A no stress guide to tonight’s European bank stress test results July 29, 2016 At around 9pm British Summer Time, the European Banking Authority (EBA) is due to finally reveal the results of its bank stress test, the latest checkup on the health of the region's lenders. The test results will unveil what the state of capital would be at 51 of the EU's biggest banks, which account for about 70 per [...]
Rates of 0.25 per cent would be fine, it’s zero per cent interest we’re worried about, says Barclays July 29, 2016 Barclays is not all that concerned about a 0.25 per cent interest rate. A zero per cent rate, on the other hand, could cause some issues. Slotted away at the back of its half-year results, which were released earlier on today, Barclays has charted the effect movements in interest rates would likely have on its [...]
Here’s why Barclays’ share price is up while its profits are down July 29, 2016 Barclays' share price right now is a little bit confusing. Despite reporting a 21 per cent slump in its pre-tax profits for the first half of 2016, the banking giant's shares are up 6.9 per cent – outpacing the rest of the FTSE 100 by a long shot. Digging deeper into the figure, it's easy [...]
Barclays pre-tax profits slip more than 20pc for the first half of 2016 July 29, 2016 Barclays has reported a slide in pre-tax profits for the first half of the year. The figures Profits before tax at the banking giant plunged to £2.1bn, down 21 per cent on £2.6bn the year before, and attributable profits dropped to £1.1bn, down 31 per cent from £1.6bn for the six months ending June 2015. [...]
Banking bleakness: This is how people reacted to 3,000 further job losses at Lloyds Banking Group July 28, 2016 In its half-year results this morning, Lloyds Banking Group revealed it would be shedding a further 3,000 jobs by 2017. Persistently low interest rates are proving a problem for the banking sector, and the situation could be about to get even worse: many are predicting the Bank of England will choose to cut rates further [...]
Leicester City eye transfer market savings after agreeing partnership with FairFX trading firm July 28, 2016 Premier League champions Leicester City have capitalised on their success by striking a partnership with a City-based foreign exchange provider that they hope will save them millions of pounds in the transfer market. Leicester will work with FairFX's international payments service when conducting all overseas transfers after agreeing a two-year deal with the firm. With more money to spend on [...]
Uncertainty of being given overdraft prevents two thirds of customers from switching current accounts July 27, 2016 Two thirds of current account holders are in the dark about whether they can switch accounts if they are overdrawn, according to new research. Research from uSwitch.com, the price comparison site, found that people do not switch accounts as they are unsure about whether they are able to make the change when overdrawn, despite a [...]
Ex-Barclays Cartel member told “life isn’t fair” as he was shown the door, court hears July 26, 2016 A former Barclays trader was told "life isn't fair" shortly before being fired, a court heard today. Chris Ashton was disciplined by the bank in April last year. He was previously a member of "The Cartel", a chat room used by senior traders at a number of banks to share information in a bid to shift currency benchmarks in [...]
Global oil falls below $45 as oversupply concerns weigh July 25, 2016 Oil dropped to a two-month low today, amid concerns that the persistent global glut of crude and refined products isn't shrinking quickly enough. Brent crude, the global benchmark, was last down 1.46 per cent to $44.94 per barrel. Meanwhile, its US counterpart, West Texas Intermediate crude, slumped 1.95 per cent to 43.33 per barrel. Hedge [...]