Co-op Bank kicks off search for new boss to replace Niall Booker, update expected with tomorrow’s results March 31, 2016 The troubled Co-op Bank has begun its search for a replacement for its outgoing chief executive Niall Booker, with top bankers at Barclays and Santander already approached for the role. Stephen Jones, who stepped down as Santander UK's chief financial officer several months ago, and at least one internal candidate are thought to have been shortlisted. [...]
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 [...]
TSB profit rockets 153pc on last quarter April 29, 2015 The figures Profit before tax at TSB jumped 153 per cent in the first quarter of 2015 compared to the last quarter of 2014, to £34.2m. That said, on the same quarter last year, profits fell 27 per cent – down from £47m. That reflected higher costs, partially offset by continued improvement in impairment losses, the bank said. The [...]
More lettings at the Cheesegrater as new TSB owner Banco Sabadell takes two floors May 29, 2015 British Land and Oxford Properties, the developers behind the Cheesegrater (aka Leadenhall Building), confirmed three new lettings across seven floors of the building – including new TSB owner Banco Sabadell. Among the new signings are insurance giant Brit, which has signed a 15 year lease to occupy 66,300 sq ft across five storeys – 16 [...]
Banco Sabadell to buy TSB: European Commission gives deal the green light May 18, 2015 Spanish lender Banco Sabadell has got the go-ahead from the European Commission (EC) to buy TSB for £1.7bn. The EC said that ot saw no competition issues arising, due to the market share of the new company. The sale of TSB was initiated by the EC itself last year after, when it ordered Lloyds to [...]
Financial Reporting Council confirms plans to investigate KPMG over Hbos handling January 21, 2016 The Financial Reporting Council (FRC) has confirmed plans to launch an investigation into KPMG and its handling of Hbos’ accounts today. In a statement this morning, the regulator said it had asked its executive counsel to undertake preliminary enquiries under the accountancy scheme, the disciplinary scheme for members of the accounting profession. The FRC will examine [...]
FCA and PRA confirm they will investigate former HBOS senior managers January 28, 2016 The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have confirmed they will start investigations into "certain former HBOS senior managers", after the bank collapsed in 2008. The news comes just over two months after a landmark report recommended the regulators re-assess their decision not to launch criminal proceedings against former HBOS bosses, including [...]
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 [...]
Metro Bank bows to market pressure, cuts share price ahead of planned market float February 16, 2016 Metro Bank, the London challenger, has been forced to lower the amount it’s hoping to raise through a market float by 20 per cent due to wild swings in bank share prices around Europe. The bank will now look to raise £400m in coming weeks, down from £500m, and cutting its share price at £20 from [...]
Accountant KPMG posts a rise in revenue as profits take a hit December 18, 2015 Big four accountant KPMG has announced a growth in revenue by 2.6 per cent to £1.96bn for the year ended 30 September. However, overall profits before tax were down seven per cent from £414m to £383m. KPMG blamed the fall on high investment, spending a total of £196m through out the year. Profits from the advisory [...]