Barclays and Lloyds among the worst performers in EU bank stress test November 3, 2018 Barclays and Lloyds surprised markets yesterday after being named and shamed in the EU’s banking health check. The two British lenders were among the worst performers in the EU banking watchdog’s new report, which tested European banks and their ability to withstand a hypothetical market shock. While none of the 48 lenders fell below the [...]
City Moves for 29 April 2019 – Who’s switching jobs at Hambro Perks, Cushman & Wakefield and Relendex? April 29, 2019 Today's City Moves includes Hambro Perks, Cushman & Wakefield and Relendex. Hambro Perks The London-based venture firm, Hambro Perks, has announced the appointment of Svenja Grundmann as investment associate. Svenja Grundmann has joined the company to work alongside portfolio manager Jemma Bruton and Richard Tufft, venture partner and co-head, in building out the Access Fund. [...]
Making bank: HSBC profits soar past expectations but it warns of global economy risks May 3, 2019 HSBC hailed rocketing profits for its first quarter today as it also sounded a warning over risks to the global economy. Read more: Metro Bank's shares in meltdown after profits halved The figures Reported profit before tax rose 30.7 per cent to $6.2bn in the three months to the end of March, the bank revealed. [...]
City of London braces for coronavirus: Banks, insurers and audit firms activate contingency plans March 5, 2020 With health secretary Matt Hancock warning that the UK should prepare for “widespread transmission” of coronavirus, City of London firms have braced for impact. Banks, insurers, law firms and accountancy giants have dusted off contingency plans, instituted travel bans and cancelled events to try and mitigate the effects of the coronavirus outbreak. HSBC and Deloitte [...]
FTSE 100 off to strong start to 2021 but Wall Street slips from record highs January 4, 2021 The FTSE 100 got the year off to a strong start today, bursting through the 6,600 point mark this morning, before closing the day up 1.8 per cent. However, Wall Street slipped back from record highs as the world’s markets got 2021 off to a fast start. In the first session of the new year [...]
The FTSE 100 is lagging behind soaring global markets – but why? July 13, 2020 Stock markets around the world have soared in recent months even as economies crashed, aided by central banks pumping trillions of dollars into the system. But although all stock markets are rising, some are rising faster than others. Britain’s FTSE 100 is lagging behind almost all other major stock indices. It has risen just over [...]
Pizza Express closures: A list of all 73 affected restaurants August 19, 2020 Pizza Express is closing 73 restaurants with 1,100 jobs at risk after its business was hit by the coronavirus lockdown. The casual dining chain, which struggled with a debt pile of over £1bn thanks to a series of private equity buyouts, made the cuts as part of a company voluntary arrangement (CVA) with creditors. The [...]
Banks warn up to half of ‘bounce back’ borrowers could default June 1, 2020 UK banks have reportedly warned that up to half of the government’s “bounce back loans” are unlikely to be repaid. Senior bankers have estimated between 40 and 50 per cent of the bounce back borrowers could default on the debt, according to a report by the Financial Times. As businesses brace for a slow economic [...]
Virgin Money to slash 500 jobs and shutter 52 branches February 26, 2020 UK bank Virgin Money is planning to cut 500 jobs as it continues to integrate with Clydesdale and Yorkshire Banking Group (CYBG), it said today. The challenger bank also said it will shutter 52 branches. Of these, 22 will be closed this year and 30 more will be “consolidated” into another Clydesdale Bank, Yorkshire Bank [...]
Regulator ramps up Lloyd’s of London whistleblowing monitoring December 23, 2019 The Bank of England has ramped up its monitoring of Lloyd’s on London’s whistleblowing processes, it said today. The Prudential Regulation Authority (PRA) announced the insurance market had agreed to extra checks. Read more: FCA head Andrew Bailey confirmed as next Bank of England governor In February, Lloyd’s told the PRA its only anonymous whistleblowing [...]