Worst performing investment funds worth £30bn are revealed in report August 20, 2021 An online investment service, Bestinvest, has published it’s latest “Spot the Dog” report naming and shaming 77 investment funds which have consistently underperformed the markets they invest in. Although 77 investment funds across a range of equity markets worldwide were identified in the latest report, which is published twice a year, it marks a sharp [...]
Law firm Irwin Mitchell reaches ‘landmark’ £1bn assets under management August 20, 2021 Irwin Mitchell’s wealth management team has reached £1bn of assets under management (AUM) this week, the company has announced today. The firm, which also recently announced an 11th year of consecutive growth, launched its wealth management division in 2000 and focussed on providing financial planning and investment management to personal injury clients in receipt of [...]
Saxo Bank profits shrink despite attracting record levels of new clients August 20, 2021 Danish investment bank Saxo Bank posted a weak set of results for the first six months of this year despite attracting record levels of new clients. Profits at the investment bank dipped to £59m in the year to June 2021, down from £60.9m in the same period last year. The bank’s client base climbed by [...]
Locked out: Sky broadband outage hits online banking apps August 20, 2021 A string of online banking apps, including HSBC and Santander, all experienced malfunctions this morning, which was down to a Sky broadband issue. Hundreds of customers had reportedly been locked out of HSBC, Santander, NatWest, Halifax and TSB apps and online banking websites. The banking app for TSB was also thought to be experiencing an [...]
Profits more than double at OneSavings Bank August 20, 2021 OneSavings Bank’s profit surged in the first six months of the year driven by a sharp uptick in lending activity, according to results published today. The specialist lender posted a 123 per cent rise in pre-tax profits in the year to June 2021 to £221.9m, up from £99.3m in the same period last year. The [...]
HSBC launches legal action against El Salvador to recover $50m August 20, 2021 HSBC has launched legal action against a South American nation in a bid to recover almost $50m it thinks was wrongly awarded against it. The UK’s largest banking group is suing El Salvador over a dispute dating back to 2007 that is understood to be mainly focused on a $2m loan made to a local [...]
Exclusive: ‘When I started, diversity didn’t really exist’, says Bank of America’s international head of ESG August 19, 2021 In this series, City PM zooms in on a range of successful women in the Square Mile, some being movers and shakers in their respective fields – rule makers, not rule takers – while others are rising stars worth keeping an eye on. Today: Andrea Sullivan, international head of ESG at Bank of America. An M&A [...]
Mastercard faces £10bn class-action lawsuit in UK August 19, 2021 A UK court has approved the UK’s biggest class action lawsuit of over £10bn against global payments processor Mastercard on behalf of 46m consumers, according to reports. The previously rejected lawsuit was formally certified on Wednesday to go to trial by the Competition Appeal Tribunal (CAT) in London. It will be the first mass claim [...]
Lloyds eyes 50,000 homes in push to become UK’s largest landlord August 19, 2021 Lloyds Banking Group is eyeing up buying 50,000 homes in the next decade to let out to renters as it pushes to become one of the UK’s largest landlords, according to reports. Reports in the Financial Times say Lloyds has launched the Citra Living brand in a bid to move into the private rental market. [...]
John Lewis launches investment products as it looks beyond retail for revenue August 19, 2021 John Lewis has today launched investment products for the first time ever, as the retailer ramps up its plans to find revenue streams in other sectors. Entering the investments market is, the company said in a statement, part of its longer term ambition for 40 per cent of the company’s profits to come from outside [...]
