ECB chief economist Peter Praet warns of banking “profitability shock” May 17, 2016 Eurozone banks should brace themselves for a profitability crisis, the chief economist of the European Central Bank (ECB) has warned today, predicting that the worst is far from over for the industry. "We have in the sector a severe profitability shock," ECB executive board member Peter Praet told a panel in Brussels this morning. Banks in the [...]
At the close: Er, what? FTSE 100 rallies after sharp morning losses and despite banking bloodbath June 24, 2016 The FTSE 100 has staged a recovery almost as remarkable – and less expected – as its dramatic plunge at the start of the day. The blue-chip index proved remarkably resilient to the shock vote for the UK to leave the European Union and ended the day at 6,162.97 points, down 2.76 per cent or 175 points. After tumbling more [...]
How the big banks are reacting to Brexit: Thousands of UK jobs feared to be at risk June 24, 2016 Thousands of banking jobs across London are at risk after the UK voted for Brexit yesterday. JP Morgan, HSBC, and Citibank have warned jobs would be moved in the event of a Leave vote. And other big banks are also understood to be considering shifting jobs from the UK depending on how Brexit negotiations pan out. [custom id="161"] [...]
UK house prices: Bank of mum and dad ranks among UK’s top mortgage lenders as parents spend £5bn helping children onto property ladder May 3, 2016 Parents will lend over £5bn this year helping their children get a leg up onto the UK's slippery housing ladder, placing the "bank of mum and dad" firmly in the ranks of the top 10 mortgage lenders in the country, a new report today reveals. The study – by FTSE 100 insurer Legal & General and Cebr, [...]
Societe Generale to cut 550 jobs over next five years March 9, 2016 Societe Generale is to cut 550 jobs over the next five years. The bank confirmed it is targeting 550 job reductions in the back offices of its French retail banking network, resulting in the closures of six out of 20 locations. The French bank said the plan would not rely on mandatory redundancies. The move is part [...]
The S&P 500 and Dow Jones indices have hit a new high for 2016 as investors pile into banking stocks: JP Morgan, Bank of America, Morgan Stanley, Citigroup all climb April 13, 2016 US stocks have risen to highs for the year in New York, pushed on by investors piling into banking shares. Both the S&P 500 and the the Dow Jones Industrial Average reached fresh highs for 2016. The S&P 500 was up 0.7 per cent in early morning trading at 2,075.21 in early trading, while the Dow Jones Industrial [...]
City Moves for 24 May 2016 | Who’s switching jobs May 24, 2016 The Dining Club Group The Dining Club Group, owner of dining clubs, tastecard and Gourmet Society, has announced that Annette Court has been appointed as the group’s new chair. Annette brings a wealth of experience to the role. She is currently a non-executive director of the boards of Admiral Insurance Group, Jardine Lloyd Thompson Group, [...]
Tim Henman interview: Calendar Slam for Novak Djokovic would be an achievement with no rival across sport June 23, 2016 Should Novak Djokovic complete the calendar Grand Slam and win all four major tournaments in the same year it would be an unrivalled feat across any sport, according to former British No1 Tim Henman. World No1 Djokovic will bid for the third leg of his four-pronged quest for the Holy Grail when Wimbledon begins on Monday, [...]
RBS and other UK banks facing first quarter earnings woe after US lenders posted a sharp drop in profit April 25, 2016 British banks are set to post first quarter profits this week that are weighed down by the rising risk of Brexit, bad debt, and poor investment banking performance. The difficult period has already dragged down profits at some the biggest US banks, though they largely managed to beat low estimates. Citibank, Goldman Sachs, Bank of [...]
London’s biggest banks will struggle to reach sustained profitability due to bad debts and regulatory fines, IMF and KPMG warn April 14, 2016 A toxic mix of bad debts and regulatory fines will see some of London’s biggest banks struggle to reach sustained profitability, according to two major new reports from the International Monetary Fund (IMF) and KPMG. The hard-hitting reports have prompted city analysts to predict looming job cuts in the Square Mile and Canary Wharf, while [...]