Morgan Stanley profit jumps on strong trading performance October 15, 2020 Morgan Stanley posted a 25 per cent increase in third-quarter profit, closing a mixed Wall Street earnings season on a high. Lenders focused on trading have booked big gains for the quarter, while those with bigger retail operations have been hit harder by the coronavirus. Like fellow trading powerhouse Goldman Sachs, Morgan Stanley was able [...]
Banks not ready for negative interest rates, says Natwest chairman October 15, 2020 British banks are not ready to implement negative interest rates, the chairman of Natwest said today. “We’re not completely ready for it,” Howard Davies said during an interview. “There would be technical issues and many contractual issues.” The chairman said he was not in favour of negative rates being introduced, telling Bloomberg Radio there was [...]
Nine per cent of employees on furlough as scheme nears end October 15, 2020 Just over nine per cent of Britain’s workforce remain on furlough with less than a month to go before the scheme is replaced by less generous job support measures, a survey showed. Some 9.1 per cent of workers were furloughed during the two weeks to 4 October, according to a survey of businesses by the [...]
British American Tobacco appoints new chairman October 15, 2020 British American Tobacco has announced that Luc Jobin will succeed Richard Burrows as the company’s chairman. Jobin, a former chief executive Canadian National Railway Company and Imperial Tobacco Canada, will take over from Burrows at BAT’s annual general meeting in April next year. The Canadian first joined BAT’s board in 2017 as a non-executive director. [...]
Goldman Sachs: Brexit drama ahead but thin deal could be reached October 15, 2020 There could be Brexit-related drama at this week’s EU summit but a thin Brexit deal is likely to be struck by early November, Goldman Sachs analysts said. “We think the perceived probability of ‘no deal’ will persist through the course of October,” analysts led by Sven Jari Stehn wrote in a client note. “But our [...]
EU watchdog proposes software capital relief to increase banks’ safety buffers October 14, 2020 The European banking watchdog has proposed allowing lenders to include the value of software investments in capital calculations, a move that could increase banks’ capital buffers by billions of euros. The European Banking Authority (EBA) said lenders will be allowed to “amortise” or taper the value of software for capital purposes over three years. Under [...]
FTSE 100 and US stocks slip into the red in choppy session October 14, 2020 The FTSE 100 bucked the European trend and slipped into the red along with US stocks as investors weighed up the path of the coronavirus pandemic, company earnings, and geopolitics. London’s main stock index rose in morning trading. But a sharp climb in sterling set the index back in the afternoon. It was last down [...]
Goldman Sachs profit surges, Bank of America and Wells Fargo hit by loss provisions October 14, 2020 Goldman Sachs has reported a dramatic increase in third-quarter profit as increased trading revenues boosted the investment bank, while consumer-focused peers Bank of America and Wells Fargo were hit by increased provisions for bad loans. Goldman Sachs boosted by spike in trading activity Goldman reported a 94 per cent increase in quarterly profit, beating estimates [...]
EU markets watchdog working on ‘Plan B’ to move euro clearing from London October 14, 2020 The European markets watchdog is working on a “Plan B” that would move clearing of euro-denominated derivatives out of London if the bloc decides not to grant the UK long-term access to its markets. The London Stock Exchange’s LCH unit has been given permission by the bloc to continue clearing derivatives for EU customers for [...]
OECD: UK should focus on unemployed until recovery established October 14, 2020 The UK should do more to help those who have lost their jobs during the coronavirus pandemic and wait to fix the hole in its public finances until the recovery is underway, the Organisation for Economic Co-operation and Development (OECD) said. The UK’s economy is at “a critical juncture”, the organisation warned in an annual [...]
