US bank earnings round two: What will this week have in store for Goldman Sachs, Morgan Stanley and Bank of America? July 17, 2016 It's set to be another big week on Wall Street, with another slew of banking giants due to announce earnings. Bank of America Merrill Lynch will share how it performed in its most recent quarter on Monday, while Goldman Sachs is set to do the same on Tuesday. Morgan Stanley will be reporting on Wednesday, [...]
Santander Bank fined $10m in the US to settle vendor’s overdraft practices July 14, 2016 Santander Bank has today been told to fork out a $10m (£7.5m) fine after one of its vendors signed customers up to overdraft services without their consent. In addition to enrolling customers without their go-ahead, the Consumer Financial Protection Bureau (CFPB) said the bank's telemarketer misled customers into thinking the service offered was free, when it actually cost $35 per [...]
End of an era? Post Office considers closing door on final salary pension scheme July 14, 2016 Another final salary pension has taken a step closer to biting the dust today, as it emerged the Post Office was considering shutting the door on its scheme and carting its members over to a defined contribution (DC) offering. The organisation has recommended the pension trustees close the scheme to future accrual at the end of March [...]
The City watchdog is having a think about how you’ll take your pension July 14, 2016 The City watchdog is keen to make sure the pensions market keeps ticking over, and has revealed today just how it plans to do it. The Financial Conduct Authority (FCA) is conducting a Retirement Outcomes Review, with a full report expected to be published next summer, and has today laid out what precisely it plans [...]
First Republic Bank delivers quite pleasing double digit results July 14, 2016 First Republic Bank's chief executive today said he was "quite pleased" with the double digit revenue and profit growth his firm has delivered. The figures The bank reported net income of $165m for the three months to June, up 25.6 per cent year-on-year, and revenues of $535.1m, up 17.5 per cent. Meanwhile, diluted earnings per share came in at $0.97, [...]
And so it begins: JP Morgan Chase kicks off US bank results with a slight slump in profits, but a rise in revenues July 14, 2016 Net income at JP Morgan Chase has slumped slightly year-on-year, but comfortably beat analysts' expectations, the banking giant reported today. The figures The company reported net income of $6.2bn (£4.6bn) for its second quarter of the financial year, down one per cent compared with $6.3bn the year before but up 12 per cent on $5.5bn in the last quarter. However, the [...]
Hip hip for Hays: Strong growth overall despite small pre-Brexit slump in UK market July 14, 2016 Hays has been pulling in the fees at a good pace worldwide, the recruiter revealed in a short trading statement today. The figures The company reported eight per cent growth in net fees on a like-for-like basis for the three months to June. The statement for the recruiting firm's fourth quarter also revealed full-year operating profits were [...]
Public grants May a honeymoon period, while filing for divorce from Corbyn July 13, 2016 People are head over heels for new Prime Minister Theresa May but have fallen out with Labour leader Jeremy Corbyn, a poll released earlier today found. Ipsos Mori's Political Monitor discovered that over half (55 per cent) of the 1,021 adults it surveyed felt that May has what it takes to make a good Prime [...]
Insurers turn their back on M&A and look for alternative ways to grow July 13, 2016 The number of completed mergers and acquisitions in the insurance sector has slumped in recent months, a report out today has found. The research by law firm Clyde & Co found that there were just 173 deals worldwide between October 2015 and March 2016, compared with 250 in the six months before that. The law firm has noticed [...]
