JPMorgan to book $700m charge January 9, 2013 JPMorgan Chase will book a $700m (£436m) charge when it releases its fourth-quarter accounts on 16 January, the company said in a regulatory filing last night. It is due to an industry-wide settlement with US regulators over allegations banks wrongly approved millions of foreclosures on US mortgages in the aftermath of the 2008 financial crisis. Under [...]
Mortgage approvals hit 10-month high January 4, 2013 The number of mortgage approvals hit their highest level since last January, data from the Bank of England showed today. Mortgage approvals hit 54,036 in November, the highest in 10 months, up from 53,071 in October. Before the 2008 financial crisis, monthly mortgage approvals ran at around 90,000, but the number of home sales has [...]
House prices edge up, driven by London and the south east December 18, 2012 HOUSE prices increased 1.5 per cent in the year to October with more than half of the growth driven by London and the south east, official figures revealed yesterday. The latest monthly survey by the Office for National Statistics (ONS) shows that prices rose by 0.2 per cent in October compared with the previous month [...]
Interest rates inch down in third month of Funding for Lending November 29, 2012 INTEREST rates on new secured loans edged down in October, the third month since the Funding for Lending Scheme (FLS) began, data revealed yesterday, but rates on unsecured loans rose. The average interest rate on new secured loans edged down from 3.77 per cent to 3.74 per cent last month, the Bank of England said. [...]
Santander spearheads drive to rehabilitate securitisations November 14, 2012 SANTANDER is set to be the first bank to add a new industry stamp of approval to a securitisation, as the sector hopes to improve the image of financial instruments tarnished in the financial crisis. Securitisations see portfolios of loans – in Santander’s case, car loans – sliced up and sold to investors. The failure [...]
JP Morgan can start buybacks post Whale loss November 8, 2012 JP MORGAN Chase & Co revealed yesterday that US regulators have approved a plan for the bank to use its capital to buy back as much as $3bn (£1.87bn) of its stock in the first quarter of 2013. The company also disclosed that it has reached “an agreement in principle” with the Securities and Exchange [...]
UK house prices fall in October November 6, 2012 UK house prices fell 0.7 per cent in October, Halifax said today. On an annual basis, property values fell 1.7 per cent. In the three months to October, prices were 1.2 per cent lower than in the previous quarter, the fifth successive decline, Halifax said. Martin Ellis, housing economist at the lender, today said: “The [...]
Confidence in UK economy may be short-lived after production data October 28, 2012 CONFIDENCE in the UK economy may take a knock this week, with manufacturing data unlikely to match the strong GDP news released last week. After last week’s upbeat news that the UK has officially exited recession, the manufacturing purchasing managers’ survey (PMI) due on Thursday is expected to show the sector contracted again in October. [...]
Branson plays down interest in RBS branches October 25, 2012 SIR Richard Branson has played down rumours that Virgin Money is at the forefront of a bidding war for 316 bank branches put back on the market by RBS. The founder of Virgin Group told City A.M. yesterday that while Virgin Money could look at the assets, “the bank is singing, and it’s doing great… [...]
No shortage of literature for banking bookworms this month October 23, 2012 RECENT City A.M. award winner and property giant Westfield welcomed the Prime Minister’s wife to their Shepherd’s Bush store yesterday. Samantha Cameron, ambassador of Save the Children, gave a special reading of The Snail and the Whale at Foyles Bookstore to a group of children from Larmenier & Sacred Heart primary school. But for grown-up [...]