OneSavings Bank share price jumps 20 per cent after challenger bank reports 52 per cent rise in pre-tax profits March 17, 2016 Shares in the challenger OneSavings Bank closed up more than 20 per cent today after the bank reported a 52 per cent rise in full-year pretax profit, far exceeding analyst expectations. OneSavings, which specialises in residential mortgages and buy-to-let, as well as loans to small and medium-sized enterprises (SMEs), said loans and advances increased 31 per cent to £5.1bn in [...]
Arbuthnot Banking Group share price rises by more than four per cent after posting 52 per cent jump in profits as subsidiary Secure Trust Bank re-affirms interest in Williams & Glyn March 17, 2016 Shares in Arbuthnot Banking Group rose by more than four per cent this morning after the bank reported a 52 per cent rise in annual pretax profits, with performance boosted by growth in its private and retail banking businesses. Arbuthnot said pretax profit rose to £34.2m for the year ended 31 December, up from £22.5m the year [...]
Deutsche Bank won’t be profitable in 2016, chief executive John Cryan warns – sending the bank’s share price sharply lower March 16, 2016 German banking behemoth Deutsche has said the ongoing overhaul of the bank in the wake of regulatory changes means 2016 "will not be a profitable year", chief executive John Cryan told a Morgan Stanley organised conference in London this morning. Investors have baulked at the announcement, sending the shares down five per cent in Frankfurt. [...]
Barclays gives top bosses, including new chief executive Jes Staley, £8.7m in shares March 15, 2016 Barclays revealed today that it slashed the value of shares awarded to its top bosses this year following a drop-off in share price, handing new chief executive Jes Staley and others stock worth £8.7m – nearly half of the £16.4m announced in March of last year. Barclays said the total number of shares awarded to directors and senior executives today was [...]
Berenberg warns investors should be underweight Britain’s big banks, including Barclays, Lloyds and Royal Bank of Scotland (RBS) March 15, 2016 Analysts at Berenberg have said investors should be wary of Britain’s big banks, amid expectations that mortgage profitability will fall below 10 per cent. “We think interest rates will remain at low levels and, as a result, expect mortgage margins to fall by six basis points per year,” Berenberg’s banks team said in a note [...]
Royal Bank of Scotland (RBS) is cutting nearly 500 jobs in its investment banking business March 15, 2016 Royal Bank of Scotland is getting rid of nearly 450 jobs in its investment banking business as part of a radical restructuring plan intended to cut costs and streamline the state-backed bank. RBS informed staff today that it is slashing 448 office and middle-office positions from its corporate and institutional bank in an effort to shrink [...]
Societe Generale confirms it is buying Kleinwort Benson in an effort to boost UK private banking business March 15, 2016 Societe Generale has announced that it is buying the British and Channel Islands wealth management businesses of Kleinwort Benson. SocGen, one of France's biggest banks, revealed this morning that it had signed a share purchase agreement to acquire 100 per cent of Kleinwort Benson from the Oddo Group, another French financial services company. The acquisition is still [...]
Morgan Stanley hikes risk of global recession to 30 per cent amid low growth and lack of faith in central banks March 14, 2016 Economists at Morgan Stanley are becoming increasingly worried the global economy is teetering on the brink of recession. They've placed the likelihood of the world economy falling back into recession at 30 per cent in 2016, blaming low oil prices and decreasing effects of central banks' extraordinary monetary stimulus measures to support economies. Experts at the US investment bank [...]
Cambridge & Counties bank reports fourfold increase in profit March 13, 2016 Small business lender Cambridge & Counties Bank has reported profit before tax of £10.2m, up fourfold on the £2.5m posted the year before. The bank’s loan book grew by 66 per cent to reach £416m, while deposits increased by 21 per cent to £472m. The bank, owned by the University of Cambridge’s Trinity Hall and [...]
The rise of the robots means job losses at Royal Bank of Scotland March 13, 2016 Royal Bank of Scotland is axing 550 jobs and replacing them with so-called robo-advisers, in the company's latest move to cut costs. The axe is set to fall on RBS's investment advice division as well as its protection advice team, with the bank blaming falling demand for face-to-face services for the job losses. Robo-advice, popularised [...]