HSBC shares sink after revenue misses expectations Banking Shares in HSBC plunged this morning with billions wiped from its market value after the bank missed revenue expectations in the third-quarter. The FTSE 100 bank’s stock slid seven per cent in early trading to 1,269.0p in a move that shed around £16bn from the firm’s market capitalisation. It also put it on track to [...]
‘Own goal’ – City chiefs warn Healey higher bank taxes hurt jobs outside London Economics Top City chiefs are launching last-ditch attempts to stop a punishing tax raid on banks at the Budget, warning the move will hurt jobs and growth outside of London. Rain Newton-Smith, the chief executive of the CBI, is set to warn Chancellor John Healey that increasing taxes on banks would be an “own goal for [...]
Goldman Sachs to host Badenoch for City charm offensive Banking Kemi Badenoch will step up her business charm offensive after the Budget with a roundtable hosted by Wall Street giant Goldman Sachs, City AM can reveal. The Tory leader will co-host a lunch for founders, investors and chief executives from across the UK alongside Goldman Sachs International’s chief executive, Anthony Gutman, City AM understands. The [...]
Healey’s ‘mixed messages’ on bank tax leave City blindsided October 16, 2026 The City was left reeling on Friday following reports that John Healey was drawing up plans to tax banks in the forthcoming Budget. Industry heavyweights across the UK have fired warning shots as Healey weighs up different options to target the banking industry with a hefty cash raid. One City figure told City AM a [...]
Lloyds and Barclays shares fall as Healey ‘poised’ to hike bank tax October 16, 2026 Shares in Britain’s banking giants tumbled this morning after new reports suggested John Healey is set to raise taxes on lenders when he delivers his first Budget at the end of the month. Natwest dropped two per cent to 660.40p, while Lloyds was down around 2.5 per cent to 103.40p. Barclays slid 0.4 per cent [...]
‘It’s hard to call the peak’: Wall Street banks land $22bn trading haul October 14, 2026 Traders at Wall Street’s biggest banks kept their blockbuster winning streak alive in the third-quarter as they made hay on volatility triggered by the war in Iran and swinging AI stocks. Equity trading divisions at the big six US banks – JP Morgan, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and Wells Fargo – [...]
Dimon warns of risks ‘under the surface’ as JP Morgan earnings miss October 13, 2026 JP Morgan boss Jamie Dimon has warned of a broad set of economic risks “under the surface” as the Wall Street bank’s earnings missed expectations in the third quarter. The US banking giant reported $50.9bn (£38.4bn) in revenue for its latest three month period, up eight per cent year-on-year. But this undershot the $51.2bn forecast [...]
Motor finance legal battle set for February 2027 October 13, 2026 The City watchdog has confirmed that the legal battle over its motor finance redress scheme will take place early next year following widespread backlash against its multi-billion-pound programme. The Financial Conduct Authority (FCA) will face challenges from three lenders, Volkswagen Financial Services, Mercedes-Benz Financial Services, and Crédit Agricole Auto Finance, as well as the advocacy [...]
HSBC set to axe UK wealth jobs as AI takes hold October 7, 2026 HSBC is putting a raft of roles in its UK wealth division on the chopping block following a push to slash costs with artificial intelligence. Europe’s biggest lender is consulting on changes to its wealth management operations that would lead to a shake-up for hundreds of relationship managers and financial advisers across the UK. The [...]
UK bank bosses and John Healey set for tax showdown October 5, 2026 When banking lobbyists geared up for an offensive ahead of the 2025 Budget, a tax cut barely made the wishlist. Modest in their ambitions, advocates were preparing to settle for anything that didn’t see their already eye-wateringly high tax bill rise. That is until, City AM understands, officials advised them to make a cut a [...]