HSBC profit sinks as bank says performance is ‘not acceptable’ October 28, 2019 HSBC has called parts of its performance “not acceptable” as it revealed an 18 per cent drop in third quarter profit today, fuelled by weak results in its European and US divisions. The figures Profit before tax dropped 18 per cent to $4.8bn (£3.8bn) in the three months to the end of September to fall [...]
Ross McEwan resigns as chief executive of RBS after five and a half years April 25, 2019 Ross McEwan has resigned as chief executive of Royal Bank of Scotland (RBS) after more than five years in charge. The bank announced McEwan’s shock resignation ahead of its AGM this afternoon and its first quarter results tomorrow. The New Zealander has a twelve month notice period and will remain in the role until his [...]
Goldman Sachs fined £34m by City watchdog for transaction reporting failures March 28, 2019 Goldman Sachs has been fined £34m after the City watchdog found “serious and prolonged failures” in its reporting of transactions. The Financial Conduct Authority (FCA) fined the investment bank £34.3m for failing to provide accurate and timely reporting of more than 220 million transactions. Read more: Goldman Sachs narrows gender pay gap slightly to 51 [...]
Deutsche Bank slashes revenue target after Commerzbank merger talks collapse April 26, 2019 Deutsche Bank cut its revenue target this morning following the collapse of merger talks with German rival Commerzbank. The bank said it expected revenue to be flat this year as it reported that revenue in the first quarter was down nine per cent year-on-year to €6.4bn. Read more: Deutsche Bank and Commerzbank merger talks collapse [...]
Royal Bank of Scotland (RBS) nets £150m in sale of Lombard asset finance unit to Investec and Shawbrook January 3, 2018 Royal Bank of Scotland (RBS) has sold the offshore operations of its asset finance lender Lombard to Investec and Shawbrook. RBS will net around £150m from selling off its Channel Islands operations of the lender, which was founded in 1861. Investec and Shawbrook will split the Jersey and Guernsey assets division between them, although the [...]
City Moves for 30 May – Who’s switching jobs at HSBC UK, Experian and Lane, Clark and Peacock? May 30, 2019 Today's City Moves includes HSBC UK, Experian and Lane, Clark and Peacock. HSBC UK HSBC UK has appointed Sharon Quinlan to the key role of head of corporate real estate. In her new role, Sharon will be focused on supporting HSBC UK’s real estate customers with their debt finance requirements and expanding the bank’s commercial property [...]
RBS to wind down £1bn worth of local council lobos loans by end of 2019 March 23, 2019 The Royal Bank of Scotland (RBS) will attempt to wind down £1bn of controversial bank loans given to local councils across the UK. The move comes after criticism from campaigners and shadow chancellor, John McDonnell, who claimed that high payments had led to a diversion of cash from council services. Read more: CYBG raises business banking [...]
City Moves for 18 June – Who’s switching jobs? June 17, 2019 Today’s City Moves includes Keyword Studios, Deloitte and Capita. Keywords Studios Keywords Studios has announced that its chief financial officer, David Broderick, will be standing down from his role, and leaving the group, for personal reasons. Following an extensive search, Keywords has appointed Jon Hauck (inset), currently group financial controller and treasurer at FTSE 100 [...]
How finance can help forge a cleaner future for all November 5, 2021 This article first appeared in ICAS’ CA magazine. Finance can help forge a cleaner future for all, and the contribution of accountants will prove essential, says James Alexander, CEO of the UK Sustainable Investment and Finance Association Earlier this year, the UK Sustainable Investment and Finance Association (UKSIF) celebrated its 30th birthday by publishing its policy [...]
UBS fined £27.6m by City watchdog for transaction reporting failures March 19, 2019 UBS has been fined £27.59m by the City watchdog for misreporting 135.8m transactions. The Swiss investment bank failed to provide complete and accurate information in relation to 86.6m reportable transactions, and also wrongly reported 49.1m transactions over a period of nine years and six months, the Financial Conduct Authority (FCA) said. Read more: Former graduate [...]