UBS to retain EY as auditor after Credit Suisse takeover – report July 16, 2023 UBS Group has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision.
Standard Chartered sells up in sub-Saharan African and turns to faster-growing markets like Saudi and Egypt July 14, 2023 Standard Chartered announced today that it would sell its subsidiaries in sub-Saharan Africa to Nigeria-based Access Bank. The bank will sell its stake in subsidiaries in Angola, Cameroon, Gambia and Sierra Leona as well as its consumer, private & business bank in Tanzania to Access Bank. “Access Bank will provide a full range of banking [...]
Wells Fargo beats expectations thanks to rising rates as Citi’s profits fall 36 per cent on dealmaking slowdown July 14, 2023 Citi struggled with rising costs and falling fees in the second quarter while its Wall Street rival Wells Fargo benefitted from higher interest rates. Citi saw its profit fall 36 per cent year on year as it was hit by the global decline in dealmaking, but its performance was still better than analysts had predicted [...]
JP Morgan profits jump as bank benefits from rising rates – but boss Jamie Dimon warns of ‘salient risk’ July 14, 2023 JP Morgan beat expectations again as it reaped the rewards of rising interest rates and its takeover of First Republic, but the bank boosted loss provisions significantly. In the second quarter, the Wall Street giant recorded net income of $14.5bn, 67 per cent higher than last year and ahead of analyst expectations. Its shares were [...]
Cash still king in the City compared to rest of London but amount withdrawn almost halves July 13, 2023 Westminster and the City remained London’s biggest centres for cash withdrawals but saw a near halving in the amount of cash withdrawn over the past four years. According to figures from LINK, which operates the interbank network, the amount of cash withdrawals from the City and Westminster fell to £55m in May 2023, 49 per [...]
Mortgage defaults expected to pick up as rising rates hits borrowers, say lenders July 13, 2023 Banks and building societies expect the level of mortgage defaults to increase over the next quarter as the impact of rising interest rates filters through the economy. In the Bank of England’s quarterly credit conditions survey, lenders reported “losses and default rates on secured loans to households increased in Q2, and were expected to increase [...]
Finncap seeing ‘green shoots’ of recovery after swinging to £1.7m loss July 13, 2023 City broker and investment bank Finncap said it is seeing “green shoots” of recovery in the market this year as revenues ticked upwards again after it swung to a loss last year.
JP Morgan hires 20 new bankers to expand push into startup sector post-SVB collapse July 12, 2023 JP Morgan has bolstered its ranks with a series of hires as it attempts to expand its offering to start-ups and high growth companies following the collapse of Silicon Valley Bank (SVB). The Wall Street giant has hired almost 20 new bankers to support fast growing businesses in Europe, the Middle East and Asia, including [...]
Banks breathe ‘sigh of relief’ as Supreme Court backs Barclays in APP fraud case July 12, 2023 Banks will not face extensive new duties to prevent authorised push payment (APP) fraud after the Supreme Court sided with Barclays in a closely watched case. The ruling means banks will not be held liable for fraudulent transactions requested by customers, avoiding a potential wave of fraud litigation. “There will definitely have been some deep [...]
Bank of England says UK’s big banks passed stress test and are ‘resilient’ to rising rates July 12, 2023 The UK’s largest lenders passed the Bank of England’s stress tests with flying colours, even as concerns grow around the health of the mortgage market. In its latest stress test, the Bank of England concluded that banks were “resilient”, enabling them to withstand persistently higher inflation and a deep global recession. “The UK banking system [...]