Berenberg reports highest earnings in its 427-year history, as the bank cements its place on the investment scene February 7, 2017 Berenberg began today on a high, announcing its highest annual earnings to date in its 427-year history. The figures The world's second-oldest bank reported net profits had risen to €161m (£139m), up 56 per cent compared with €104m the year before and marking the second year in a row its bottom line has set a new record. Meanwhile, gross income grew [...]
Six traders from Deutsche Bank and Barclays plead not guilty to Euribor rigging February 7, 2017 Six traders pleaded not guilty to Euribor-rigging offences in a London court today, as part of the first case focusing on the Brussels-based benchmark brought by the UK's Serious Fraud Office (SFO). The traders in question are Christian Bittar, 45, a former employee of Deutsche Bank, Achim Kraemer, 52, who still works for Deutsche Bank, and four ex-Barclays [...]
Arrivederci: Barclays ditches more of its Italian non-core assets February 7, 2017 Barclays today announced it has agreed to sell of more of its non-core assets in Italy. The banking giant revealed it would be selling a portfolio of non-core performing and non-performing small business and corporate loans to AnaCap Financial Partners, but did not disclose a sale price. The portfolio, which has a book value of roughly €177m (£152.7m) [...]
Premium Bonds just lost some of their shine, as NS&I slashes rates on four of its key products February 7, 2017 Lady Luck was not on the side of Premium Bond holders this morning, after National Savings & Investments (NS&I) revealed it was slashing rates on four of its products. Along with cutting the prize fund rate for Premium Bonds, NS&I will be lowering the interest rate on its Direct Isa, Direct Saver and Income Bonds [...]
Lloyds Banking Group vows to review cases of customers caught up in HBOS fraud, after two ex-bankers jailed February 7, 2017 Lloyds Banking Group today pledged to review the cases of customers who could have been caught up in a fraudulent scheme linked to two former HBOS employees. Last week, two ex-HBOS bankers were among six people jailed for their roles in a ruse to drive small businesses into the ground for their own personal gain, running up [...]
MPs call on Lloyds to pay up compensation following HBOS fraud trial February 6, 2017 A group of MPs has today called on Lloyds Banking Group to repay victims of a scheme run by two former HBOS bankers. The two men, Lynden Scourfield, 54, and Mark Dobson, 56, were among six people jailed last week for their roles in a plot which drove troubled businesses into the ground for their own profit, all while [...]
Unicredit shares down more than five per cent as Italy’s biggest bank kicks off Italy’s largest ever rights issue February 6, 2017 Unicredit shares are currently trading down more than five per cent after Italy's biggest bank kicked off its bumper €13bn (£11.2bn) rights issue this morning. The rights issue, which is the country's largest ever, forms part of a wider turnaround plan announced by Unicredit's relatively new chief executive Jean Pierre Mustier late last year to bolster the lender's [...]
Paris appeals to London for win-win Brexit solution, as it prepares for tens of thousands of workers to move February 6, 2017 An army of French lobbyists and politicians swept into London today in an attempt to lure finance executives to Paris. However, the delegation admitted they cannot steal London's financial crown, and instead want to forge a mutually successful relationship between the two cities post-Brexit. "We are not here to steal business from London," insisted Jean-Louis Missika, vice-mayor [...]
Randgold shares soar after miner digs out boosted dividend and bumper profits February 6, 2017 Shares in Randgold have soared this morning, after the gold miner announced it was rewarding investors with a hefty boost to its dividend. The figures The company revealed that profits for the full year had risen to $294.2m (£236m), up 38.2 per cent compared with $212.8m the year before. Meanwhile, profits for the firm's fourth [...]
