Here’s why HSBC’s share price is up when its profits are down November 7, 2016 Despite reporting an 86 per cent slide in statutory pre-tax profits this morning, shares in HSBC have soared and are trading up five per cent at 624.4p at time of writing. Why are investors so enthusiastic when profits are plummeting? HSBC's bottom line is being dragged down by hefty one-off hits, such as the disposal of [...]
Convicted Libor traders hit back at fraud squad boss for “misleading” comments November 6, 2016 Two convicted Libor traders have launched fresh attacks against the head of the fraud squad for presenting "misleading" stories about their trials. The scathing criticism comes after David Green, director of the Serious Fraud Office (SFO), gave evidence to the Justice Select Committee last month on, among other things, his agency's performance in the Libor [...]
City bosses torn over Article 50 decision November 6, 2016 Senior City figures are struggling with mixed emotions following last week's Article 50 decision. Business leaders feel the High Court ruling, which decided parliament must be consulted before Prime Minister Theresa May can trigger Article 50, will generate yet more uncertainty in the wake of June's referendum result. However, there is also a sense of relief [...]
Profit slump expected for HSBC this quarter November 6, 2016 HSBC is expected to report its profits have plunged when it releases its third quarter results in the early hours of tomorrow morning. Analysts have predicted the banking giant, which is listed in Hong Kong, New York and Paris as well as London, will announce statutory pre-tax profits of $2.4bn (£1.9bn), down 60 per cent compared with [...]
Blackrock has launched a stinging attack on contributions to the pensions of FTSE bosses in a letter to MPs November 6, 2016 Fund manager Blackrock has issued a slap-down to FTSE 100 bosses, demanding their pension payments be dramatically slashed. The firm has told MPs that contributions to the retirement savings for executives should be brought into line with those for most workers and has demanded the “elimination” of board-level final salary schemes. The letter is one of [...]
Sir Philip Green locked in battle with BHS administrator over fate of £35m charge November 6, 2016 Sir Philip Green is at odds with one of BHS' administrators over a charge worth millions that his Arcadia Group holds over the collapsed retail chain. BHS fell into administration this April, running a pension deficit worth £571m at the time, and it was later decided the company could not be saved and would need [...]
Williams & Glyn sell off sparks watchdog’s attention November 6, 2016 Royal Bank of Scotland's (RBS) potential sale of Williams & Glyn to challenger Clydesdale & Yorkshire Bank (CYBG) has sparked the attention of the banking watchdog. RBS was told to divest of Williams & Glyn, and its network of more than 300 branches, by 2017 as part of its £45bn state bailout deal. CYBG revealed [...]
Former Barclays boss says technology is the key to scandal-free banking November 6, 2016 A former Barclays boss has said banking scandals could be slashed if there were less people across the sector and more computers. Antony Jenkins, who was suddenly let go from his group chief executive role at Barclays last year, has previously spoken about the "Uber" moment the industry is undergoing, and launched his own fintech venture, [...]
Prime Minister Theresa May still has faith in Attorney General Jeremy Wright November 3, 2016 Prime Minister Theresa May still has faith in the Attorney General despite losing the Article 50 case today, a spokeswoman for Number 10 has confirmed. Asked if May retained confidence in Jeremy Wright, they confirmed the Prime Minister's support. Wright was among government's legal team, defending an argument brought by a number of parties that it could not [...]
Article 50: What happens next? November 3, 2016 The government must consult parliament before it can trigger Article 50, a court has decided today. But what does that mean for Brexit? Quickly remind me: who's involved in all of this? The case was brought to court by a number of parties but the lead claimant is businesswoman Gina Miller. Basically, they were arguing [...]
