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 [...]
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 [...]
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 [...]
Opinion: the Chancellor’s housing plans need to cater to everyone’s needs, including downsizers October 7, 2016 Earlier this week, the government announced two major housing initiatives; a £3bn Home Building Fund to help smaller developers enter the market, and a £2bn Accelerated Construction Programme, which aims to get houses built quickly on public land. There was no mention of extending Help to Buy mortgage guarantees (due to end soon) or of [...]
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 [...]
The new centre ground: The full text of Theresa May’s Conservative Party conference speech October 5, 2016 In the speech which closed the Conservative Party conference, Theresa May spoke of a country in transition, and new opportunities. The full 7,600 words is below – although if you'd rather a cut-down version, her best quotes are here – or you can read how businesses reacted. The new centre ground: May's speech in full When [...]
About turn: Deutsche Bank shares leap in New York as rumours of a DoJ settlement swirl September 30, 2016 New York-listed shares in Deutsche Bank have jumped on reports the giant bank could be about to agree a $5.4bn (£4.2bn) settlement with US regulators after a dramatic day of trading on European markets. Shares jumped 14 per cent in lunchtime trading in the US, as rumours circulated suggesting it will pay significantly less than the [...]
“Forces in the market want to weaken us”: John Cryan seeks to reassure Deutsche Bank staff September 30, 2016 Deutsche Bank shares edged back over the €10 mark in mid-morning trading after chief executive sought to reassure staff in a company-wide memo. In the document, Cryan suggested the bank was strong and hit out at "speculators" for causing wild swings in the company's share price. "Our bank has become the object of heavy speculation – renewed rumours [...]
Before the bell: What you need to know before the US market open September 29, 2016 Oil has given up some of its gains after the first Opec deal to curb supply in eight years sent it higher last night and it's not just Deutsche Bank that's in trouble as Commerzbank announces nearly 10,000 jobs are set to go. Here's what you need to know before the US market open at 2:30pm [...]
As you might imagine, there isn’t one just reason why Deutsche Bank is in trouble – here are the key issues it faces September 28, 2016 Anyone that has picked up a newspaper recently will know that Deutsche Bank isn’t having a great time of things at moment. Its share price has tanked, there are talks of the German government intervening, parallels to Lehman Brothers and concerns that a whole new financial crisis could be sparked if Germany’s largest bank goes [...]