Barclays backs down over Post Office cash ban after backlash from MPs October 24, 2019 Barclays has rowed back on controversial plans to stop cash withdrawals from post offices, after it came under fire from an influential committee of MPs. Politicians were set to urge Barclays to reverse its decision in a session of the Business, Energy and Industrial Strategy (Beis) Committee tomorrow, threatening to grill the lender’s bosses in [...]
Shoe Zone shares jump after revenue rise October 24, 2019 Shoe Zone, the UK’s largest value footwear retailer, hit the ground running this morning as a rise revenue boosted its share price. The group, which suffered a sharp drop in its share price this summer after issuing a profit warning, said today that revenue for the full-year had risen despite “challenging” trading conditions. Read more: [...]
Schroders to take charge of Woodford Patient Capital Trust October 24, 2019 Schroders will take charge of the embattled Woodford Patient Capital Trust (WPCT) after former star stockpicker Neil Woodford’s abrupt departure last week. Shares in WPCT surged over 28 per cent in morning trading following the news. Read more: DEBATE: Can Neil Woodford’s reputation ever recover? Woodford’s fall from grace was cemented last week when he [...]
Metro Bank to be loss-making ‘in 2020 and beyond’, Barclays warns October 24, 2019 City experts have warned of further pain to come at Metro Bank after the troubled lender revealed widening losses last night. Metro Bank reported underlying losses before tax of £3.6m for the first nine months of the year after the bell closed yesterday, falling from £25.1m last year as a result of a major accountancy [...]
RBS swings to loss in wake of £900m PPI charges October 24, 2019 The Royal Bank of Scotland (RBS) swung to a loss during the last quarter as a rush of payment protection insurance (PPI) claims caused a £900m hit to the lender’s balance sheet. RBS reports an operating loss of £8m for the nine months to the end of September 2019, falling from £961m in the same period last [...]
Handelsbanken in cost-cutting drive October 23, 2019 Handelsbanken reported a double-digit dip in net profit this morning as it revealed a major cost-cutting strategy. The Swedish lender plans to cut 800 jobs and pull out of several markets globally in an effort to slash annual spending by roughly 1.5bn crowns (£120m). Read more: Four things to watch out for in Metro Bank’s [...]
AIG eyes wealthy clients after launching new syndicate at Lloyd’s of London October 23, 2019 Lloyd’s of London has been given a major boost today after American International Group (AIG) revealed plans to set up its new high-end business at the historic marketplace. AIG is launching a syndicate at Lloyd’s of London aimed at serving the specialist US high net worth market in a move that it said could generate [...]
Four things to watch out for in Metro Bank’s results October 23, 2019 Metro Bank’s quarterly results this evening come after a torrid spell for the high street lender. In the last eight months the bank has suffered crashing profits, a failed bond issue and a senior shake-up of management, following the discovery of a major accounting issue in January. Today’s quarter three statement will be the latest [...]
Exclusive: Flexible office space firm Central Working falls into administration October 23, 2019 London-based flexible office space group Central Working has collapsed into administration. The co-working business, which hosts 1,850 companies across 11 sites in the UK, has appointed administrators from independent advisory firm Quantuma. Read more: Softbank seizes control of Wework in deal making Adam Neumann a billionaire A letter to tenants seen by City A.M. said [...]
Starling Bank raises £30m amid European expansion plans October 23, 2019 Starling Bank has raised £30m as part of an effort to ramp up its expansion into Europe. The British fintech giant, which claims to be on track to reach 1m accounts by the end of this year, has been tapping up fresh funds for its bullish expansion and investment in B2B banking services as well [...]
