Metro Bank crept further out of the red in 2016 February 22, 2017 Metro Bank revealed this morning it had taken a leap closer to turning an annual profit during 2016. The figures The challenger bank reported an underlying loss before tax for the year of £11.7m, an improvement of 75 per cent compared with £46.6m the year before, and a statutory loss before tax of £17.2m, compared with £56.8m the year before. [...]
Lloyds Bank pre-tax profits more than doubled in 2016 as PPI charges were slashed February 22, 2017 Lloyds Banking Group reported today that its statutory pre-tax profits for the year had shot up, as conduct-related charges for the year (ie. PPI costs) were more than halved. The figures The bank revealed statutory profits before tax of £4.2bn, up 158 per cent on £1.6bn the year before – although analysts had predicted the figure [...]
Brexit vacuum must be avoided, as new report warns of a second cliff edge scenario February 22, 2017 Businesses could find themselves launched off of a cliff edge and into a Brexit vacuum if the government does not line up its transition period with care. The Institute of Directors (IoD) is warning the UK will likely need longer than the two-year Article 50 process to negotiate both an EU exit agreement and a [...]
Going Dutch: Fieldfisher to launch in Amsterdam in May February 21, 2017 Fieldfisher announced today it is opening a new office in Amsterdam in May. The Dutch endeavour will be structured under a Swiss Verein model and will have five partners, all from Kennedy Van der Laan. "We've been looking at setting up an office in the Netherlands for a while," said Michael Chissick, managing partner of Fieldfisher. "We've [...]
HSBC slashes its bonus pool for the year, but chief exec Stuart Gulliver’s annual handout rises February 21, 2017 HSBC has cut its bonus pool by 12.3 per cent following a worse-than-expected 2016, although chief executive Stuart Gulliver saw his annual bonus grow. The banking giant revealed its total group variable pay pool for the year was slightly over $3bn (£2.4bn), down from $3.5bn in 2015. Meanwhile, bonuses to go around investment bankers fell to [...]
HSBC profits plunge 62 per cent as one-off costs eat into bottom line, and bank mulls moving 1,000 jobs to Paris because of Brexit February 21, 2017 HSBC revealed this morning that its profits have dropped dramatically after a series of one-off hits eroded its bottom line, and added that it was considering moving 1,000 jobs from London to Paris because of last year's Brexit vote. Shares in HSBC Holdings dropped 4.5 per cent at the open and were down 6.5 per [...]
Rallying behind Ross: Shareholders give their backing to RBS’ McEwan after reports suggest he’s eyeing the exit February 21, 2017 NULL
HSBC reveals it’s being probed by the watchdog over money laundering compliance issues February 21, 2017 HSBC revealed this morning it is being investigated by the City watchdog over potential shortcomings in its anti-money laundering controls. The bank's 2016 results statement, in which it also revealed its reported profits before tax had slumped 62 per cent to $7.1bn (£5.7bn), said it was "the subject of an investigation by the Financial Conduct Authority [...]
CYBG officially confirms it’s not trying to buy Williams & Glyn, after the Treasury says RBS no longer has to sell the challenger February 21, 2017 Clydesdale & Yorkshire Banking Group (CYBG) officially announced late last night it was no longer looking to buy Williams & Glyn from Royal Bank of Scotland. A statement from the challenger bank said it had "withdrawn its preliminary non-binding proposal for, and ceased discussions relating to, the Williams & Glyn operations". Shares in CYBG are trading up 1.8 [...]
The many musings of Douglas Flint: Highlights from the HSBC chairman February 21, 2017 HSBC announced its 2016 full-year results this morning, and, alongside the figures, a statement from chairman Douglas Flint. While shareholders have shown all the signs of not agreeing with his assertion "HSBC's performance in 2016 was broadly satisfactory", with shares falling 4.5 per cent on the open after the bank announced its reported pre-tax profits for [...]
