RBS bosses have fingers crossed it will be cleared over small business unit activities October 30, 2016 Bosses at the Royal Bank of Scotland feel confident the City watchdog is about to clear it over allegations it pushed small businesses to breaking point for its own profits. RBS has long been accused of purposely pushing small businesses into its Global Restructuring Group (GRG), which let the lender to benefit from additional fees, [...]
HSBC in talks with Bank of England to free up £5bn in China, as regulators review capital policy October 30, 2016 HSBC is in talks with the Bank of England to discuss how it might be able to free up £5bn currently locked up in its Chinese business. The bank, which has a sizable amount of business in Asia, could use the money for activities such as funding new loans. The Sunday Times first reported HSBC had [...]
Banks don’t want to leave London post-Brexit, says City watchdog boss October 30, 2016 A mass exodus of bankers post-Brexit is unlikely, as many institutions simply don't want to leave London, the head of the City watchdog has said. There has been some concern banks may look to move out of the capital following the June's vote to leave the European Union, particularly if the UK fails to secure passporting rights [...]
Bond trading boost for BNP Paribas after posting impressive third quarter returns October 28, 2016 BNP Paribas' (BNPP) share price was flat after announcing "strong" third quarter results that were boosted by investors keen to snaffle up bonds. Net profits were €1.9bn, up 3.3 per cent and around €200m ahead of consensus expectations. "Fixed Income was the main driver of the quarter delivering a very good performance in all business [...]
RBS shares tumble after another “noisy” loss-making quarter October 28, 2016 The Royal Bank of Scotland (RBS) reported an attributable loss of £469m for the third quarter of 2016 after being hit with nearly £900m of litigation and restructuring costs. Shares jumped five per cent in morning trading before falling back – it was 1.6 per cent lower, at 193.3p, in lunchtime trading [stockChart code="RBS" date="2016-10-28 09:21"] [...]
Former Co-operative Bank boss admits misconduct October 28, 2016 A former boss of the Co-operative Bank has admitted misconduct and agreed to pay out £20,000 to the Financial Reporting Council (FRC). Barry Tootell, the chief financial officer and chief executive of the Co-Operative Bank between 2009 and 2013, was accused of not exercising due skill, care and diligence in managing the firm for which he [...]
Persistent headaches: Five problems facing RBS chief exec Ross McEwan October 28, 2016 Ross McEwan may have been pleasantly surprised as he peaked through his fingers to see what had happened to the Royal Bank of Scotland's (RBS) share price this morning. Read more: RBS shares jump up and down to the noise of loss-making quarter Unfortunately for the chief exec of RBS, an initial jump of five per cent wobbled [...]
UBS’ share price rises after profiting from record US wealth management returns October 28, 2016 Records aplenty fell at UBS this morning after announcing bumper third quarter results that beat expectations, but its share price was more conservative, climbing one per cent in morning trading. Adjusted profit before tax was SFr1.3bn (£1.1bn), up a stonking 33 per cent compared to 2015. Read more: UBS spending over £830m on IT system overhaul The [...]
The government’s Lloyds sale ignores its primary duty: The public October 28, 2016 Say what you like about Margaret Thatcher, but she knew how to say thanks. Critics will crow about the poll tax – but they are the same people who were given the chance to own a slice of British Gas as part of the Tell Sid campaign. Today’s Treasury leaders could learn a thing or [...]
Labour shadow chancellor John McDonnell has accused the government of seeking a “bankers’ Brexit” October 27, 2016 Labour's shadow chancellor John McDonnell has hit out over Theresa May's EU plans, accusing the government of favouring a “bankers' Brexit”. Speaking in London earlier today, he said the government was trying to “cut special deals” for the City. McDonnell has previously hit out over rumours of Downing Street seeking a special carve-out for financial [...]