Virgin Money boosts consumer loan book in ‘difficult market’ January 28, 2020 The UK’s sixth-largest lender Virgin Money oversaw a solid expansion of its personal and business loan book in the three months to December despite a “difficult market”, it announced today in a trading update. Virgin Money – which was bought by CYBG for £1.7bn in 2018 – also confirmed the worst is over in terms [...]
Til divorce do us part: advice for couples considering separation January 16, 2020 Christmas is meant to be a relaxing time, but for many people it’s also a period of stress, tension, and tribulations — especially for married couples. The financial burden of the holidays plus the pressure to have a “perfect Christmas” and the familiar strain of dealing with in-laws can lead to squabbles and even full-blown [...]
Co-op owners sound out potential buyers December 18, 2019 The hedge fund owners of the Co-op Bank are reportedly on the hunt for potential buyers. Two-and-a-half years after the lender was rescued from collapse, the US investors which took control of the Co-op have started holding talks with possible bidders, according to Sky News. The broadcaster cited sources as saying that several British retail [...]
Outlook 2020: Global economy December 16, 2019 The global economy should perform better in 2020, underpinned by a US-China trade truce and lower interest rates, Schroders’ chief economist Keith Wade explains. We recently upgraded our 2020 global growth forecast to 2.6 per cent, due to prospects of a “phase one” US-China trade deal and lower US interest rates US interest rate cuts [...]
UK stocks and sterling surge after Conservative election win shuts out Labour December 13, 2019 UK stocks surged today after the Conservatives secured a decisive majority in the General Election, boosted by rallying retailers, housebuilders and utility firms. The FTSE 100 index climbed over one per cent in morning trading, but was held back slightly by a strong sterling, while the FTSE 250, however, leapt as much as four per [...]
Moody’s downgrades outlook for global banks December 5, 2019 The outlook for global banks has been slashed by credit ratings agency Moody’s. Weakening economic growth, low interest rates and more volatile operating conditions will increase the credit challenges for lenders across the world, Moody’s Investors Service said in a report published today. The agency cut its outlook from stable to negative. Read more: Metro [...]
How can banks factor in climate change without damaging the economy? December 5, 2019 In a few weeks, we will get the results of the UK bank stress tests, which is a measure of our biggest banks’ ability to withstand the toughest of economic shocks. In 2021, these tests will include a scenario on climate change. The regulator wants to know that our biggest financial institutions really can weather [...]
Nationwide profit plunges 33 per cent November 22, 2019 Nationwide has posted a sharp fall in half-year profit following a final blow from payment protection insurance (PPI) charges and a low interest rate environment. Statutory profit for the six months to 30 September fell to £309m, sliding from £516m in the same period a year earlier. Read more: Bankers disappointed by fees deal As [...]
Co-op bank losses widen in wake of PPI costs and fierce mortgage market November 7, 2019 The Co-operative Bank has reported widening losses during the third quarter of this year, as it became the latest in a long line of lenders to take a financial hit from the payment protection insurance (PPI) scandal. The British bank reported losses before tax of £118.6m during the nine months to 30 September, deepening from [...]
Three problems at the top of new RBS boss Alison Rose’s to-do list November 1, 2019 Alison Rose begins life as the new boss of RBS today with her work cut out for her. In a letter to staff this morning, the RBS lifer set out her commitments, which included “a clear focus on shared success” and “investment in people”. But as the firm’s recent quarterly financial results demonstrated, there is [...]