French bank Credit Agricole raises profit target to €5bn by 2022 June 6, 2019 French bank Credit Agricole has increased its profit target to €5bn (£4.34bn) by 2022 after reaching this year’s goal ahead of schedule. The bank reached its 2019 targets a year early and has unveiled higher profit targets for the next three years. Read more: European Central Bank fines Credit Agricole for reporting errors Its new [...]
Contactless and mobile payments surge in UK in 2018 June 6, 2019 The number of contactless payments made in the UK surged in 2018, new figures have shown, as all Britons’ from grandparents to teenagers increased their use of the technology. Read more: Credit card spending shoots up as customers turn to extra protections Meanwhile, the use of cash continued to decline, with only four per cent [...]
Barclays and RBS fined in forex rigging scandal June 6, 2019 Five banks including Barclays and Royal Bank of Scotland have been hit with a SFr 90m (£71.39m) fine for fixing the foreign exchange market. Traders at Barclays, Citigroup, JP Morgan, RBS and UBS took part in a “three way banana split” cartel between 2007 and 2013 to manipulate the forex market, the Swiss competition regulator [...]
Challenger bank PCF posts profit surge and adds new business June 5, 2019 AIM-listed UK bank PCF posted a 57 per cent profit surge as its lending portfolio continued to grow rapidly in the first half of the year. The specialist lender said profit rose to £10.1m in the six months to the end of March. Read more: Challenger banks struggle to compete with big five on cash [...]
Bank of England calls ‘last orders’ on Libor as regulators push 2021 transition June 5, 2019 The Bank of England has called “last orders” on the scandal-hit Libor interest rates as regulators push for financial institutions to transition away from the benchmark by 2021. Deputy governor Dave Ramsden said good progress was being made and that getting on with the switch to alternative benchmark Sterling Overnight Index Average (Sonia) could be [...]
Crisis-era ‘bad bank’ repays last of government loan June 5, 2019 The so-called bad bank created to take on the debts of Northern Rock and Bradford & Bingley (B&B) after the financial crisis has paid back the last of the almost £50bn used to fund the bailouts. Read more: Rothesay life buys £860m of UK ‘bad bank’ mortgage loans Treasury-owned UK Asset Resolution (UKAR) today said [...]
Tinkoff owner TCS looks to $300m London fundraise June 4, 2019 The company behind Russian online bank Tinkoff plans to raise $300m (£237m) on London markets in a bid to fund growth. Read more: Tinkoff looking for calm after Friday sell-off Tinkoff’s loans portfolio grew 21 per cent in the first quarter, chief executive Oliver Hughes said. He promised the trend would continue in the second [...]
HSBC to hire Morgan Stanley after cutting broking ties with Goldman Sachs June 4, 2019 Banking giant HSBC is set to hire Morgan Stanley as joint corporate brokers to replace rivals Goldman Sachs. Europe’s largest lender has cut ties with Goldman Sachs in favour of rival US investment bank Morgan Stanley following a review by new chief financial officer Ewen Stevenson, Sky News reported. Goldman Sachs steered Europe’s largest lender [...]
HSBC to cut corporate broking ties with Goldman Sachs ending longstanding relationship June 3, 2019 HSBC has cut broking ties with Goldman Sachs, bringing an end to the pair’s long relationship. The banking giant has told the US investment bank that its corporate broking relationship will come to an end, Sky News reported. It comes after a review led by the bank’s new chief financial officer Ewen Stevenson. Goldman Sachs [...]
Rise in customers with multiple current accounts as fintech boom hits high street banks June 3, 2019 An increasing number of Britons now have products from a range of different financial providers, as the rise in fintech has shifted the focus away from traditional high street banks. Research by peer-to-peer lending firm Zopa revealed one in three Brits holds two or more current accounts, an increase of 36 per cent on the [...]
