TSB boss Paul Pester eyes up acquiring other challenger banks April 30, 2015 TSB, the self-styled challenger bank spun-off from Lloyds last year, could gobble up its competition if the bank's boss has his way. Paul Pester wants to "take on the big guys" and would consider buying up other challenger banks to make that happen. "We are Britain's biggest challenger bank, but we want to really take [...]
Unions blame HSBC chiefs for UK job losses June 9, 2015 UNIONS promised to fight for HSBC staff after the giant bank announced 8,000 in the UK will lose their jobs. Around 100 branches in Britain will close, and the retail bank will get a new headquarters in Birmingham as the group implements the ring-fence which splits up retail and investment banking. “Unite are seeking to [...]
Forex probe costs hurt Barclays results as bank reports loss of £174 March 3, 2015 Mounting forex probe costs and an extra PPI compensation bill helped to push Barclays into the red in 2014, as the bank yesterday said its restructuring programme is ahead of schedule. Barclays reported an attributable loss of £174m for the year, compared with a £530m profit in 2013. Much of the damage came from [...]
Lloyds share price drops after bank pays £600m over PPI July 31, 2014 Lloyds Banking Group saw its shares drop on Thursday after revealing it had set aside £600m for payments over the PPI mis-selling scandal. Shares in Lloyds were down 2.9 per cent at pixel time. The £600m formed part of legacy conduct payments of £1.3bn that severely affected the bank's pre-tax profits in the first half [...]
Banned City worker: I did not dodge £43,000 in fares March 26, 2015 A CITY executive who was banned for life from working in the Square Mile has hit back at claims that he dodged £43,000 worth of train fares over a five-year period. Jonathan Burrows, previously a managing director at BlackRock, insists that for most of the period in question he walked to work from a rented [...]
Banned Blackrock exec Jonathan Burrows hits back at £43k fare-dodging claim March 26, 2015 A City executive who was banned for life from working in the Square Mile has hit back at claims that he dodged £43,000 worth of train fares over a five-year period. Jonathan Burrows, previously a managing director at Blackrock, insists that for most of the period in question he walked to work from a rented [...]
Lloyds’ share price tumbles as PPI compensation bill smashes through £10bn mark July 31, 2014 Lloyds’ profits were squeezed by new PPI provisions in the first half of the year, the bank reported yesterday. Its underlying profits climbed 32 per cent on the year to £3.8bn as bad loans dropped, and bad loan costs dived 58 per cent to £758m. But another £600m payment protection insurance mis-selling compensation bill – [...]
City ban on artful dodger Jonathan Burrows was too harsh, says finance body CISI March 12, 2015 Disgraced fare-dodger Jonathan Burrows gained some much needed sympathy yesterday after the head of a key financial services body slammed the lifetime ban dished out by the City’s watchdog as “draconian”. Former BlackRock investor Burrows received the ban – which prevents him from working in the City’s financial services sector – in December last year. [...]
Troubled Barclays braced for famously tough incoming new chairman John McFarlane April 29, 2015 It is hard to keep a straight face when calling PPI compensation and litigation costs “one-offs” at any of the big banks nowadays. Yet seven years on from the start of the financial crisis, Barclays and the other big banks are still treating the extraordinary costs as unusual items each quarter. Yesterday Barclays [...]
Barclays: When one-off costs keep coming – Bottom Line March 3, 2015 Investors want to know the exact profit of the firms they own, but they also want the long-term outlook. That is why banks publish their statutory earnings, and their underlying numbers. The difference can be huge – hundreds of millions or even billions of pounds per year. But how far can investors rely on those [...]