The City helps fuel economic growth right across the country, so be wary of those who want to clip its wings October 28, 2018 One of the most pernicious elements of Labour's current economic platform is the idea that the City is entirely distinct from (and damaging to) the so-called real economy. Jeremy Corbyn and John McDonnell's stump speeches routinely contain attacks on predatory bankers, fat-cats and financial speculators. The labour leader also seems to have a personal vendetta against [...]
Serious Fraud Office chief steps back from Barclays case over conflicts October 28, 2018 The new director of the Serious Fraud Office (SFO) Lisa Osofsky has recused herself from the prosecution of four former Barclays bankers over potential conflicts of interest. The fraud office said she had delegated responsibility for the case to the SFO’s general counsel Alun Milford to “avoid any potential conflict” thrown up by previous private [...]
Lloyds Banking Group could face £150m pensions hit after court ruling October 26, 2018 Lloyds Banking Group could have to pay out up to £150m after the High Court ruled today that it should equalise payments for male and female members of its pension scheme. Three female members of the pension scheme had complained they were being discriminated against as their pensions increased at a lower rate than that [...]
SFO loses bid to reinstate charges against Barclays over 2008 Qatar deal October 26, 2018 The Serious Fraud Office (SFO) lost its bid today to reinstate charges against Barclays over a Qatar loan it made at the height of the financial crisis. The High Court today ruled against the SFO's appeal of an earlier court ruling in favour of the bank. Barclays will now face no regulatory sanctions over the 2008 [...]
CEO quits Allied Irish Bank as concerns are raised about Ireland’s banker salary cap October 26, 2018 The chief executive of Irish state-owned bank Allied Irish Bank (AIB), Bernard Byrne, will step down as chief executive in 2019 amid industry concerns about a salary cap on bankers. News of Byrne's departure comes only weeks after chief financial officer Mark Bourke said that he would be leaving the company early next year. It is [...]
RBS share price drops as it disappoints investors on key profitability metric October 26, 2018 Profits are up 10 per cent year-on-year at Royal Bank of Scotland (RBS), it said in its third quarter results today, though shares dipped as it missed a key target and set money aside to handle PPI claims. The figures The bank reported pre-tax profits of £961m for the quarter, up 10 per cent from [...]
Standard Chartered opposes animal testing as it tightens environmental policies October 25, 2018 Standard Chartered will no longer finance clients who test cosmetic products on animals, it said today as it announced a raft of tightened environmental and social policies. The emerging markets-focused bank will also avoid financing plantation or livestock ranches that degrade High Carbon Stock forests, peatlands or legally protected areas, or operations that grow, process [...]
European Central Bank leaves interest rates unchanged amid Italy standoff October 25, 2018 The European Central Bank has decided to leave interest rates unchanged at a monetary policy meeting in Frankfurt as expected. The ECB's Governing Council said it expected interest rates to remain the same “at least through to the summer of 2019”. It comes after the European Commission took the unprecedented step of rejecting Italy's draft [...]
Swiss bank UBS ahead of market expectations in third quarter results October 25, 2018 Swiss banking giant UBS unveiled net profit of 1.246bn Swiss francs (£970m) for the third quarter of 2018, beating analysts expectations. The results amounted to a 32 per cent jump in third quarter earnings, beating the consensus expectation of 993m Swiss francs. Read more: Former UBS trader Adoboli nears deportation as judge denies judicial review [...]
Lloyds Banking Group beats profit expectations in third quarter October 25, 2018 Lloyds Banking Group announced pre-tax profit of £1.8bn in the third quarter today, beating analyst expectations of £1.7bn. In the three months to 30 September revenue rose to £4.686bn from £4.62bn during the same quarter last year, while profit before tax dipped seven per cent to £1.8bn. Read more: Lloyds and Schroders sign £80bn joint [...]
