Judgment imminent in Lloyds’ shareholders £600m financial crisis-era group action October 31, 2019 The long-awaited judgment in a financial crisis-era shareholder action against Lloyds Banking Group and five former directors of Lloyds TSB is expected imminently, according to people close to the case. The £600m claim focused on Lloyds TSB’s acquisition of HBOS in autumn 2008 at the height of the financial crisis. The claimant group of 300 [...]
Friends again: The Co-op Bank and Capita have renewed a £141m contract after falling out in 2016 October 31, 2019 Capita has been tasked with running the Co-operative Bank’s mortgage servicing operations for the next six years, in a contract win which indicates the once-strained relationship between the two is back on course. The £141m deal comes after a public spat in September 2016, in which the Co-op Bank claimed the London-listed firm had failed [...]
EU mulls new anti-money laundering body following scandals October 31, 2019 The EU is set to explore the creation of a new central authority to tackle money laundering after a series of high-profile scandals highlighted the bloc’s weakness in preventing dirty cash flowing through its banks. Finance ministers from EU countries are expected to mandate the European Commission to recommend a new “independent” enforcement body with [...]
Lloyds Banking Group profit slumps 97 per cent after £1.8bn PPI hit October 31, 2019 Lloyds Banking Group narrowly avoided tipping into the red this morning after taking a major third-quarter dent from the mis-selling of payment protection insurance (PPI). The lender’s pre-tax profits were reduced to £50m, falling 97 per cent from the same period last year after setting aside £1.8bn for PPI provisions. Read more: UK banking sector [...]
Keith Morgan to stand down as head of British Business Bank October 31, 2019 Keith Morgan, head of the state-owned British Business Bank (BBB) will stand down at the end of next year after eight years at the helm. Morgan, who has been chief executive of the UK’s development bank since its formation in 2013, will stand down at the end of 2020 to ensure an orderly transition to [...]
Citi chief political analyst Tina Fordham moves to new boutique law firm Avonhurst October 31, 2019 Investment bank Citi’s chief global political analyst Tina Fordham is moving to new boutique law firm Avonhurst as a partner and head of global political strategy, the firm announced today. The hire is an unusual one as law firms have not traditionally advised their clients on political risk. Speaking to Morning Wire Fordham said: “It [...]
US Federal Reserve lowers rates again but signals it is done cutting October 30, 2019 The US Federal Reserve took the axe to interest rates for the third time in a row today, just hours after data showed the US economy slowed in the third quarter. Read more: US economic growth beats expectations with Fed poised to cut rates Fed president Jay Powell struck a more cautious tone than at [...]
Daiwa Capital Markets faces $150m bill after Supreme Court appeal loss October 30, 2019 Daiwa Capital Markets Europe faces a $150m (£116m) bill after losing an appeal to the UK Supreme Court today. The court ruled in favour of Singularis Holdings – now in liquidation – in a claim for negligence against the English subsidiary of the Japanese bank. The case relates to a payment Daiwa made at the [...]
Credit Suisse profit doubles amid rise in wealth management business October 30, 2019 Profits at Credit Suisse more than doubled during the last three months following a robust performance in its flagship wealth management arm. The Swiss lender reported net profits of SFr751m for the third quarter, jumping 108 per cent when compared with the same period in the previous year. Read more: Deutsche Bank posts losses amid [...]
Deutsche Bank losses hit €832m amid restructuring and revenue slump October 30, 2019 Deutsche Bank posted deepening losses during the last three months as the troubled German lender pressed ahead with a costly turnaround plan. A double-digit drop in revenues and costs from the firm’s major restructuring pushed losses down to €832m (£718m) over the quarter, compared with profit of €229m in the same period last year. Read [...]