Handelsbanken in cost-cutting drive October 23, 2019 Handelsbanken reported a double-digit dip in net profit this morning as it revealed a major cost-cutting strategy. The Swedish lender plans to cut 800 jobs and pull out of several markets globally in an effort to slash annual spending by roughly 1.5bn crowns (£120m). Read more: Four things to watch out for in Metro Bank’s [...]
Four things to watch out for in Metro Bank’s results October 23, 2019 Metro Bank’s quarterly results this evening come after a torrid spell for the high street lender. In the last eight months the bank has suffered crashing profits, a failed bond issue and a senior shake-up of management, following the discovery of a major accounting issue in January. Today’s quarter three statement will be the latest [...]
Starling Bank raises £30m amid European expansion plans October 23, 2019 Starling Bank has raised £30m as part of an effort to ramp up its expansion into Europe. The British fintech giant, which claims to be on track to reach 1m accounts by the end of this year, has been tapping up fresh funds for its bullish expansion and investment in B2B banking services as well [...]
Metro Bank chairman Vernon Hill insists ‘best is yet to come’ after quitting with immediate effect October 23, 2019 Metro Bank chairman Vernon Hill is stepping down today with immediate effect, resigning from the embattled lender after a torrid 12 months. The colour and controversial chairman has insisted that “the best is yet to come” for the troubled bank, which is set to reveal its third-quarter results after the bell today. Read more: Bond [...]
Banks could drop Facebook over Libra, ING head warns October 22, 2019 Banks could have to cut ties with Facebook if it launches Libra without first addressing regulators’ concerns over the possibility of the digital currency being used for money laundering, the head of ING was warned. Chief executive Ralph Hamers said banks such as ING act as “gatekeeper to the financial system”, and told the Financial [...]
UBS profits slump as trade war tensions and low interest rates bite October 22, 2019 UBS suffered a double-digit drop in profit over the last three months, as the banking giant echoed many of its rivals by flagging concerns over the future of the global economy. The Swiss lender reported that adjusted pre-tax profits for the third quarter slumped 16 per cent when compared with the same three-month period in [...]
Bottom third of banks facing ‘do or die’ moment, report warns October 22, 2019 More than a third of banks across the world must merge with rivals or radically restructure in order to survive any future downturn, according to a new report out this morning. Flattening yield curves, weakening consumer confidence and slowing growth in volumes and top-line revenues all pose a “do or die” moment for a large [...]
‘Legitimacy crisis’: Bank of England needs new policies and more transparency, says report October 22, 2019 The Bank of England needs major reform to maintain the public’s trust, including the creation of a credit policy and a new approach to choosing the next governor, research and campaign group Positive Money has said. Read more: Bank of England’s Mark Carney defends move not to publish governor shortlist However, some economists have pushed [...]
Standard Chartered boss ‘to take pay cut’ after investor revolt October 21, 2019 The boss of Standard Chartered is reportedly planning to take a pay cut in an effort to pull the curtain down on one of the firm’s largest corporate fallouts in recent years. Chief executive Bill Winters is preparing to accept a voluntary cut in pay following a shareholder rebellion over the bank’s remuneration policy, according [...]
One in four UK households now predict the Bank of England to cut interest rates October 21, 2019 The number of households expecting the Bank of England (BoE) to cut interest rates has risen to its highest level since the Brexit referendum, survey data showed today, as Britons remain downbeat about their financial health over the coming months. Read more: Bank of England deputy suggests Brexit deal could see rates rise Households are [...]
