Morgan Stanley profit drops by nearly a third April 16, 2020 Morgan Stanley today said profit for the first quarter fell 32 per cent as its advisory and wealth management businesses took a hit from the economic fallout of the coronavirus pandemic. Morgan Stanley’s wealth management unit, which contributes roughly half of its total revenue, fell eight per cent to $4.04bn (£3.23), after it was hit [...]
Bramson calls coronavirus truce in Barclays battle April 16, 2020 Activist investor Edward Bramson has called a temporary truce in his battle with Barclays chief executive Jes Staley during the coronavirus pandemic. Bramson’s investment vehicle Sherborne said today it would withhold its vote against Staley at Barclays’ upcoming annual meeting in recognition of the difficulties posed by the coronavirus pandemic. Sherborne said it still thinks [...]
Coronavirus: UK banks expect surge of business loan defaults April 16, 2020 The UK’s banks and building societies expect to see a surge of businesses defaulting on their loans in the coming months, survey data has shown, as coronavirus sends the economy into a deep recession. Small businesses are expected to be the worst hit, with expectations of defaults hitting their highest since the financial crisis for [...]
Bank lobby chief says changes to coronavirus loan scheme may be necessary April 15, 2020 The head of Britain’s banking lobby group has said the government’s coronavirus business loan scheme may need to change in order to increase lending to smaller businesses. UK Finance chief executive Stephen Jones told the Treasury Select Committee today that the government may need to guarantee 100 per cent of loans for small businesses, instead [...]
Citi profit halves as US banks brace for coronavirus impact April 15, 2020 Citigroup’s profit slumped almost 50 per cent in the first quarter as it became the latest US bank to beef up its loan reserves in a bid to mitigate the impact of coronavirus. The bank’s net income dropped 46 per cent year on year to $2.5bn (£2bn), or $1.05 per share. This was down from [...]
Goldman Sachs profit nearly halves as coronavirus hits investment April 15, 2020 Profit at Goldman Sachs dropped more than 45 per cent in the first quarter of 2020 compared to a year earlier as the coronavirus slowdown hit the Wall Street giant’s asset management arm, its latest earnings report showed today. Goldman’s net earnings for the January to March period were $1.21bn (£970m), down 46 per cent [...]
Bank of America profit nearly halves after it sets aside $4.8bn to cover bad loans April 15, 2020 Bank of America said today its profit for the first quarter was down 45 per cent on the same period last year as it set aside billions to cover expected loan defaults. The lender said its earnings for the three months to 31 March were $4bn (£3.2bn), compared to $7.3bn for the same period in [...]
Standard Chartered bans staff from using Zoom and Google Hangouts April 15, 2020 Standard Chartered has become the first major bank to ban staff from using Zoom during the coronavirus crisis due to cybersecurity concerns. In a note to managers, seen by Reuters, chief executive Bill Winters last week also warned against holding virtual meetings on Google Hangouts. It comes amid growing scrutiny of Zoom’s security standards as [...]
Insurer Hastings to pay dividend despite Bank of England warning April 15, 2020 Hastings said today it would go ahead with its planned dividend despite a warning from the Bank of England to the insurance industry to think carefully before paying out cash to shareholders. Car insurer Hastings said it did not offer any lines affected by coronavirus such as travel or business interruption insurance. Hastings also said [...]
Businesses still struggling to access coronavirus loan scheme, says BCC April 15, 2020 Only two per cent of businesses have successfully managed to access the government’s coronavirus business interruption loan scheme (CBILS), according to a survey published today. Nine per cent of respondents to the survey by the British Chamber of Commerce (BCC) said they were unsuccessful with slow or no response from lenders the main reason cited. [...]
