UK Finance makes £15m loss following merger of six trade groups October 14, 2018 UK Finance made a £15m loss following a merger of six financial services trade groups, its accounts revealed. The trade association, which represents nearly 300 firms in the banking and financial services sector, received a membership income of £13.7m – and total income of £17.2m – but suffered the loss due to the costs of the [...]
CYBG joins the big British banks’ risk model club ahead of Virgin Money merger October 11, 2018 Challenger bank CYBG today announced it has received the regulatory thumbs-up to use its own risk models to determine how much capital it must hold, in a move which could potentially allow it to hold less. The firm, which owns the Clydesdale and Yorkshire banking brands and is currently merging with Virgin Money, said the [...]
City Moves for 11 October – who’s switching jobs? October 11, 2018 Today’s City Moves cover Octopus Property, White & Case and Houlihan Lokey. (Take a look at these movers and shakers.) Octopus Property Specialist property lender Octopus Property, part of the Octopus Group, announced the appointment of Paula Purdy as business development manager (BDM), north of England, reporting directly to D’mitri Zaprzala, Head of Sales. Paula’s appointment [...]
Danske Bank appoints interim chief exec after boss is ousted following €200bn money laundering scandal October 1, 2018 Danske Bank has appointed an interim chief exec after former boss Thomas Borgen left the firm following news of a €200bn (£177.8bn) money laundering scandal. Borgen announced his resignation last month, after an internal inquiry found that €200bn of payments, many of which Danske said were suspicious, had passed through its Estonian branch over an eight-year period. Its head of [...]
Rothesay Life buys £860m of UK ‘bad bank’ mortgage loans September 27, 2018 Insurance giant Rothesay Life has bought an £860m equity release portfolio from the UK government's "bad bank", which was set up following the financial crisis. The portfolio was sold by UK Asset Resolution (Ukar), a holding company for the closed mortgage books of failed lenders Northern Rock, Bradford & Bingley and Mortgage Express. Read more: [...]
Paragon share price jumps as loan sale pushes up profits amid strong buy-to-let pipeline September 18, 2018 Challenger bank Paragon today announced a "reverse profit warning" after it sold a portfolio of loans, while it also sees a strong pipeline of buy-to-let loans. In an unscheduled trading update published today, Paragon said the premium for which it sold the assets will have a positive impact of seven pence per share on final [...]
Paragon share price jumps as loan sale pushes up profits amid strong buy-to-let pipeline September 18, 2018 Challenger bank Paragon today announced a "reverse profit warning" after it sold a portfolio of loans, while it also sees a strong pipeline of buy-to-let loans. In an unscheduled trading update published today, Paragon said the premium for which it sold the assets will have a positive impact of seven pence per share on final [...]
Opinion: Ten years on from the financial crash, the property market is in recovery but should emerge stronger than ever September 14, 2018 It might all be about Brexit now, but let’s not forget what happened 10 years ago. Recessions sparked by problems in the financial markets are widely recognised as being deeper and more prolonged than other downturns. And this certainly seems to be the case with the financial crash and the fall of Lehman Brothers 10 [...]
Opinion: Ten years on from the financial crash, the property market is in recovery but should emerge stronger than ever September 14, 2018 It might all be about Brexit now, but let’s not forget what happened 10 years ago. Recessions sparked by problems in the financial markets are widely recognised as being deeper and more prolonged than other downturns. And this certainly seems to be the case with the financial crash and the fall of Lehman Brothers 10 [...]
10 years on from Lehman’s collapse: seven charts to consider September 14, 2018 Ten years ago, US investment bank Lehman Brothers filed for bankruptcy, marking the most symbolic moment of the global financial crisis. It remains the largest bankruptcy filing in US history. The demise of Lehman on 15 September 2008 was just the tip of the iceberg. Little did we know but at the time the whole [...]