HSBC profits slide on looming inflation default wave April 26, 2022 A deterioration in borrowers’ credit worthiness caused by a historic cost of living squeeze prompted Britain’s biggest lender HSBC to set aside millions of pounds to deal with a rise in defaults. The bank, which sources a large proportion of its profits from China and Asia, banked $600m (£470m) in reserves to cope with a [...]
Sombre faces in Canary Wharf as HSBC profits nosedive on Ukraine war and inflation worries April 26, 2022 It’s not the best of mornings for HSBC as the banking giant saw its first-quarter profits tumble by more than a quarter after taking a hit on expected bad debts due to the Ukraine war and soaring inflation. The lender posted a 28 per cent drop in pre-tax profits to £3.3bn for the first three [...]
Santander pre-tax profit surges, as bank keeps watchful eye on soaring inflation April 26, 2022 Santander’s pre-tax profit has surged this quarter, despite the bank having to keep a watchful eye on soaring inflation. Profit from continuing operations before tax climbed more than 180 per cent to £495m in the three months to 31 March. However, with the looming risks of higher inflation, credit impairment charges came in at £52m, [...]
Jupiter’s assets under management drops as client demand held back by high inflation and war April 26, 2022 British fund manager Jupiter Fund Management has seen its assets under management drop as geopolitical and inflationary pressures dampened client demand. In a trading update for the three months to 31 March, the firm said its assets under management closed the period at £55.3bn. This marked a £5.2bn drop from 31 December, fuelled by negative [...]
City political chief hits back at London ‘laundromat’ label April 25, 2022 The City’s political chief has rebuffed claims that London has become a “laundromat” for dirty cash after scrutiny has ramped up in the wake of Russia’s invasion of Ukraine.
Standard Chartered snaps up virtual land as lenders accelerate metaverse investment April 25, 2022 Emerging markets lender Standard Chartered has announced a push into the metaverse today as it snaps up a plot of land in decentralised gaming world The Sandbox.
Top banks left holding Russian stocks after indexing firms give them the boot April 24, 2022 Some of the world’s top lenders have been left holding potentially valuable Russian stocks after FTSE Russell and MSCI booted Russian firms off their indexes, forcing banks to shift clients' holdings onto their own books.
Scandal-stricken Credit Suisse poised for management shakeup April 24, 2022 Beleaguered bank Credit Suisse is lining up a management shakeup as new chairman Axel Lehmann looks to put the lender back on track following a string of scandals.
Britain’s biggest banks in higher interest rate profit boost as earnings season kicks off April 24, 2022 Profits at Britain’s biggest high street lenders have been boosted by the Bank of England hiking interest rates to tame historic high inflation. That’s according to top City analysts who are forecasting the UK’s largest banks to have reaped the rewards of being able to charge borrowers more for loans. A higher interest rate environment [...]
Asset manager Vontobel expresses shock at death of ‘highly respected’ young trader April 22, 2022 A young and “highly respected” trader at Swiss investment bank Vontobel has died at his desk, the asset manager has confirmed to City PM Vontobel said it had learnt with “great regret” that a young colleague died in its offices last week. The investment manager refused to comment on the cause of death and asked [...]
