Co-op Bank losses deepen amid tougher mortgage competition February 27, 2020 The Co-operative Bank has reported an increased pre-tax loss for 2019, as the high street lender struggled with tough mortgage competition and PPI compensation payouts. The figures Co-op Bank posted a loss before tax of £152.1m for 2019, an eight per cent rise on the £140.7m recorded the previous year. It said that its underlying [...]
Police raid offices of Dutch bank ABN Amro in connection with cum-ex scandal February 27, 2020 German authorities today confirmed a raid on the Frankfurt office of Dutch bank ABN Amro in relation to the the cum-ex dividend stripping scandal that has rocked the European financial sector. “We can confirm that we are carrying out measures at ABN Amro in Frankfurt within the cum-ex context,” a spokesperson for the Cologne state [...]
Brexit trade talks: Six key takeaways from the UK’s negotiating mandate February 27, 2020 The UK government published its negotiating mandate for Brexit trade talks today, setting out what Boris Johnson’s chief sherpa David Frost will be seeking when talks kick off next week. But what are the key takeaways from that document? Here’s six of the most important points. 1. No UK-EU alignment This should be no surprise [...]
BoE governor Mark Carney urges the City to step up on climate change February 27, 2020 Outgoing Bank of England governor Mark Carney has demanded the City answer “calls to action” on climate change and help speed up the transition to a low-carbon economy. In a speech given in the City this morning, Carney is expected to call on money managers to “ensure that every financial decision takes climate change into [...]
Amigo shares fall as impairment charges hit profit February 27, 2020 Shares in Amigo fell more than nine per cent this morning after the lender reported a sharp drop in pre-tax profit and withdrew its guidance for the full year. The figures Net loan book rose 3.8 per cent year on year to £722.3m in the nine months to the end of December. Revenue grew 8.5 [...]
StanChart lowers growth target over coronavirus and economic slowdown February 27, 2020 Standard Chartered has reported a 46 per cent jump in annual profit, but warned that operating income growth would be lower than expected this year due to the impact of the coronavirus epidemic in key Asian markets. The figures StanChart’s statutory pre-tax profit jumped 46 per cent to $3.7bn (£2.9bn) in 2019, up from $2.6bn [...]
Virgin Money to slash 500 jobs and shutter 52 branches February 26, 2020 UK bank Virgin Money is planning to cut 500 jobs as it continues to integrate with Clydesdale and Yorkshire Banking Group (CYBG), it said today. The challenger bank also said it will shutter 52 branches. Of these, 22 will be closed this year and 30 more will be “consolidated” into another Clydesdale Bank, Yorkshire Bank [...]
Metro Bank shares plumb new depths after challenger bank swings to £131m loss February 26, 2020 Metro Bank will slash its growth plans after plunging to a £131m pre-tax loss in 2019, a devastating year in which an accounting scandal sent shares plunging and led to an exodus of the bank’s top brass. Shares in the company fell as much as 19 per cent in morning trading to an all-time low [...]
Blackrock vice chair and co-founder Barbara Novick to step down February 26, 2020 Blackrock’s co-founder and vice chairman Barbara Novick will step down from her current role at the world’s largest asset manager, according to an internal memo. The 59-year-old will remain vice chair while she helps Blackrock find a successor, the memo said. She will then serve as a senior adviser to the company. Novick, who has [...]
Jury retires to consider verdict in landmark fraud trial of ex-Barclays bankers February 26, 2020 The jury today retired to consider its verdict in the trial of three ex-Barclays bankers accused of fraud in relation to two emergency financial crisis fundraisings. Roger Jenkins, Thomas Kalaris and Richard Boath have been charged with conspiracy to commit fraud by false representation and fraud by false representation in connection with the 2008 fundraisings [...]