There’s still more to come from UK banks’ connections to the Panama Papers, says the financial watchdog April 26, 2016 The Financial Conduct Authority (FCA) is still looking into the link between UK banks and the so-called Panama Papers tax avoidance leaks. The financial watchdog has written to around 20 banks and other financial institutions asking about their connection to Panamanian law firm Mossack Fonseca. The FCA gave firms a deadline of 15 April to undertake an initial review but there's still a [...]
Now we can all bank like the super-rich – as Goldman Sachs offers bank accounts to the hoi polloi April 25, 2016 Goldman Sachs might be used to dealing with the wealth of the world's highest rollers – but now you can feel just as exclusive, after the bank launched a drive for new retail bank customers. Yep – having revealed last week it had completed the acquisition of online retail bank GE Capital Bank and rebranded it as GS [...]
Warnings over number of interest-only mortgages maturing in 2016 as wave hits April 25, 2016 Up to 20,000 interest-only mortgage holders across the country could be without plans to repay their home loans when they mature this year. As many as 40,000 interest-only mortgages are set to be called in during 2016, kicking off a new wave of maturities expected to run until 2020. The high level of mortgages reaching maturity has sparked [...]
RBS and other UK banks facing first quarter earnings woe after US lenders posted a sharp drop in profit April 25, 2016 British banks are set to post first quarter profits this week that are weighed down by the rising risk of Brexit, bad debt, and poor investment banking performance. The difficult period has already dragged down profits at some the biggest US banks, though they largely managed to beat low estimates. Citibank, Goldman Sachs, Bank of [...]
Buyout firm Carlyle in talks with former Barclay’s CEO Bob Diamond for Africa arm bid April 24, 2016 Carlyle, the US buyout group, is in early stage talks with one of Bob Diamond’s investment vehicles over a bid for Barclays Africa. Diamond, who resigned as Barclays’ chief executive amid the Libor scandal, will use his New York-based investment vehicle, Atlas Merchant Capital, to jointly fundraise with Carlyle. Barclays announced last month it would [...]
Masthaven secures first retail banking licence of 2016 as challenger banks keep up the pressure on traditional groups April 21, 2016 Here's proof – if you needed it – that the rise of challenger banks continues. The government has granted its first retail banking licence of the year to Masthaven Bank – and the group is promising to "disrupt the market" with its approach to savings, mortgages and staff. Masthaven Bank received the thumbs up from the Prudential Regulation [...]
BNY Mellon joins other US banks in beating expectations in its first quarter April 21, 2016 Bank of New York Mellon has posted a five per cent increase in first-quarter profit due to heavy cost cutting and the US interest rate hike in December. Profit rose to $804m (£557m), or 73 cents a share, from $766m, or 67 cents, a year earlier. Analysts were expecting earnings of 67 cents a share, according to a Bloomberg poll. Total revenue [...]
Lloyds Banking Group reveals hundreds more job cuts in “dangerous race to bottom” April 21, 2016 Lloyds Banking Group is making a further 625 people redundant as part of a restructure that will result in a 10 per cent reduction in headcount. Around 80 of the jobs being cut will come from the IT department, which the bank is planning to offshore to India in what union Unite has dubbed "a dangerous race to the [...]
Another day, another challenger bank win, as TSB profits leap April 21, 2016 Following yesterday's suggestion that challenger banks are steaming ahead, this morning TSB bolstered that, as profits jumped 53 per cent. The figures Pre-tax profits rose 53 per cent from last year to £52.6m in the three months to the end of March, the bank said this morning, while total customer deposits rose 8.4 per cent to £26.8bn. Meanwhile, lending rose 28.3 per cent to £27..4bn, which [...]
What to expect from TSB’s latest results tomorrow morning, one year on from Sabadell’s takeover April 20, 2016 TSB, the challenger bank snapped up last year by Spain's Banco Sabadell for £1.7bn after being carved out of Lloyds Banking Group in 2014, will report its first quarter results tomorrow morning. Earlier this year TSB boasted that more than 1,000 new customers were joining it each day, and that it was beating its own target for customers switching [...]