Steady as she goes: Virgin Money launches further buyback after solid third quarter August 2, 2023 Virgin Money’s margin remained stable, despite increasing competition in the market, as Richard Branson’s bank said it anticipates a £175m share buyback at its end of year results. The challenger bank launched a £50m buyback today, after it passed the Bank of England’s stress test, and expects to deliver a £125m buyback with its full [...]
HSBC in tech push as boss Noel Quinn suggests acquisitions spree August 1, 2023 HSBC will launch a new joint venture with B2B fintech firm Tradeshift as boss Noel Quinn said more bolt-on acquisitions could be in the offing to develop its appeal to tech firms. As part of the new venture, announced this morning, HSBC will invest $35m into Tradeshift. The investment will be made in two parts [...]
Robert Walters posts 60 per cent profit slump as economic woes clobber recruitment August 1, 2023 A recruiter that is often viewed by analysts as a bellwether for the UK jobs market has posted a 60 per cent drop in profits as a result of firms trimming hiring amid the economic slowdown. Robert Walters, which specialises in sourcing talent for the City’s biggest banks, brokers and insurers, said today operating profits [...]
The Global Ecosystem of Insurance August 1, 2023 | Sponsored “Insurance is a three hundred, four hundred, year old industry,” Richard Wheeler, Aon’s co-leader of Global Re Specialty reflects. “But the opportunities ahead still significantly outweigh the journey that the market has been on. Because everything requires insurance.” Wheeler would know. In his role he ranges across global challenges, in the world’s richest and poorest [...]
Number of ‘Isa millionaires’ surges to more than 4,000 – triple from pre pandemic August 1, 2023 The number of “Isa millionaires” has surged to more than 4,000, according to HM Revenue & Customs (HMRC) figures. Some 4,070 savers were sitting on Isa pots worth more than £1 million, as of April 2021, according to the data, obtained following a freedom of information (FOI) request on behalf of financial services network the [...]
Metro Bank swings back to profit in first half as boss Frumkin claims ‘strategy is working’ August 1, 2023 Metro Bank achieved profitability in the first half of 2023 as the bank’s recovery from an accounting scandal continues. In the first half of the year the retail bank reported a pretax profit of £15.4m, swinging from a loss of £10.5m the year before when the bank faced significant restructuring and write-off costs. The second [...]
HSBC launches $2bn share buyback after rising rates helps bank beat expectations August 1, 2023 HSBC launched a new $2bn (£1.56bn) share buyback programme after comfortably beating expectations in the second quarter. In the three months to June, pretax profit hit $8.8bn (£6.86bn) – over $4bn higher than last year and surpassing the $8bn predicted by analysts. The strong performance reflected the impact of rising interest rates around the world [...]
Banks and watchdog exploring expanding open banking to savings accounts to boost competition August 1, 2023 Banks have committed to explore the expansion of open banking into the savings market, the City watchdog revealed yesterday. In its report on the savings market, the regulator confirmed that banks and building societies have committed to explore how investment in open banking can be used to support savings customers. This includes carrying out a [...]
London expansion picks up pace for Spanish bank Alantra as series of hires give boost to the City July 31, 2023 Spanish investment bank Alantra has made a series of new hires in the year so far as its push into the London market picks up the pace. So far this year it has brought in Graham Nicoll from Barclays to lead its Midlands team while Sulaiman Bosha has joined from Crito Capital as a managing [...]
Savings rates: Nine big banks face ‘robust’ action if they can’t prove fair value July 31, 2023 The nine largest banks have passed on just 28 per cent of base rate increases in easy access savings accounts since the beginning of last year, as the City watchdog issued a new set of rules to ensure savers get a fair deal. Under new rules coming into place, the Financial Conduct Authority (FCA) said [...]