Standard Chartered pre-tax profits rise 44 per cent November 2, 2021 Standard Chartered pre-tax profits have risen 44 per cent, according to the latest quarterly results announced today. Profit before tax at the British bank rose to $1.08bn, surpassing previous expectations but the bank warned investors to expect an “uneven” economic recovery and its outlook for earnings growth for 2021 remained flat. Chief executive at Standard [...]
Questions for Barclays board remain even after CEO departure November 1, 2021 The board is disappointed at this outcome,” said Barclays statement to markets yesterday morning. As understatements go, it’s up there with Spike Milligan’s “I told you I was ill” epitaph. That Jes Staley has left the firm is not, necessarily, a surprise. It has been rumoured that he was ready to give up the gig [...]
Ex-Barclays banker banned for life after Euribor rigging November 1, 2021 A former Barclays banker, convicted for rigging a benchmark rate, has been handed a lifetime-ban by the Financial Conduct Authority (FCA) from working in the finance sector again. In 2019 Colin Bermingham was found guilty of manipulating the Euribor benchmark by a majority verdict of a jury, and sentenced to five years in prison. In a [...]
Starling Bank chief swats away suitors in fresh book chapter November 1, 2021 The chief of digital bank Starling Bank has swatted away speculation that the lender is up for sale in a new chapter of her book. Anne Boden, founder and chief executive of the fintech, said in an updated version of her book Banking On It: “Starling is not for sale and I very much want [...]
Jes Staley leaves Barclays: CEO exits bank after shock report on Epstein links November 1, 2021 Embattled Barclays chief Jes Staley has left his post over his ties with with late convicted sex offender Jeffrey Epstein. Staley will leave his role as chief executive of the bank with immediate effect after a probe into his links with Epstein suggested he mischaracterised the relationship to his employer and UK regulators. The bank’s [...]
Scandal-beset Credit Suisse to present early strategy update November 1, 2021 Credit Suisse will provide an update, earlier than expected, on the group’s strategy review this Thursday, following a series of high-profile scandals which has left the Swiss lender reeling. The review into the banking giant’s culture and risk management, promised by chairman Antonio Horta-Osorio, will follow the bank’s third-quarter results at an investor event in London. [...]
NatWest books £300m in legal fees to deal with money laundering fallout October 29, 2021 NatWest has set aside nearly £300m in legal fees to deal with the fallout of admitting it allowed money laundering to take place in the bank. The bank announced in its third quarter results that it booked a £294m litigation and conduct charge during the period. NatWest recently became the first British bank to admit [...]
Reserve release boosts Lloyds profits October 28, 2021 The release of reserves set aside to deal with an expected wave of pandemic-induced defaults boosted Lloyds’ profits. Profit before tax at Britain’s biggest mortgage lender in the three months to September climbed around £1bn compared to the same period last year. Lloyds’ bottom line was raised by the release of over £80m in reserves [...]
Rishi Sunak’s Autumn Budget: A quick overview of what has been announced October 27, 2021 Downing in numbers and announcements? No worries, here are the main points from Chancellor Rishi Sunak’s Budget. – The Budget is focused on the “post-Covid” era, according to the Chancellor, and will pave the way for the “Prime Minister’s economy of higher wages, higher skills, and rising productivity”. – Independent forecaster the Office for Budget [...]
Champagne in Canary Wharf: Sunak helps banks to save £4bn following Budget cut in surcharge tax October 27, 2021 The cut to the banking surcharge, announced in today’s Budget, will help UK banks to save £4bn in the next five years. A surcharge of 8 per cent was cut to 3 per cent by Chancellor Rishi Sunak to “maintain the competitiveness of our financial services”, he said. As a result, the amount paid by [...]