Close Brothers shares soar past target price whilst FTSE 100 banks sink April 3, 2025 Shares in FTSE 250 lender Close Brothers rallied on Thursday morning whilst its banking rivals HSBC, Barclays and Standard Chartered tumbled. The lender made gains as high as ten per cent during early trading before consolidating around five percent, as the bank clawed back recent losses. Meanwhile, Standard Chartered led the FTSE 100 losses at [...]
Close Brothers shares fluctuate as motor finance hearing kicks off April 1, 2025 Shares in FTSE 250 lender Close Brothers were volatile during early trading on Tuesday as the first day of the motor finance hearing kicked off. The bank was one of the FTSE’s top fallers as markets opened after it suffered a downgrade from City broker Peel Hunt. The broker said the “extent” of guidance downgrades [...]
Motor finance: Insurance industry nervously watches legal battle March 31, 2025 As the lenders brace for the start of a high-profile legal battle on Tuesday, the insurance industry lurks in the sidelines
Motor finance: Lloyds, Close Brothers and Santander brace for ‘shockwaves’ March 31, 2025 Judgement day nears for some of the UK’s biggest lenders as the motor finance scandal heads to the country’s highest court this week. The Supreme Court will decide whether to uphold the Court of Appeal’s October ruling that it was unlawful for banks to pay a commission to a car dealer without the customer’s informed [...]
Billions on the line: Legal showdown over motor finance set to decide lenders’ fate March 28, 2025 Lenders sit in shark-filled waters with their fate in the hands of five Lord Justices as parties prepare for a showdown over motor finance on Tuesday
Analysts downgrade Close Brothers’ ‘beaten up’ shares March 21, 2025 Analysts have said Close Brothers shares are worth 340p – a 20p downgrade from their previous price target. The lender suffered a profit hit in its half-year results, plunging to a £104m loss. A £165m provision for motor finance payouts drove the bank’s woes, with shares falling as much as 24 per cent on Tuesday. [...]
Motor finance: Lloyds and Close Brothers shareholders await landmark hearing March 19, 2025 The eyes of shareholders at Britain’s biggest lenders will be on April’s landmark motor finance hearing, as the scandal heads to the Supreme Court. The hearing, scheduled for April 1-3, will allow car loan providers to challenge the October 2024 Court of Appeal ruling that it was unlawful for banks to pay a commission to [...]
Analysts put Close Brothers shares ‘under review’ as stock plummets March 18, 2025 Peel Hunt analysts placed Close Brothers shares ‘under review’ after the banking group suffered a £104m loss in the first half of its 2025 financial year. The lender said losses were driven by the £165m reserved for potential motor finance payouts, along with costs of complaint handling and legal expenses. Close Brothers’ stock sank as [...]
Close Brothers shares plunge as motor finance costs mount March 18, 2025 Banking group Close Brothers plunged to a £104m loss in the first half of 2025 after the firm set aside provisions for the motor finance scandal. The lender recorded a pre-tax loss in the first half of its 2025 financial year, compared to a profit of £88.1m in the same period of 2024 due to [...]
Vanquis shares plunge as complaints costs soar March 14, 2025 Specialist lender Vanquis Banking Group said its “turnaround” was “on track” in its annual results despite suffering a loss in 2024. The Bradford-based lender reported a £34.8m loss, a drastic drop from its pre-tax profit of £17.3m in 2023. The cost of dealing with complaints related to the company’s historic lending practices soared and took [...]