Nationwide and TSB join HSBC in reducing rates on mortgage deals July 27, 2023 Nationwide and TSB joined HSBC in reducing rates on a range of mortgage products today, as rates on mortgages continued to come down after last week’s inflation reading. Nationwide announced that it would be reducing fixed rates by up to 0.35 per cent while it would reduce rates available on its tracker products by 0.2 [...]
Coutts boss Peter Flavel resigns over Farage account closure July 27, 2023 The boss of private bank Coutts has resigned for his part in the closure of Nigel Farage’s bank account. Peter Flavel’s resignation follows the departure of Natwest boss Dame Alison Rose in the early hours of Wednesday morning and comes as pressure grows on other members of the Natwest board to step down over the [...]
BNP Paribas beats estimates on debt financing and cost management July 27, 2023 BNP Paribas, the euro zone’s biggest bank, beat estimates in the second quarter as its corporate debt financing business and strong cost management partly offset a slump in securities trading. The French lender’s second-quarter net income fell 4.9 per cent on a reported basis to €2.8bn (£2.4bn), beating the €2.5bn analyst consensus compiled by the [...]
TSB Bank profits up 45 per cent on rising rates as impairment charges soar too July 27, 2023 TSB Bank’s profits were lifted by rising interest rates, but the bank flagged challenges ahead as impairment charges soared by 54 per cent on last year. In the first half of the year pretax profit climbed 45 per cent to £147.9m, up from £102.9m in the same period last year. The lender noted this was [...]
Banks dish out £7.8bn in dividends as rising interest rates boost profits July 27, 2023 UK banks have dished out bumper payouts to investors over the past three months as lenders rake in profits on the back of rising interest rates, according to new research. Banks hiked their dividends to shareholders by 61 per cent to some £7.8bn to investors in the three months to the end of June, despite [...]
Barclays shares slide after lowering interest guidance for full year despite beating expectations July 27, 2023 Barclays shares dropped after the lender said it expects the tailwind from rising interest rates to be slowing, despite beating expectations in the second quarter. In the three months to June, Barclays’ profit rose 31 per cent to nearly £2bn, slightly higher than the £1.9bn analysts had predicted. On the back of the results, Barclays [...]
Bankenheimer: Number of banks shunning nuclear weapons jumps 10 per cent July 27, 2023 As Christopher Nolan’s epic about Oppenheimer, Godfather of the atomic bomb, hits cinema screens, new research shows banks globally are pulling back from funding nuclear weapons. According to a new report from Don’t Bank on the Bomb, 109 financial firms worldwide have published policies restricting investment in nuclear weapon producers. This was roughly 10 per [...]
City workers pocket above average 13 per cent pay rise as financial services jobs tumble July 27, 2023 City workers pocketed an average 13 per cent pay increase when switching jobs over the last quarter, a rise that is above the national average, new research out today shows. Salary increases handed down to new starters at the Square Mile’s banks, brokers and insurers have ebbed over the last year as activity in the [...]
Complaints of sexism emerge around forced resignation of Natwest boss Alison Rose July 26, 2023 Complaints of sexism have emerged after Natwest boss Dame Alison Rose was forced to resigned late last night after admitting she was the source for an inaccurate BBC report on Nigel Farage’s Coutts account closure. Rose stepped down in the early hours of this morning after an extraordinary late-night board meeting – just hours after [...]
Banks agree to protect freedom of expression after Farage furore July 26, 2023 Bank bosses today agreed to protect freedom of expression after they were hauled in for talks with City minister Andrew Griffith following the closure of Nigel Farage’s bank account. In a meeting today with bank bosses in the Treasury, representatives from Natwest, HSBC, Nationwide, Lloyds, Santander and Barclays committed to not ‘debank’ customers because of [...]