Barclays’ Ashok Vaswani is hoping to turn around the UK’s most broken industry July 27, 2014 "My name is Ashok Vaswani. My role is to listen to customers, to make sure we give them what they want.” This understates his job title somewhat. Vaswani is Barclays’ CEO of personal and corporate banking, a powerful new job which has seen him take control of its global operations in retail, business and [...]
Barclays sees investment bank income drop 28pc May 6, 2014 Barclays has reported a rise in statutory profit before tax of 18 per cent to £1.8bn for the first quarter of 2014. However, adjusted profit before tax took a hit and was down five per cent to £1.7bn. Investment bank income dropped 28 per cent to £2.5bn, with adjusted income falling by 14 per cent [...]
Dr Who to face ultimate terror: a baddie banker March 17, 2014 AFTER battling the galaxy’s most ruthless, evil and soulless creatures, what further terrors are there left for Dr Who to face? Stephen Moffat, the BBC series’ executive producer was clearly casting closer to home when he created the Time Lord’s newest nemesis: baddie banker Ms Delphox. Played by Line of Duty star Keeley Hawes, Delphox [...]
Lloyds reports 22pc jump in first quarter profits May 1, 2014 Lloyds Banking Group has shown this morning that its profitability continues to improve. In the first quarter, underlying profits rose 22 per cent to £1.8bn, from £1.5bn last year. Chief executive Antonio Horta-Osorio says a stronger, lower-risk balance sheet is helping the bank to power forward, calling Lloyds "well positioned to support and benefit from [...]
Banks’ PPI bill set to increase July 28, 2013 BARCLAYS is expected to set aside more money tomorrow to pay compensation to customers who were missold payment protection insurance and interest rate swaps. The bank will set aside at least another £150m to repay small firms who were missold swaps, taking the total compensation bill for those products to more than £1bn, according to [...]
PPI claims costs banks nearly £12bn as FCA finds “significant room for improvement” in complaint handling September 25, 2013 Regulator the Financial Conduct Authority (FCA) has announced that total redress paid out now stands at nearly £12bn. A review by the FCA has looked into the complaints handling of 18 medium and small sized firms. The FCA has found that of those 18 firms, 12 have "serious problems with complaint handling decisions and communications [...]
Banks’ fines undermine capital April 1, 2014 THE BANKING sector could be weaker than it claims, because banks face growing conduct and legal bills, top regulator Andrew Bailey warned yesterday. Bailey runs the Bank of England’s prudential regulation authority (PRA) which has focused on pushing banks to increase their capital buffers and improve their leverage positions. In the wake of its study of the market [...]
Best of the Brokers for 25 March 2014 March 24, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com LLOYDS Investec has returned to a “buy” rating on the bank, two months after downgrading it to a “hold”, and sticks to its 85p target. The broker says it’s safe for investors to get back into the water now Lloyds has tackled its PPI [...]
RBS sets aside further £2.9bn for misconduct and misselling January 27, 2014 State-backed bank RBS has put aside a further £2.9bn to cover various claims. That includes £1.9bn to cover various claims and conduct matters, and £465m for PPI and associated costs. That brings cumulative PPI provision to £3.1bn (£2.2bn has been used as of 31 December 2013). The remaining £0.9bn covers approximately 12 months of redress [...]
What you need to know before the open March 24, 2014 Fears over what’ll be Russia’s next move in Crimea are expected to prompt markets to open lower in Europe. Moreover, weaker Chinese data – the HSBC purchasing managers’ index has fallen to an unexpected eight-month low – is anticipated to affect sentiment. Russian troops have taken control of a Crimean naval base at Feodosia, Ukrainian [...]