Now Credit Suisse chief Tidjane Thiam sounds alarm on European banks September 28, 2016 Credit Suisse boss Tidjane Thiam has today become the latest in a list of names to warn Europe's banks are not in a healthy state. His comments come as Deutsche Bank's share price is swinging widely as rumours circulate as to whether the German government would be prepared to bail out the lender. The German giant, which [...]
HSBC’s shares rise four per cent despite larger-than-expected profit slump after Brazil disposal November 7, 2016 HSBC's share price rose by more than four per cent this morning, despite a sharper-than-expected slump in profits in the third quarter – although stripping out currency fluctuations, things looked rather better… The figures Pre-tax profit at the British lender fell 86 per cent to $843m in the quarter ended 30 September, down from $6.1bn in [...]
Royal Bank of Canada bumps up dividend as income increases August 24, 2016 Royal Bank of Canada (RBC) has today announced a boost to its income, along with a slightly sweeter dividend for its third quarter of its financial year. RBC revealed net income of CA$2.9bn (£1.7bn) for the three months to the end of July, an increase of 17 per cent on CA$2.5bn the year before. Meanwhile, diluted earnings per share were reported [...]
Moneysupermarket.com expects 10 per cent growth in revenues for first half of 2016 July 14, 2016 Price comparison website Moneysupermarket.com said it expects to report solid results for the six months to 30 June, with revenues set to rise by 10 per cent. The online firm is expecting revenue to hit £157.6m for the first half, £142.1m of which will come from the main Moneysupermarket website. Consumer advice site Moneysavingexpert, which was bought [...]
City Moves for 1 July 2016 | Who’s switching jobs July 1, 2016 UniCredit UniCredit, Italy's biggest bank by assets, has appointed Jean Pierre Mustier as CEO. Jean Pierre began his career at Societe Generale where he held various positions from 1987 to 2009. In 2003, he was appointed head of Societe Generale’s corporate and investment banking division and member of the bank’s executive committee. From 2011 to [...]
What should Hammond do to ensure steady management of the public finances? Not very much. September 20, 2016 Quietly, and without fuss, the Treasury has revealed that the first budget of Theresa May’s government will be unveiled on 23rd November. The confirmation of the Autumn Statement date was made just under two weeks ago – the chances are, you didn’t even notice. The memo was a passive and reserved show of defiance. Earlier [...]
Neil Woodford-backed P2P lender RateSetter reports loss as it seeks sustainable future September 19, 2016 Peer-to-peer (P2P) lender RateSetter, which is backed by fund manager Neil Woodford, has reported a revenue rise of nearly 50 per cent to £18.5m in its 2015/16 accounts. The figures The company said the results, which reported a £4.9m pre-tax loss compared with a profit of £476,000 the year before, are in line with expectations set [...]
What does the future hold for mutant equity crowdfunding? September 1, 2016 For the first time since the industry emerged in 2011, according to Beauhurst data, the number of successful equity crowdfunding campaigns fell in the first half of this year. It is therefore an appropriate moment to reassess what the sector’s future may look like. Equity crowdfunding platforms have a simple business model: they enable companies to raise [...]
Ryan Lochte endorsement earnings under threat as tarnished sponsors could ask for millions back August 20, 2016 American swimmer Ryan Lochte arrived in Rio de Janeiro with ambitions to return home with a fresh set of Olympic medals and a raised profile to help finalise a one final payday as his career enters its twilight. In the end he got two out of three. Lochte has come back to the United States with a sixth gold [...]
Bank shares and stress tests: the value investor’s verdict December 8, 2016 The Bank of England’s latest stress tests of the UK banking system attracted many column inches of space in the newspapers last week. The aim was to calculate whether these institutions would have enough capital to withstand certain grim scenarios. Moving away from some of the inflammatory headlines, it is worth looking in more [...]