Mark Garnier joins Philip Hammond in reassuring the City it’s still important in the Brexit negotiations October 20, 2016 Mark Garnier, parliamentary under secretary of state for international trade, has today reiterated reassurances from other politicians that the financial services sector is important to government as it gears up for Brexit negotiations. Garnier told the audience at a British Bankers' Association (BBA) conference that "government fully appreciates the implication" concepts such as a hard Brexit could have for the industry, adding: [...]
BBA chief calls for clarity for banks on Brexit to prevent “worst case scenario” planning October 20, 2016 The head of a leading City trade group has called on government to provide more clarity on its Brexit thinking for the sake of the future of the banking sector. Speaking at the British Bankers' Association's International Banking Conference, chief executive Anthony Browne said "banks need as much clarity as possible" so they could carry out plans [...]
Monte dei Paschi di Siena shares soar after board confirms it is pushing ahead with rescue plan October 19, 2016 Shares in Italian lender Monte dei Paschi di Siena soared today after its board confirmed it was still pushing ahead with rescue plans to bolster its capital and ditch some of its soured loans. In a statement released after the market closed last night, the bank noted its board had met to discuss the plans in more [...]
Peer to peer lending grows for yet another quarter October 19, 2016 Peer to peer lenders have grown their books by over £2bn since the start of 2016, with cumulative lending now topping £6.5bn. In the last quarter alone, peer to peer lenders have provided £700m of new funding according to the figures, which are prepared by the Peer to Peer Finance Association (P2PFA). Read more: Global expansion [...]
Britain’s banks back in the firing line for potential mortgage calculation failings October 19, 2016 Mortgage lenders may have been over-charging hundreds of thousands of customers in arrears according to UK's banking watchdog. The Financial Conduct Authority (FCA) today announced that it will consult for guidance on whether banks have broken FCA rules and miscalculated mortgage repayments. Read more: Tyrie urges FCA to publish its report into RBS After working with [...]
Morgan Stanley says it has had a great third quarter as Wall Street’s winning week rolls on October 19, 2016 Morgan Stanley has extended the Wall Street winning streak, handily beating expectations in the third quarter and pulling in a profit rise of 62 per cent year-on-year. Alongside its big banking peers, it has benefited from a trading rebound in recent months. The numbers The firm reported diluted earnings per share of $0.81 on revenue of $8.91bn (£7.25bn), [...]
Branches deliver third quarter earnings growth for UK operations of Swedish-based challenger bank October 19, 2016 Swedish-based UK challenger bank Handelsbanken grew third quarter profits by expanding business volumes and reducing loan losses. The lender posted a nine per cent increase in operating profit for the three months to September across its UK branches, in sterling adjusted terms. The £46.4m generated in the quarter took aggregate operating profit for the first nine months of the [...]
Treasury in listening mode for Brexit negotiations, City minister tells Lords committee October 19, 2016 The Treasury is all ears when it comes to Brexit, the City minister has said today. Speaking in front of the House of Lords EU Financial Affairs Sub-Committee, Simon Kirby said his department was "very much in listening mode", adding that "government as a whole…is intend on getting the best possible deal for Britain". However, peers expressed [...]
The City is struggling with the Whitehall Brexit machine October 18, 2016 Key figures in the City are growing increasingly frustrated with what they see as an indifferent and unsupportive approach towards the Square Mile in two of the government departments responsible for hammering out the UK’s Brexit deal. Several sources have indicated to Morning Wire that, while Philip Hammond and his Treasury team are instinctively sympathetic [...]
Tyrie urges FCA to publish its report into RBS October 18, 2016 The chairman of the influential Treasury Select Committee (TSC) Andrew Tyrie has urged the financial watchdog to publish its report on Royal Bank of Scotland’s treatment of financially distressed business customers. Tyrie has written to the Financial Conduct Authority (FCA) chief executive Andrew Bailey, asking him when the report will be published. The calls follow [...]