Credit Suisse predicts £1.32bn loss after clients pull cash from funds November 23, 2022 Beleaguered lender Credit Suisse said it expects to haemorrhage up to 1.5bn Swiss Francs (£1.32bn) in its fourth quarter after being rocked by a flood of outflows in October.
Barclays unveiled as Wimbledon’s new banking partner November 23, 2022 Barclays has signed a mega deal to be the newest sponsor of Wimbledon, with top 20 player Frances Tiafoe announced as its ambassador. It will become the official banking partner of the SW19 championship and make of the biggest ever donations to the Wimbledon Foundation. The banking giant signed a multi-year deal with the The [...]
City job losses loom amid government tax grab and recession November 22, 2022 Square Mile banks, brokers and insurers will shed jobs to alleviate pressure on their balance sheets from the government hiking taxes, the new Lord Mayor of Canada has warned. Nicholas Lyons, the freshly minted 694th Mayor of the City, told Bloomberg today he expected “there will be some job losses” after chancellor [...]
FCA calls on credit raters to boost checks amid unaffordable loan fears November 22, 2022 The UK’s financial watchdog has called on credit rating firms to boost their credit checks on customers today amid fears that lenders are dishing out loans to borrowers based on patchy information.
FTX implosion shows urgent need for crypto rules, says Bank of England November 21, 2022 The implosion of FTX has underlined the need to rapidly bring crypto within the remit of financial watchdogs before it threatens the stability of the wider financial system, the deputy governor of the Bank of England has warned today.
Virgin Money shares soar after handing staff 10 per cent pay rise November 21, 2022 Virgin Money shares have jumped today after the company handed out 10 per cent pay rises to most of its 7,500 staff. The pay bump comes on top of a £1,000 one-off payment in August to help combat the cost of living crisis. Staff will receive around nine and 11 per cent extra across two [...]
Nationwide’s incomes boosted by higher interest rates November 18, 2022 Nationwide Building Society today posted a more than 13 per cent uptick in its underlying profits after its incomes were boosted by higher interest rates. The Swindon headquartered building society saw its pre-tax profits for the six months ending on 30 September 2022 increase 13.6 per cent to 969m. The uptick came as Nationwide’s net [...]
Government slashes bank surcharge in boost for the City November 17, 2022 The government has slashed a surcharge on bank profits to three per cent today in a bid to keep the UK's finance industry internationally competitive.
FTX: Bankman-Fried claims he ‘basically forgot’ about account holding $8bn customer cash November 17, 2022 FTX founder Sam Bankman-Fried has launched an attack on regulators for failing to protect consumers today, even as he admitted he “basically forgot” about an account holding $8bn of customer’s cash.
Investec rolls out £350m share buyback as revenues jump November 17, 2022 Investec said it would roll out a share buyback programme today