockbroker Collins Stewart, while Australian bank Macquarie and Israeli multi-national Delek Capital, a subsidiary of Israeli conglomerate Delek, are also understood to have shown an interest in acquiring the broker. Collins Stewart said on Wednesday that it had received a preliminary approach, [...]
Halifax piles on woe August 8, 2008 The drip feed of bad news for the property market continued yesterday when Britain’s biggest lender Halifax revealed that house prices have fallen back to mid-2006 levels. House prices are now 8.8 per cent lower than they were this time last year, Halifax said, with an average home in Britain costing £21,733 less than July [...]
Barclays looks to grow despite loss August 8, 2008 Barclays executives sounded a note of caution yesterday, as the bank posted a 33 per cent decline in pre-tax profits to £2.75bn and took £2.45bn in impairment charges and credit provisions. Pre-tax profits fell 33 per cent from £4.1bn to £2.75bn, while income remained at £11.8bn and the dividend was stable at 11.5p. Chief executive [...]
BNP Paribas tops market and outperforms rivals August 7, 2008 BNP Paribas the French banking giant, reported a 34 per cent fall in second-quarter net profits as it beat expectations to outperform some of its closest rivals, sending shares up by as much as 6.3 per cent. France’s largest listed bank reported a net profit of €1.51bn (£1.18bn) for the quarter, down from €2.28bn, as [...]
Wall Street giants face huge fines August 7, 2008 Citigroup pays out $100m to settle US charges that it marketed debt fraudulently Top City firms could face huge fines after Citigroup yesterday agreed to pay the New York authorities $100m to settle charges it marketed US auction debt fraudulently. The banking giant also agreed to buy back $7.5bn (£3.75bn) of illiquid securities by November [...]
Taxpayers to fund further Rock bail out August 6, 2008 The taxpayers is to provide Northern Rock with £3bn in financial support after falling house prices and problem loans pushed the struggling state owned lender into a £585.4m loss for the six months to June. Northern Rock executive chairman Ron Sandler yesterday announced that the bank would enter into a debt for equity swap with [...]
Soc Gen shares rise despite profit drop August 6, 2008 French bank Société Générale yesterday reported a 63 per cent fall in second-quarter profits, but its shares rallied, as figures were better than analysts had expected. The Paris-based bank, which is still coming to terms with the rogue trading scandal that caused a €4.9bn loss, saw net profits fall to €664m (£525m) from €1.74bn last [...]
Asia helps StandChart defy crunch August 6, 2008 Standard Chartered’s large presence in Asia helped it buck the banking trend yesterday, as it posted a 31 per cent rise in first-half profit. First-half pre-tax profit outstripped analysts’ expectations to reach a record figure of £1.32bn, as growth in the Asian economies continued apace despite a slowdown in the West. Chief executive Peter Sands [...]
Fortis profits halve on new writedowns August 5, 2008 Fortis was the latest bank to be hit by the credit crunch, as it announced interim profits down by 41 per cent, after a second wave of writedowns related to choppy credit markets. The troubled Belgian-Dutch group’s net profit slumped to €1.6bn (£1.3bn) from €2.8bn in the first six months as the bank took €591m [...]