Deutsche Bank sets aside €1.5bn as Libor fine looms April 22, 2015 Giant German lender Deutsche Bank last night said it is putting aside €1.5bn (£1.1bn) to pay for litigation costs incurred in the first quarter of the year. But despite the extraordinary charge, the bank still expects to report a profit for the three-month period, on the back of “near-record revenues.” The figure is thought to [...]
Cost cuts and volatile currencies push up BNY Mellon’s profits April 22, 2015 Profits jumped 16 per cent at BNY Mellon in the first quarter, as the world’s largest custody bank benefited from increased foreign exchange trading. It also saw fee income rise as asset inflows improved, and managed to cut costs after coming under pressure from investors to create a leaner operation. Profits came in at [...]
Lloyds Private Bank’s profits fall on advisory unit’s reshuffle April 22, 2015 PROFITS fell at Lloyds’ private bank last year, its accounts showed yesterday, as the unit reshuffled its business structure. Pre-tax profits came in at £46.1m, down 8.6 per cent on the 2013 level. Income fell 21.3 per cent in 2014, compared with growth of 3.7 per cent in 2013. The private bank, which services rich [...]
Stanchart hires Ex-GCHQ security chief April 22, 2015 Former spy chief Sir Iain Lobban is joining UK-based bank Standard Chartered as a member of its board’s financial crime risk committee. Lobban was director of GCHQ from 2008 to 2014, and led its work in counter-terrorism and cyber-security operations.
Pound buoyed by brighter tone of Bank minutes April 22, 2015 STERLING jumped yesterday as it was revealed that officials at the Bank of England were less concerned about deflation and external threats to the economy. Despite more bullishness in the minutes of the last monetary policy meeting released yesterday, rate-setters voted unanimously in favour of holding interest rates at 0.5 per cent. For two members [...]
Confidence high in the Eurozone as Germany lifts growth forecast April 22, 2015 THE EUROZONE economic outlook is becoming rosier, with confidence levels remaining high and Germany – the largest economy in the currency bloc – raising its growth expectations. German officials have raised their growth forecasts to 1.8 per cent this year, up from a 1.5 per cent forecast in January. The brighter outlook comes from the [...]
Households’ finances in better shape April 22, 2015 RISING incomes and flatlining prices are easing the squeeze on British households in the run up to the General Election, figures from Markit showed yesterday. Improved pay from growing employment helped drive its household finance index climbed to 45.8 in April from 45.5 in March, hitting the highest level since the survey started in 2009. [...]
Veteran dealmaker Rupert Hume-Kendall calls time on City career at Bank of America Merrill Lynch April 22, 2015 One of London’s best-known investment bankers is bowing out after 18 years at Bank of America Merrill Lynch. Rupert Hume-Kendall, one of the best-known dealmakers in the City, is stepping down from his position as chairman of global corporate and investment banking for Europe, the Middle East and Africa at Bank of America Merrill Lynch. [...]
Your Move: London rental prices have soared 27pc under David Cameron April 22, 2015 Residential rents in London have far outstripped the rate of inflation under the current government, according to a new report out today. Rent in the capital increased by 27.4 per cent since the last General Election, according to the latest Buy-to-Let index from estate agents Your Move and Reeds Rains. Consumer Price Inflation (CPI) increased [...]
New race started by Carney’s run April 22, 2015 THERE’S nothing like a race to get the City’s competitive juices flowing – as the London Marathon demonstrates. And this time it’s not just the running The Capitalist is talking about, it’s the sponsorship. With Bank of England governor Mark Carney set to don his trainers on Sunday in aid of Cancer Research UK, the [...]
