Standard Chartered eyes recovery in China as profits tumble 12 per cent April 29, 2020 The coronavirus crisis has pushed Standard Chartered’s pre-tax profits down 12 per cent, but the lender is eyeing signs of recovery in China. However, the lender pointed to “encouraging early signs” of recovery in China. Investors welcomed the optimism with Standard Chartered’s London-listed shares up 3.6 per cent. “We expect a gradual recovery from the [...]
Martin Gilbert: Coronavirus ‘multiple times worse’ than Black Monday for City April 29, 2020 Veteran asset manager Martin Gilbert has warned the economic fallout from the coronavirus pandemic will be “the most dramatic we’ve seen since the 1930s” as he warned of “a long, slow recovery” for certain sectors of the economy. Speaking to The City View podcast today, Gilbert said that though Black Monday in 1987 was a [...]
The City View podcast, from Morning Wire, with Martin Gilbert April 28, 2020 In this episode Christian talks to City veteran Martin Gilbert on the eve of his departure from Standard Life Aberdeen, the £550bn investment management giant. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Martin founded Aberdeen Asset Management in 1983 and became co-CEO of SLA after a 2017 merger with Standard [...]
FCA warns banks not to pressure corporate clients amid coronavirus April 28, 2020 The City watchdog today warned banks not to put pressure on their corporate clients to cut them into business in return for coronavirus loans. The Financial Conduct Authority (FCA) wrote to lenders to say it had heard “credible reports of a small number of banks failing to treat their corporate clients fairly” while negotiating coronavirus [...]
R3 boss: Coronavirus is exposing cracks in banking tech April 28, 2020 As banking sectors across the globe grapple with the fallout from the coronavirus pandemic, a Wall Street veteran suggests the crisis may expose the need for new technology. David Rutter, who had a decade-long stint at interdealer Icap and now heads up financial tech firm R3, believes issues like the lending of coronavirus loans have [...]
HSBC CEO: Applications for coronavirus loans ‘now easier’ to process April 28, 2020 HSBC’s CEO today blamed the sheer demand for coronavirus loans for banks’ apparent slowness to lend out cash to struggling small businesses. Noel Quinn said banks have seen a “significant volume” of applications for the Coronavirus Business Interruption Loan Scheme (CBILS) so far. And he rejected the notion that a full government guarantee of such [...]
Lenders grant 1.6m mortgage payment holidays to homeowners April 28, 2020 Lenders have granted 1.6m mortgage payment holidays to homeowners facing financial difficulties due to the coronavirus outbreak. Chancellor Rishi Sunak announced in March that households with mortgages would be entitled to three-month payment holidays. Over a third of payment holidays approved so far were done in the first week of the UK’s lockdown. One in [...]
TheCityUK boss: Banks not ‘shirking’ CBILS duty April 28, 2020 One of the City’s most senior figures has insisted banks are not “shirking their responsibilities” as the government unveiled further modifications to the controversial Coronavirus Business Interruption Loan Scheme (CBILS). Miles Celic, chief executive of industry group TheCityUK, said that banks were doing “their level best” to address demand for loans in what he called “an [...]
HSBC first quarter profit halves on coronavirus pandemic April 28, 2020 HSBC saw coronavirus rip its first quarter profit in half today as it counted a huge $2.4bn jump in credit losses as a result of the pandemic. The bank’s share price declined 1.7 per cent to 409.3p in early trading as it revealed profit before tax sank 48 per cent year on year to $3.21bn. [...]
UBS profit jumps 40 per cent despite coronavirus disruption April 28, 2020 UBS reported a sharp rise in first-quarter net profit, helped by higher trading volumes as clients reacted to market volatility. Net profit rose 40 per cent year on year to £1.6bn. UBS had said earlier this month it expected a net profit for the period around $1.5bn. Market volatility helped UBS’s investment bank post a [...]