‘No terminal damage’ of the City because of Brexit, says Barclays boss John McFarlane | City A.M. July 25, 2018 Barclays boss John McFarlane has struck a note of caution about the impact of Brexit on the City, saying he doesn’t believe it will cause “terminal damage”. In an interview with Reuters, the chairman also known as ‘Mac the Knife’ shrugged off fears that the plan for the sector’s future trading relationship, revealed as part [...]
‘Natural income’ vs ‘decumulation’: what’s the best way to take income from my investments? July 23, 2018 The goal of many investors is to build a portfolio that can generate sufficient income to replace traditional sources, but this isn’t as straightforward as it may seem. It is essential to understand the different methods of extracting money from your investments. How money is withdrawn can dramatically affect the length of time until that [...]
Amazon’s (AMZN) cloud and online retail services to push results sky-high, while Spotify (SPOT) wanes on revenue | City A.M. July 22, 2018 After showcasing impressive sales and subscription numbers on Prime Day and briefly breaking $900bn (£691bn) in market value last week, Amazon has investors convinced of a strong second quarter ahead of its results on Thursday 26 July. Consumer estimates collated by S&P Global Market Intelligence put the company’s revenue at $53.4bn for the quarter, at [...]
Lloyds loses mortgage market share as HSBC and RBS rise July 18, 2018 Lloyds lost market share in UK mortgages last year as Royal Bank of Scotland (RBS), HSBC and a host of challengers gained, according to new data published today. Competitors to Lloyds bit off almost one per cent of their market share, which fell from 22.1 per cent to 21.2 per cent of mortgage balances outstanding [...]
Surprise! Deutsche Bank shares rise as it announces profits beat early | City A.M. July 16, 2018 Shares in Deutsche Bank jumped this morning as the German lender surprised markets by announcing that profits will be significantly above analyst expectations for the second quarter. Deutsche expects to report income before tax of €700m (£618m) for the April to June period, giving net income of €400m, it announced this morning. The ad hoc [...]
Star former Barclays trader convicted of Euribor rate rigging | City A.M. July 12, 2018 A former Barclays star trader has been found guilty of rigging the Euribor rate while the jury failed to reach a verdict on three other traders today. Former Barclays trader Philippe Moryoussef was found guilty of conspiracy to defraud on June 29. Deutsche Bank trader Achim Kraemer was earlier found not guilty of the same [...]
Barclays doubles unsecured lending limit for smaller firms July 9, 2018 Barclays will double its cap on unsecured lending to small businesses from £50,000 to £100,000 as it bids to drive lending volumes. The high street lender believes that as many as 40,000 firms will be eligible for the larger loans. It will also today announce it is raising the cap on unsecured overdrafts for firms [...]
Perk up your wallet: Digital receipts fintech startup Flux partners with Costa Coffee and Barclays Launchpad July 9, 2018 Paperless receipts and digital rewards startup Flux has teamed up with Costa Coffee to trial its tech in a number of central London stores. The trial will begin with a first phase of cashback rewards via Flux’s challenger bank partners Starling and Monzo, which is in a closed pilot, before expanding from there to explore [...]
Serious Fraud Office ends Lloyds Libor probes because of “insufficient evidence” July 4, 2018 The Serious Fraud Office (SFO) has dropped a criminal investigation into Libor manipulation at Lloyds Banking Group, removing a cloud over the lender. The SFO dropped the case because it lacked evidence, despite the Financial Conduct Authority’s previous assertion that 16 individuals at Lloyds knew about the Libor fixing. Some lines of inquiry in the [...]
Paragon buys Titlestone developer and loan book in £274m deal with Oaktree Capital Management July 3, 2018 Challenger bank Paragon today announced the purchase of £48m residential developer Titlestone and a £226m loan book from Oaktree Capital Management. Paragon, which offers mortgage and business lending, said the moves are part of a strategy to diversify into specialist lending markets. Titlestone advanced £274m in loans to small and medium-sized developers during the year [...]