Banks braced for rise in PPI costs after surge of last-minute claims September 5, 2019 Britain’s banking sector is bracing itself for a multi-billion pound balance sheet backlash from a worse-than-expected rush of payment protection insurance (PPI) complaints that were lodged late last month. Some of the country’s largest banks are facing huge costs following a stampede of consumers making claims for mis-sold PPI in the run-up to the August [...]
CYBG share price plunges after warning of potential £450m hit from PPI September 5, 2019 CYBG’s share price crashed by nearly 20 per cent in early morning trading, as investors reacted to the bank’s news last night that it would take a £300m-£450m hit from payment protection insurance (PPI) costs. Clydesdale Bank, which also owns the Yorkshire Bank and Virgin Money brands, revealed yesterday evening that it expects to increase [...]
Dixons Carphone posts slump in mobile phone sales September 5, 2019 Dixons Carphone posted a double-digit drop in mobile phone sales during the last quarter, but said today that it was still on track to meet its financial guidance for the year. The consumer electronics giant, which has been hit by a growing volume of customers keeping their handsets for longer and going for SIM-only deals [...]
UBS cuts global growth outlook as US-China trade war bites September 4, 2019 UBS cut its outlook for global growth today, as trade war tensions weighed on the Swiss bank’s optimism for the year ahead. World growth is projected to grow by 2.5 per cent in the coming quarters, falling from a previous estimate of 3.2 per cent, as UBS cited the ongoing trade dispute between Washington, D.C. [...]
The 21 Tory MPs Boris Johnson has sacked from the party after Brexit defeat September 4, 2019 Boris Johnson’s historic showdown with MPs ended last night with 21 Tory rebels being expelled from the party. The Prime Minister, who lost a crucial vote yesterday that gives the Commons control of the order paper, swiftly sacked 21 MPs who rebelled against him in the battle to prevent a no-deal Brexit. Among the MPs [...]
Housebuilder Barratt Developments defies Brexit jitters as profits climb September 4, 2019 Barratt Developments shrugged off concerns of a housing market slowdown today after reporting a rise in pre-tax profits for the year to June 2019. The figures Britain’s largest housebuilder, which has been reducing its exposure to Central London’s subdued property market, posted profits before tax of £910m in the 12 months to 30 June, rising [...]
Bond fund giant Pimco ‘vying to buy’ £5bn taxpayer-owned loan portfolio September 3, 2019 Global investment giant Pimco is reportedly among the bidders looking to snap up the final tranche of taxpayer-owned customer loans issued in the wake of the financial crisis a decade ago. The bond fund manager is eyeing a possible bid for the £5bn loan portfolio, according to Sky News, in a City sale that marks [...]
Goldman Sachs veteran Marty Chavez heads for the exit September 3, 2019 Goldman Sachs veteran Marty Chavez is stepping down from the global bank. Read more: Deutsche boss to buy shares in bank Chavez, who has served at the US banking giant for almost two decades, is set to retire as global co-head of the securities division at the end of this year. Chavez, who joined the [...]
Brexit bargains: Foreign buyers snap up UK companies in M&A frenzy September 3, 2019 The value of foreign takeover deals in the UK have jumped over the last quarter, nearly doubling on the previous three-month period after several notable mergers were inked in the City. Read more: UK M&A deal values more than halve amid global tensions Inward mergers and acquisitions, whereby an overseas company acquires a UK firm, [...]
Goldman Sachs hikes no-deal Brexit probability ahead of crucial day in Westminster September 3, 2019 Goldman Sachs has raised its expectations of Britain leaving the European Union without an agreement, as today’s political tussling in Westminster fuels further speculation in the City of a no-deal Brexit. The global bank has said the prolonged suspension of parliament has led it to hike its forecasts of a no-deal Brexit from 20 per [...]
