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 [...]
Germany wants Deutsche Bank DoJ fine wrapped up ASAP, as lender reaches settlement with SEC on another issue October 12, 2016 Deutsche Bank's investors are not the only ones who want a swift settlement on the US Department of Justice fine, as German officials have today spoken out calling for a deal to be done. The German lender is currently facing a potential penalty of $14bn (£11.5bn) for mis-selling mortgage-backed securities. Many had hoped chief executive John [...]
Housing market activity picked up in August following July’s dip October 12, 2016 Lending for house purchases increased 11 per cent in August as confidence started to return to the UK housing market. Homeowners borrowed £12.2bn in August, according to the Council of Mortgage Lenders (CML), up 14 per cent month-on-month and up 11 per cent year-on-year. Read more: This is how sterling's unstoppable slide will affect UK [...]
Brace yourself, Wall Street: These major banks have quarterly earnings out this week October 11, 2016 Wall Street investors are unlikely to have that Friday feeling this week, as several big banks are set to release results and the outlook is less upbeat than it could be. Wells Fargo, JP Morgan and Citigroup are all due to reveal earnings for their third quarter on Friday. Tim Ghriskey, chief investment officer at Solaris [...]
Deutsche Bank’s chief risk officer hits back and explains the real derivatives exposure October 9, 2016 Fears over Deutsche Bank's mammoth derivative exposure have been completely overblown according to its chief risk officer. Stuart Lewis got on the front foot when asked about the beleaguered German lender's derivative exposure this weekend. "The risks in our derivatives book are massively overestimated. The €46 trillion (£41 trillion) figure sounds gigantic, but it is completely misleading. The real risk is far [...]
Alternative mortgage lender LendInvest posts a 133 per cent rise in revenue as profit flattens out October 7, 2016 Alternative mortgage company LendInvest has posted a 133 per cent increase in gross revenues for the year to 31 March 2016. Revenue leapt to £32m, up from £14m in the year before. Profits for the lender – which is targeting the funding gap left by the retreat of high street banks from the sector – remained flat however, coming in at £3.4m, up [...]
London hedge fund bets big against Commerzbank October 6, 2016 Marshall Wace – a London-based hedge fund – has revealed a multi-million euro bet that shares in Germany’s second largest lender Commerzbank will fall. German filings showed the fund’s short position increased to 0.72 per cent of the bank’s outstanding shares, up from 0.63 per cent earlier in the week. The price at which the [...]