UBS rogue trader Kweku Adoboli is sorry but warns it could happen again August 1, 2016 UBS rogue trader Kweku Adoboli has warned banking culture still has a lot to answer for. Adoboli was convicted on two counts of fraud in 2012 after his unauthorised trading lost Swiss banking giant UBS £1.4bn. He was released from prison last summer after serving around half of his seven-year sentence. Now, Adoboli has told [...]
Brexit brings dark clouds to financial services, but there are some patches of sunshine ahead August 1, 2016 June's Brexit vote may bring doom and gloom to the economy and, by extension, the financial services sector, according to research out today. EY's ITEM Club outlook for financial services has predicted lending to businesses will fall by nearly two per cent in 2017 and a further one per cent in 2018, thanks to a bleaker economic outlook following 23 [...]
Banks need to act swiftly to avoid Brexit problems, warns report August 1, 2016 The banking sector needs to think quick to swerve some of the more negative effects of June's Brexit vote, a report out today suggests. The study by the Boston Consulting Group (BCG) warns that, not only will the worsened economic outlook take its toll on banking sector performance, banks need to be preparing for action now, [...]
Bad news expected from UK bank results this week, with profits forecast to slump at HSBC and a loss predicted for RBS July 31, 2016 Another bumper week of UK banking earnings is expected to bring a fresh dose of bad news, with profits expected to slide at HSBC and a loss forecast at RBS. Analysts have estimated banking giant HSBC, which will reveal earnings in the early hours of Wednesday morning, will report a fall in pre-tax earnings of 40 [...]
Interest rates could be about to get more interesting, with cut to 0.25 per cent widely expected next week July 31, 2016 Banks and savers alike will be bracing themselves for Thursday's Bank of England announcement, when it is largely expected interest rates will be chopped. The bank surprised many a few weeks ago when it opted to hold interest rates at its historically low 0.5 per cent level, where it has stuck since March 2009. Many [...]
Now the pensions watchdog is taking a closer look at the rest of Green’s empire July 31, 2016 Sir Philip Green may have a fresh set of questions to answer, as the pensions watchdog has launched a probe into the Arcadia Group. The Pensions Regulator (TPR) is already looking at whether it can demand Green foots the bill for the blackhole in the BHS pension scheme. Now, The Sunday Times has reported TPR is investigating [...]
A no stress guide to tonight’s European bank stress test results July 29, 2016 At around 9pm British Summer Time, the European Banking Authority (EBA) is due to finally reveal the results of its bank stress test, the latest checkup on the health of the region's lenders. The test results will unveil what the state of capital would be at 51 of the EU's biggest banks, which account for about 70 per [...]
Rates of 0.25 per cent would be fine, it’s zero per cent interest we’re worried about, says Barclays July 29, 2016 Barclays is not all that concerned about a 0.25 per cent interest rate. A zero per cent rate, on the other hand, could cause some issues. Slotted away at the back of its half-year results, which were released earlier on today, Barclays has charted the effect movements in interest rates would likely have on its [...]
Here’s why Barclays’ share price is up while its profits are down July 29, 2016 Barclays' share price right now is a little bit confusing. Despite reporting a 21 per cent slump in its pre-tax profits for the first half of 2016, the banking giant's shares are up 6.9 per cent – outpacing the rest of the FTSE 100 by a long shot. Digging deeper into the figure, it's easy [...]
