Barclays and Lloyds Banking Group reveal PPI balance sheet hit September 9, 2019 Two of Britain’s biggest banks warned of billion-pound costs from a rush of claims for mis-sold payment protection insurance (PPI) today. Barclays revealed after trading closed tonight that it was facing costs of up to £1.6bn following a bigger-than-expected stampede of complaints in the run-up to the 29 August deadline. Read more: How did banks [...]
PM aiming to schmooze globe’s top finance brass at green summit October 5, 2021 The chiefs of the globe’s top finance brass will attend a green summit hosted by Prime Minister Boris Johnson. The bosses of Wall Street behemoths JPMorgan and Goldman Sachs and asset manager big beasts BlackRock and Blackstone will be among those Johnson is hoping to schmooze to generate billions of pounds of investment for the [...]
Ex-banker turned GoCardless president Paul Stoddart talks fintech, Brexit, pandemic recovery and Russia May 28, 2022 At the start of this month, Paul Stoddart jumped ship to become the president of the newly-minted fintech unicorn GoCardless. Stoddart, who describes himself as a “banker by trade,” spent years at Natwest, Barclays, and was most recently the chairman of Mastercard’s VocaLink. In an exclusive interview with City A.M., Stoddart said that joining GoCardless [...]
More than half FTSE100 firms commit to ending carbon emissions by 2050 November 4, 2021 Almost two-in three FTSE100 firms are now committed to ending their carbon emissions by 2050, after a new group of companies recently signed up to a United Nations campaign. Sixty FTSE100 firms have now signed up to the UN’s Race to Zero campaign, with bluechip companies like Barclays, AstraZeneca, Coca Cola HBC and HSBC all [...]
Virgin Money store closures latest in long line of banks and lenders shutting branches September 30, 2021 Virgin Money’s latest tranche of branch closures, announced this morning, comes after swathes have been shut across the banking sector in recent months. The move to axe nearly a fifth of Virgin Money’s branch network – 31 stores with 112 jobs at risk – comes as rival HSBC also calls time on the last of [...]
Senior management redundancies spike in the wake of Brexit July 26, 2021 Structural changes to the financial services sector following Britain’s exit from the EU has led to a spike in redundancy rates for senior managers. Research from Fox & Partners indicates a nine-fold increase in senior management redundancies. Last year saw 559 senior managers in the sector lose their jobs, up from 61 the year before. [...]
Britain’s biggest banks in higher interest rate profit boost as earnings season kicks off April 24, 2022 Profits at Britain’s biggest high street lenders have been boosted by the Bank of England hiking interest rates to tame historic high inflation. That’s according to top City analysts who are forecasting the UK’s largest banks to have reaped the rewards of being able to charge borrowers more for loans. A higher interest rate environment [...]
FTSE 100 in the red ahead of key week of corporate results July 26, 2021 The FTSE 100 started the week in the red this morning as energy and banking stocks dragged down the index. London’s premier market was down 0.4 per cent after two hours of trading, with the FTSE 250 faring little better at 0.2 per cent down. The slide comes ahead of a week stuffed with corporate [...]
Shop Direct gets £75m injection from Barclay brothers as it looks to plug PPI funding hole November 13, 2019 Shop Direct has been given a £75m equity injection from its parent company as it looks to plug a funding gap from the cost of recent payment protection insurance (PPI) complaints. The online retailer owned by the billionaire Barclay brothers said today that £75m will be invested by way of an equity injection before the [...]
Lloyds and HSBC: What to expect in next week’s earnings February 19, 2021 This week Barclays and Natwest announced a return to dividend payments but laid bare the extent of the pandemic on earnings. Barclays reported a 30 per cent drop in pre-tax profit to £3.1bn for 2020, while Natwest reported a pre-tax loss of £351m for the year. Next week it will be Lloyds and HSBC’s turn [...]