Barclays sets aside another £750m for forex probes as profits jump and costs fall March 3, 2015 The figures Barclays' full-year adjusted pre-tax profits soared 12 per cent to £5.5bn, well ahead of the £5.3bn analysts expected for 2014. An additional £750m has been set aside for forex settlements, bringing the total to £1.25bn. Chief executive Anthony Jenkins said the bank expected to "make significant progress in this area" in 2015. A further £200m provision has also been made for [...]
Long-suffering RBS’s troubles set to come to an end this year January 5, 2015 BAILED out bank RBS could be Britain’s best performing banking stock this year, as analysts at Bernstein Research believe its troubles are coming to an end. The lender was the worst hit giant bank in the financial crisis, and has since been pummelled by bad debts as well as fines and compensation payouts for bad [...]
July Budget 2015: Every key policy announced today July 8, 2015 George Osborne revealed the first Budget of the government, including policy changes on everything from pensions and inheritance tax to bank levies and the Northern Powerhouse. Here we round up all the essential points from the Red Box. 1. A surplus will be reached by 2019 Osborne pledged to reduce the deficit by [...]
Clydesdale Bank chief executive David Thorburn stands down after four years at the top January 6, 2015 Clydesdale Bank chief executive David Thorburn is standing down after four years at the National Australia Bank (NAB) subsidiary. Thorburn joined Clydesdale Bank in 1993 and took on the role of chief executive in 2011. He also held positions at Yorkshire Bank since 2004. Thorburn commented on his departure: I'm proud of the work my [...]
Lloyds faces fresh PPI accusations March 25, 2014 Lloyds Banking Group is facing new claims from the BBC that it cut the compensation it pays to PPI claimants. An investigation by the latter has suggested the lender has been making legal reductions on payouts to those mis-sold the insurance product. Update: Lloyds has responded to the claims, saying the numbers provided to the [...]
Current account complaints up after switching banks October 20, 2014 Complaints about current accounts have doubled since the programme came in to allow customers to switch to another bank in just seven days, the Financial Ombudsman Service (FOS) said today. From April to September a total of 15,771 people complained to the FOS about their current accounts, up from 7,578 in the same period of 2013. As well [...]
Budget 2015: A quick guide to all the key measures March 18, 2015 Chancellor delivers good news for savers and first-time buyers as he turns up heat on banks in play for votes ahead of election. UK ECONOMIC OUTLOOK ● The UK was the fastest growing economy in the G7 last year. However, the economy grew by just 0.5 per cent in the final three months of 2014, [...]
Banks will take a generation to fix “toxic and aggressive” culture November 26, 2014 British retail banking has a "toxic" and "aggressive" culture that will take a generation to fix, a new report has said. The report into the culture of British retail banking, by think tank New City Agenda and Cass Business School, found bad behaviour had cost the industry £38.5bn in fines and compensation over the past [...]
Barclays is the most complained about bank September 25, 2014 Barclays is the most complained-about bank, according to new figures from the Financial Conduct Authority. The bank received more than a quarter of a million complaints in the first half of the year. But it was not out on its own – Barclays was closely followed by Bank of Scotland and Lloyds. Despite taking the [...]
RBS share price: Investors not spooked as it sets aside £400m for forex probe October 31, 2014 RBS shares opened almost 3.5 per cent higher as it reported a huge jump in profits in the third quarter, raising the possibility that the government’s 80 per cent share in the bank could be sold sooner than expected. Profit before tax for the three months to the end of September came in at £1.27bn, [...]