Credit Suisse posts worse than expected losses with thousands more jobs to go in 2017 February 14, 2017 Credit Suisse's share price jumped over three per cent this morning despite posting greater than expected fourth quarter losses following its settlement with US authorities. The lender also revealed it plans to further reduce headcount in 2017, with 5,500 jobs set to go. Shares in the firm were trading at SFr15.20 at 8.30am this morning. The figures Fourth quarter [...]
As the Co-Op Bank goes on sale, is now the time to buy UK banks? February 14, 2017 It wasn't hard to spot the irony when Paul Flowers, chairman of the avowedly ethical Co-Operative Bank and a methodist minister, was arrested for drug possession in 2013. In the same year, the mutual Co-operative Group ceded control of the ailing lender to its bondholders, after a massive £1.5bn hole was discovered in its balance [...]
Co-operative Bank and Capita resolve differences after row over £325m contract February 13, 2017 The Co-operative Bank and Capita have resolved their differences after a public spat over alleged failings regarding a £325m servicing contract. The lender sold its mortgage servicing company, Western Mortgages Services (WMS), to Capita in November 2014 for £25m. The deal was followed by a 10-year contract for Capita to service the Co-operative Bank's mortgage book by [...]
Millions are risking credit rejection thanks to exes with poor financial histories February 13, 2017 A clean break from an ex-partner can be easier said than done… And now, new research from credit checking firm ClearScore has found that millions of Brits risk being turned down for mortgages and other financial products, because they’re unknowingly still tied to ex-partners with poor financial histories. Once you’ve made the step to take [...]
RBS on track for ninth straight year of losses, as struggling bank pressed to close branches and cut jobs in digital push February 12, 2017 Royal Bank of Scotland looks set to announce a multi-billion pound loss for 2016, its ninth straight year wallowing in the red, while it is also being pushed to cut branches as customers flee to digital banking. The 73 per cent state owned bank, which will reveal its annual results on 24 February, racked up losses attributable [...]
Output in the UK’s construction industry grew unexpectedly slowly in January February 2, 2017 The pound fell off its highs this morning after figures revealed output in the UK's construction industry had grown unexpectedly slowly in January – suggesting the sector's tentative recovery is swiftly running out of steam. Markit's purchasing managers' index for the construction industry dropped to 52.2 in January, from 54.2 in December and against expectations of 53.8. Any figure [...]
Royal Bank of Scotland no closer to privatisation: US verdict key to providing clarity, say sources January 26, 2017 Uncertainty over the level of fines to be levied on Royal Bank of Scotland is blocking the pathway towards privatisation, despite news the state-back lender has upped its provisions for penalties by £3.1bn. RBS today revealed it had set aside more money to cover fines relating to the issuing and underwriting of US residential mortgage-backed securities (RMBS). [...]
Spiralling IT costs to hit TSB’s profit this year despite stellar 2016 January 26, 2017 High street bank TSB is expecting a challenging 2017 despite its annual pre-tax profits growing by 169 per cent to £182m last year. The bank, which was spun out of Lloyds in 2013, expects “significant reduction” in profits this year due to the cost of using its former parent's IT platform. "At the moment, we rent our [...]
Mortgage lending hit a nine-month high in December January 26, 2017 Mortgage approvals hit a nine-month high in December, and overall in 2016, gross mortgage lending increased 12 per cent. Figures from the British Bankers Association show that gross mortgage borrowing increased by 3.6 per cent year-on-year in December, reaching £12.6bn, with remortgaging approvals jumping 30 per cent to their highest level since October 2008. Read more: Restaurateur [...]
Royal Bank of Scotland has set aside another £3.1bn for US settlements January 26, 2017 Royal Bank of Scotland today confirmed that it has set aside a further £3.1bn to pay fines relating to the issuing and underwriting of US residential mortgage-backed securities (RMBS). However, shares in the group were up almost two per cent in early trading. The bank said this takes the total sum it has provided for [...]