Direct Line share price falls after Beast from the East costs insurer its entire annual weather budget May 2, 2018 Direct Line today counted the cost of Britain’s icy winter and warned its top line had shrunk by five per cent in the first three months of 2018. Quarterly gross written premiums slumped from £810.3m to £769.9m. Direct Line operates its own and a host of other well-known brands, including Churchill, Privilege and Green Flag. [...]
Royal Bank of Scotland no closer to privatisation: US verdict key to providing clarity, say sources January 26, 2017 Uncertainty over the level of fines to be levied on Royal Bank of Scotland is blocking the pathway towards privatisation, despite news the state-back lender has upped its provisions for penalties by £3.1bn. RBS today revealed it had set aside more money to cover fines relating to the issuing and underwriting of US residential mortgage-backed securities (RMBS). [...]
Royal Bank of Scotland has set aside another £3.1bn for US settlements January 26, 2017 Royal Bank of Scotland today confirmed that it has set aside a further £3.1bn to pay fines relating to the issuing and underwriting of US residential mortgage-backed securities (RMBS). However, shares in the group were up almost two per cent in early trading. The bank said this takes the total sum it has provided for [...]
RBS is selling its London Bishopsgate headquarters in cost-cutting drive January 23, 2018 Royal Bank of Scotland (RBS), which is currently majority-owned by the UK government, is planning to flog its London headquarters post-2019 as it pushes ahead with an extreme cost-cutting drive. The bank will move out of the 280 Bishopsgate building back down the road to number 250, which it is planning to revamp later this [...]
HSBC’s women are paid 60 per cent less than men March 15, 2018 HSBC’s female staff in the UK are paid 60 per cent less than men, according to gender pay gap data which reveal one of the biggest differences among the big banks who have reported so far. The 60 per cent mean pay gap for hourly pay increased from 59 per cent in 2017, although for [...]
Britain’s big banks decline to follow Lloyds lead on bitcoin credit card bans February 5, 2018 Lloyds Banking Group has banned customers from buying bitcoin and other cryptocurrencies using credit cards, but other big British banks say they currently have no plans to clamp down on the risky assets. A wave of lenders around the world have placed restrictions on customers using debt to buy digital currencies, including JP Morgan Chase, [...]
What does the Conservatives’ victory mean for the UK economy and markets? December 20, 2019 The large majority for Boris Johnson’s Conservative party sees the pound and UK shares react positively, as investors welcome greater clarity on the policy backdrop. The pound climbs against other major currencies and stock markets gain as the scale of the Conservative win removes policy uncertainty. Within UK equities, companies whose operations focus on the [...]
RSA chief executive Stephen Hester pockets nearly £5m after strong 2017 for the insurer March 25, 2018 The chief executive of RSA Stephen Hester will take home nearly £5m after a strong 2017 for the insurer which saw it achieve a record underwriting profit of £394m. On top of his salary of £987,000, the former Royal Bank of Scotland (RBS) boss received a £1m bonus, £2.6m as part of a long-term incentive [...]
UKAR shortlists buyers for £5.5bn taxpayer-owned mortgage loans February 13, 2018 Mortgage loans worth £5.5bn taken on by the UK taxpayer during the financial crisis are closer to being bought as a shortlist of fund managers closes in. Potential buyers include Pacific Management (Pimco), investment firm Cerberus Capital Management, hedge fund Och-Ziff, and M&G Prudential, according to Sky News. The list of bidders is understood to [...]
Natwest to launch new fintech accelerator in London in April February 26, 2018 Natwest bank will launch new fintech accelerators in four cities across the UK in April, including one in the capital, it announced today. The bank will launch units in London, Manchester, Bristol and Edinburgh, supporting up to 80 fintech firms with a "technology team mentor" and access to government contacts. The six- to 18-month acceleration [...]