Standard Chartered announces plan to slash costs February 26, 2019 Standard Chartered today announced further plans to slash costs as the lender reported that profits grew 28 per cent last year. The figures The group has completed $3.2bn worth of cuts since 2015 and is targeting a further $700m reduction in costs as part of its new three-year strategy to boost growth, it announced in [...]
Bank of America to phase out the name Merrill Lynch a decade after takeover February 25, 2019 Bank of America is set to drop the name Merrill Lynch more than a decade after it acquired the long-standing financial services firm amid the financial crisis. The bank will phase out the company’s name from its trading and investment banking operations, executives told the Wall Street Journal. Read more: Bank of America posts record [...]
Provident defends annual results delay amid Neil Woodford-backed £1.3bn takeover bid from rival Non-Standard Finance February 25, 2019 Troubled subprime lender Provident has defended its decision to delay annual results saying it needed to “take a few moments” following a £1.3bn takeover bid from smaller rival Non-Standard Finance. Provident executives hit out at NSF for its “irresponsible and highly opportunistic” approach and pledged to submit a better offer to shareholders. Read more: Provident [...]
Banks begin tempting businesses away from RBS as £350m switching scheme goes live February 25, 2019 Banks have begun tempting businesses to switch away from Royal Bank of Scotland as part of a scheme to boost competition in the sector. As a condition of RBS’ £45bn government bailout during the financial crisis – £350m of a state aid package has been provided to eleven other banks to help them attract firms. Read [...]
‘Bridge over Brexit’: UK and US strike post-Brexit derivatives and trading deal in major boost for the City February 25, 2019 Derivatives trading and clearing between the UK and the US will continue as normal regardless of the outcome of Brexit, the Bank of England said today in a major boost for the City. The US Commodity Futures Trading Commission (CFTC), the Bank of England and UK watchdog the Financial Conduct Authority (FCA) have struck a deal to [...]
Barclays rallies as shareholders promised more February 25, 2019 | City Talk In a bear trend since 2007, Barclays has won over the market with this update, at least temporarily. These numbers from Barclays (LSE:BARC) have been well received on the basis of "jam tomorrow", as the high street bank continues to suffer from litigation and conduct fines, whilst growing strongly excluding these charges. The increase to [...]
Troubled subprime lender Provident slams ‘irresponsible and highly opportunistic’ £1.3bn takeover bid by rival February 25, 2019 Provident executives have hit out at an “irresponsible and highly opportunistic" £1.3bn takeover bid by smaller rival Non-Standard Finance. The struggling subprime lender hit back at its peer in robust fashion this morning after receiving an all-share offer for the company on Friday. Read more: Provident shareholders including Neil Woodford accept £1.3bn takeover Non-Standard Finance’s offer, [...]
Why Lloyds Banking Group pleased its City fan club February 22, 2019 | City Talk Our head of markets explains why the City reacted positively to these results despite a profits miss. Despite missing expectations at a pre-tax profit level, Lloyds Banking Group (LSE:LLOY) is not only in rude health but also has a clear vision on where next to take the business. The bank describes its own model as [...]
Ed Bramson’s Barclays board bid suffers double blow as investment banking unit outperforms European rivals February 22, 2019 Barclays executives doubled down on efforts to scupper activist investor Ed Bramson’s bid to join the board yesterday, armed with better-than-expected results in its investment banking unit. In a further blow for Bramson, who has called for Barclays to scale back its investment bank, one of his key allies in the City, Aviva, said his [...]
UBS boss vows to protect dividend after €4.5bn fine in French tax fraud trial even if appeal fails February 22, 2019 UBS chief executive Sergio Ermotti has vowed to protect its dividends after being hit by a €4.5bn fine in a French tax fraud trial. Speaking to investors earlier today, Ermotti said the Swiss banking giant would prioritise protecting shareholder dividends if it fails to get out of the huge fine imposed by a French court [...]
