Unicredit shares drop after chief executive steps down December 1, 2020 Shares in Unicredit fell nearly eight per cent on the open following the announcement that its chief executive would step down after a disagreement over strategy. On Monday the Italian bank announced its chief executive Jean Pierre Mustier would step down at the end of his mandate in April. In a statement Mustier said it [...]
European bank shares fall after shock 40 per cent Italian windfall tax on excess profits August 8, 2023 Shares in European banks fell after the Italian government announced a surprise windfall tax on banks who have seen bumper profits thanks to higher interest rates. Late last night Giorgia Meloni’s populist government agreed to impose a one-off 40 per cent tax on extra-profits, defining extra-profits as when net interest income has grown beyond three [...]
BNP Paribas beats estimates on debt financing and cost management July 27, 2023 BNP Paribas, the euro zone’s biggest bank, beat estimates in the second quarter as its corporate debt financing business and strong cost management partly offset a slump in securities trading. The French lender’s second-quarter net income fell 4.9 per cent on a reported basis to €2.8bn (£2.4bn), beating the €2.5bn analyst consensus compiled by the [...]
Europe’s banks post strong gains as Janet Yellen is set to signal further support for US banks March 21, 2023 European Bank stocks continued to recover today as US Treasury Secretary Janet Yellen is set to signal further support for regional US lenders. Europe’s largest banks were all firmly in the green around midday. BNP Paribas rose 3.9 per cent, Deutsche Bank was up 5.2 per cent, while UniCredit and Santander climbed 6.3 per cent [...]
Silicon Valley Bank triggers rout as HSBC, Lloyds and Natwest shares tumble March 13, 2023 Bank stocks slumped on both sides of the Atlantic today as the fall out of the Silicon Valley Bank crisis spooked investors. The sector has been plunged into turmoil since Friday as the full scale of the troubles at the start-up and venture capital focused lender became clear. American bank First Republic was among the [...]
Societe Generale tops forecast, but retail woes put focus on CEO plan August 3, 2023 Societe Generale beat quarterly earnings forecasts on Thursday as the French bank kept costs and provisions down, but a slump at its retail business will turn up pressure on its new CEO as he prepares to unveil his plan. An investor day on Sept. 18 will be a key test for Slawomir Krupa, tasked with [...]
SocGen shares tumble after new strategy sees little growth September 18, 2023 Societe Generale's shares plunged more than 9 per cent on Monday after France's third-biggest listed bank said it expected little if any growth in annual sales over the coming years in a keenly-awaited strategic plan from its new CEO.
FTSE 100 closes up as investors hope Credit Suisse deal will contain banking crisis March 20, 2023 Markets managed to shrug off turmoil in the banking sector to finish the day higher despite huge turmoil in the financial sector. The FTSE 100 closed 0.93 per cent higher at 7,403.85 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.13 per cent [...]
Standard Chartered appoints new finance chief as Andy Halford steps down after a decade August 31, 2023 Standard Chartered finance chief Andy Halford has announced he will step down having served for nearly a decade in the role. Halford, who has been at the bank since 2014, will be replaced by Diego de Giorgi, most recently co-CEO of Pegasus Europe, Europe’s largest-ever special purpose acquisition company (SPAC). Prior to his role at [...]
Here’s an inconvenient truth for Europe – the US will dominate the digital asset arena July 7, 2023 Jean-Marie Mognetti, CEO of CoinShares, returns from the US with some unexpected conclusions about the future of digital assets.