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Metro Bank shares plunged to fresh lows on Wednesday, after the lender shocked markets with plans to raise a further £350m just months after its last cash call. The high street challenger also revealed that it is under investigation by City regulators, the Financial Conduct Authority and Prudential Regulation Authority, over a major accounting failure first disclosed last month. The […]
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The US has lent its backing to Britain to protect the City from losing trillions of pounds of complex financial derivatives business after Brexit, warding off a potential banking industry land grab by the EU. In a joint announcement heralded as a sign of the special relationship between the UK and the US, the two countries said they would take […]
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The Barclays chief executive, Jes Staley, has promised to return more money to shareholders in a bid to fend off the attentions of the activist investor Edward Bramson, as the bank reported flat profits for 2018. Profits before tax of £3.5bn for 2018 were held back by litigation and conduct charges of £2.2bn for the year, while the bank also […]
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Wall Street’s six biggest banks to testify before House Financial Services Committee in March: Report “Bulls & Bears” panel on the report that Bank of America, Citi, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo will testify in front of the House Financial Services Committee in March. Wells Fargo’s CEO Timothy Sloan is expected to testify solo in front […]
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There is an old Lloyds Bank television commercial featuring those darlings of the 1980s sitcom, Jan Francis and Nigel Havers. Francis’s character has just bought a house from Havers and the ad has the pair bumping into each other at the supermarket checkout. The encounter prompts Francis to give Havers a few unsolicited personal finance lessons, by explaining how her […]
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(Reuters) – Online lender OnDeck Capital Inc on Tuesday reported quarterly adjusted profit that nearly doubled, as the online lender dispensed more loans and earned more interest income. Adjusted net income rose to $15.9 million, or 20 cents per share, in the fourth quarter ended Dec. 31, compared with $8.1 million, or 10 cents per share, a year earlier. reut.rs/2Ia0Euh […]
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The government is facing calls for a new regulator to protect consumers’ access to cash, following several bank IT failures and thousands of cash machine and branch closures across the UK. The consumer group Which? said cash is still a necessity for more than 25 million people in the UK. It also noted the combined closures of cash machines and […]
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Edward Bramson would do everybody a favour if he outlined what he would do if he succeeds in getting himself voted on to the board of Barclays. The activist agitator, armed with a 5% holding, has offered little except a vague grumble so far. Maybe he will open up before the showdown in May but, in the meantime, one can […]
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The cost of TSB’s computer systems meltdown rose to £330m during 2018, pushing the high street challenger bank to a large loss for the year. No bonuses will be paid to TSB executives for 2018, the bank said, as it reported a statutory loss before tax for 2018 of £105.4m, against a profit of £162.7m in 2017. Staff received a […]
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Shares of UBS Group AG (UBS) were losing around 5 percent in the early morning trading after the Swiss banking giant warned on client activity in the first quarter, despite reporting a profit in its fourth quarter, compared to prior year’s hefty loss. For 2018, the Board of Directors intends to propose a dividend of CHF 0.706 per share, an […]
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