Exclusive: MPs call for clarity on Bounce Back Loan replacement as lenders shut door on SMEs October 28, 2020 An influential group of cross-party MPs has called for the government to replace the Bounce Back Loan Scheme (BBLS) as soon as possible after lenders shut the door on new applicants for the state-backed coronavirus funding. All but one of the 28 banks eligible to lend money under the scheme have closed to new customers, [...]
Goldman Sachs accused of covering up sexual misconduct allegation October 27, 2020 Goldman Sachs attempted to cover up allegations of workplace sexual misconduct by its head of litigation and fired a female lawyer for raising concerns over his behaviour, a lawsuit filed in New York claims. Marla Crawford, a former associate general counsel at the bank, alleged she was discriminated against and fired after complaining about the [...]
HSBC to overhaul business model as ultra-low interest rates hit profit October 27, 2020 HSBC is planning a coronavirus-induced overhaul of its business model, seeking to shift its main source of income from interest rate to fee-based businesses. Europe’s biggest lender will also accelerate a sweeping cost-cutting programme, despite reporting better-than-expected results for the third quarter. Read more: HSBC ‘to cut 300 jobs’ in overhaul of UK commercial banking [...]
BP swings back to profit but coronavirus weighs on demand October 27, 2020 BP returned to a small profit in the third quarter, but warned the pace of recovery from Covid-19 remains uncertain as the pandemic weighs on fuel demand and refining profits. The oil major reported a profit of $86m (£66m) profit for the three months to 30 September, beating analysts’ expectations of a $120m loss. The [...]
Santander rebounds from historic loss as loan repayments pick up October 27, 2020 Santander returned to profit in the third quarter following a historic loss, upgrading its full-year forecasts as customers began to recover from the initial impact of Covid-19. Net profit at the Spanish lender trebled in the third quarter to €1.75bn compared to 2019, when Santander was hit by a large writedown in the value of [...]
Goldman Sachs to pay $3bn to settle charges over role in 1MDB scandal October 22, 2020 Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) to settle a probe into its role in Malaysia’s 1MDB corruption scandal, drawing a line under a saga that has dogged the bank for years. The settlement resolves a probe led by US authorities into the bank’s role in underwriting three bond offerings in 2012 and [...]
KPMG considering sale of UK restructuring business October 22, 2020 KPMG is considering selling its UK restructuring business as the accounting giant looks to shore up its finances after delaying its annual results amid the disruption caused by Covid-19. The firm is exploring options for the division including a possible sale as the Big Four accountants prepare for extensive reforms of their business to comply [...]
Deutsche Bank ‘in talks to sell IT unit’ as cost-cutting continues October 22, 2020 Deutsche Bank is reportedly in talks to sell a IT services unit to Tata Consulting Services (TCS), one of Asia’s biggest software exporters, as the lender continues a cost-cutting programme. Talks about the sale of Bonn-based Postbank Systems to TCS are expected to result in a deal for the division by the end of the [...]
CBI: Decline in UK manufacturing slowed in October but activity still weak October 22, 2020 UK manufacturing activity continued to decline in the three months October but fell at their slowest pace since March despite a resurgence in coronavirus cases, a new survey showed. Output dropped in 10 of the 17 manufacturing sub-sectors monitored by the CBI’s industrial trends survey, with the aerospace sector leading the drop as the pandemic [...]
Payouts from government’s Covid-19 lending programmes hit £62bn October 22, 2020 The total value of loans paid out under the government’s coronavirus business lending schemes hit almost £62bn last week, new data showed. UK banks had lent a total of £61.9bn to businesses struggling with the impact of the Covid-19 pandemic as of 18 October, up from £57.3bn the previous month, according to figures from the [...]
