Deutsche Bank predicted to reveal a loss this week, and it doesn’t look good for 2016 on the whole either October 23, 2016 Deutsche Bank is expected to report a loss when it reveals its results on Thursday. According to a consensus of analysts' thoughts, the embattled German lender is predicted to report a net loss of €610m (£542.9m) for the third quarter of the year, although some have forecast quarterly losses could be as deep as €2.1bn. Analysts have also [...]
Deutsche Bank’s share price just rose above its pre-panic level October 21, 2016 What a difference a month (and a bit) makes. This morning shares in Deutsche Bank finally rose back to the level they were at before the lender was threatened with a massive $14bn (£11.4bn) fine by the US Department of Justice (DoJ) and everyone lost their heads. Good news for chief executive John Cryan. Shares in the lender hit [...]
French banks in for a bumpy ride, but they’re still better than the ones in Germany and Italy October 20, 2016 French banks are weathering the negative interest rate storm better than their Eurozone rivals, thanks to healthier balance sheets and more sustainable business models. France’s three leading banks – Societe Generale, BNP Paribas and Credit Agricole – have outperformed the continent-wide Euro Stoxx banking index over the past year, and even with economic growth set [...]
Gross mortgage lending down seven per cent in September October 20, 2016 Gross mortgage lending fell seven per cent last month, but hit the highest September figure since 2007. According to the Council of Mortgage Lenders (CML), gross mortgage lending was £20.5bn in September, down seven per cent month-on-month. Read more: London boss of Barratt Developments arrested on suspicion of misconduct The figure represented a two per [...]
Britain’s banks back in the firing line for potential mortgage calculation failings October 19, 2016 Mortgage lenders may have been over-charging hundreds of thousands of customers in arrears according to UK's banking watchdog. The Financial Conduct Authority (FCA) today announced that it will consult for guidance on whether banks have broken FCA rules and miscalculated mortgage repayments. Read more: Tyrie urges FCA to publish its report into RBS After working with [...]
The UK’s biggest banks are bracing themselves for another £2bn on their PPI bill October 18, 2016 Britain's largest banks are set to add billions to their collective bill for payment protection insurance (PPI) mis-selling in the next two weeks. According to Sky News, executives at Lloyds Banking Group, Royal Bank of Scotland, HSBC and Barclays are in the process of finalising top-up provisions, amounting to around £2bn in total – due to be [...]
Profits dip at Wells Fargo as it deals with departure of boss John Stumpf October 14, 2016 Wells Fargo has revealed profits dipped during the three months to the end of September, in a week that's seen its chief exec John Stumpf make a dramatic departure. The figures Net income was down to $5.64bn (£4.6bn) from $5.8bn last year, and earnings per share dropped to $1.03 from $1.05. Revenues rose to $22.3bn [...]
Deutsche Bank could cut another 10,000 jobs October 14, 2016 Deutsche Bank could be preparing to cut another 10,000 jobs in a massive cost-saving drive. According to a Reuters report, the German lender's finance boss, Marcus Schenck, told staff in September the bank will need to "cut another 10,000 staff" on top of the 9,000 job losses announced by chief executive John Cryan last October. Read more: Deutsche [...]
Deutsche Bank has implemented a hiring freeze October 13, 2016 Shares in Deutsche Bank tumbled this morning, after reports suggested the troubled lender has implemented a hiring freeze. Bloomberg reported chief executive John Cryan had emailed divisional chief operating officers ordering them to stop hiring with immediate effect. That caused shares in Deutsche to fall almost 2.9 per cent to €12.03. The freeze will affect all areas of the [...]
Barclays ditches more of its non-core assets in Italy October 12, 2016 Barclays has today agreed to sell a portfolio of salary secured loans, worth around £260m, in Italy to IBL Banca. The final sale is still subject to regulatory approvals but is expected to take place in the first quarter of 2017. The sale will also reduce the bank's non-core risk weighted assets by roughly £170m. "Last week we announced agreements to [...]