Mortgages up ahead of new funding plans August 30, 2012 MORTGAGE lending rose firmly in July, Bank of England data showed yesterday, as banks geared up for the start of the funding for lending scheme (FLS). The number of home purchases approved rose from 6,725 in June to 7,101 in July, with the overall value holding steady at £5.5bn. Meanwhile remortgagings were almost unchanged at [...]
Castle Trust launches products with heavyweight board lineup September 30, 2012 FORMER Financial Services Authority chairman Sir Callum McCarthy will today help launch a new investment venture hoping to unlock the £4 tillion residential housing market for homeowners and investors. Castle Trust, which counts former government minister Lord Deben and non-executive director of HM Treasury Dame Deirdre Hutton on its board, will offer a shared mortgage [...]
No reprieve for upbeat US banks October 15, 2012 IT SEEMS to be a good earnings season for US banks, with even Citigroup beating the analysts yesterday despite its losses and JP Morgan and Wells Fargo doing well last Friday. But while we wait to see if Goldman Sachs and State Street, both reporting today, and Bank of America Merrill Lynch and BNY Mellon, [...]
Investment bank jobs slashed in new cuts round September 20, 2012 FIVE YEARS since the financial crisis began, investment banks are embarking on a new round of job cuts, slashing expenses to try to cope with the prolonged economic downturn. Nomura yesterday commenced its $1bn (£617m) savings programme, which is set to see one-third of its European investment bankers lose their jobs – many of whom [...]
Investment bank jobs slashed in new cuts round September 20, 2012 FIVE YEARS since the financial crisis began, investment banks are embarking on a new round of job cuts, slashing expenses to try to cope with the prolonged economic downturn. Nomura yesterday commenced its $1bn (£617m) savings programme, which is set to see one-third of its European investment bankers lose their jobs – many of whom [...]
Lloyds joins SME loan price war September 10, 2012 CHEAP funds from the government filtered through to small and medium sized enterprises (SMEs) yesterday as Lloyds became the latest bank to cut borrowing costs. It comes a day after RBS announced a similar move to cut rates for manufacturing firms, while several leading banks cut mortgage rates last month. The Bank of England is [...]
Lloyds first bank to use cheap funds from state programme September 19, 2012 LLOYDS became the first bank to use the government’s new Funding for Lending scheme (FLS) yesterday, drawing down £1bn from the Bank of England. It pledged to lend the money on to businesses and households. However analysts said they do not expect Lloyds’ overall lending to rise, as the bank is still rebalancing in the [...]
Paying for advice is due for a radical overhaul November 11, 2012 EXECUTIVE CHAIRMAN, GEKKO THE swathe of people who have already retired, or who are about to retire in the next few years – the so-called post war baby boomers – relied heavily upon independent financial advisers (IFAs) to take care of their mortgage, life insurance, savings and investment needs. They built strong personal relationships with [...]
Questioning the need for life cover September 30, 2012 WITH the multitude of policies available, buying life assurance can feel like entering a labyrinth. Even many savvy personal finance buffs avoid the subject. Considering its morbid nature, one can see where they are coming from. But life assurance is one of the fundamental pillars of shrewd wealth planning, and avoiding the subject is one [...]
Questioning the need for life cover September 30, 2012 WITH the multitude of policies available, buying life assurance can feel like entering a labyrinth. Even many savvy personal finance buffs avoid the subject. Considering its morbid nature, one can see where they are coming from. But life assurance is one of the fundamental pillars of shrewd wealth planning, and avoiding the subject is one [...]