Deutsche Bank boosted by bond trading amid pandemic July 29, 2020 Deutsche Bank reported its biggest surge in fixed income trading revenue in eight years amid the coronavirus crisis. The figures Deutsche Bank reported pre-tax profit of €158m compared to a pre-tax loss of €946m in the second quarter of 2019. It also reported net profit of €61m compared to a net loss of €3.1bn in [...]
Barclays braces for pandemic blow with extra £1.6bn cushion July 29, 2020 Barclays has set aside £1.6bn to insulate itself against further loan losses in the coronavirus-hit second quarter of 2020, it revealed today, a higher sum than analysts expected. Bank forecasts had pointed to a £1.42bn total but the £1.6bn figure for April to June brings Barclays’ total provisions to £3.7bn. That sum could reach £5.79bn [...]
HSBC to ‘at least double’ black employees in its upper ranks July 28, 2020 HSBC has reportedly told staff it will “at least double” the number of black employees in its upper ranks but said it will have to collect the data first. In an internal memo first seen by the Guardian, chief executive Noel Quinn admitted that the bank’s failure to publish data on ethnicity had created a [...]
Bank of England could extend bank dividends suspension July 28, 2020 The Bank of England will weigh up whether its request that banks do not pay out dividends or buy back their own shares should be extended beyond the end of the year, it said today. It came as the European Central Bank (ECB) extended its recommendation that banks do not pay dividends until January 2021. [...]
Virgin Money reports dip in customer demand due to coronavirus July 28, 2020 Virgin Money has reported a dip in customer lending in the third quarter as demand for mortgages and personal loans fell due to the pandemic. However, the lender said it had not yet seen a spike in credit losses linked to coronavirus. The figures Virgin Money reported a 2.7 per cent drop in personal lending [...]
Deutsche Bank to end global business activities in coal mining by 2025 July 27, 2020 Deutsche Bank has revamped its approach to fossil fuels, saying it will end global business activities related to coal mining by 2025 at the latest. The new fossils fuel policy applies to financing as well as capital market transactions. The policy trails announcements made earlier this year in which the lender committed to new sustainability [...]
Natwest closes SME accounts after coronavirus loan applications July 27, 2020 Natwest has closed the accounts of some small business customers who applied for the government’s coronavirus loans to help them through the pandemic, leaving them unable to access their money. A number of customers contacted the Guardian to complain that their accounts had either been suspended or closed without any explanation after they put in [...]
Natwest looks at slashing costs by £3bn over the next five years July 26, 2020 Natwest will next week consider proposals to cut costs by £3bn over the next five years as it prepares for a wave of bad debts thanks to the coronavirus crisis. Top managers from the bank, which was renamed from RBS just this week, will look at plans that would see annual operating expenses cut from [...]
Goldman Sachs reaches $3.9bn settlement with Malaysia over 1MDB scandal July 24, 2020 Goldman Sachs has agreed to a $3.9bn settlement with the Malaysian government over the multi-billion dollar 1MDB scandal. The deal includes a cash payment of $2.5bn and a guarantee by Goldman to pay at least $1.4bn in assets linked to 1MDB bonds, Malaysia’s finance ministry said. “This settlement represents assets that rightfully belong to the [...]
The City View: Imran Gulamhuseinwala on Britain’s open banking future July 23, 2020 Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Today Andy is joined by Imran Gulamhuseinwala, the Implementation Trustee of Open Banking Ltd and the man tasked by the Government with driving forward the UK’s adoption of this potentially revolutionary technology. They discuss the journey so far, the challenges along the way, and the burgeoning industry of third-party [...]
