Interest rate boost slowing for banks as changing customer behaviour cuts margins July 30, 2023 The UK’s high street banks have warned that the boon from rising interest rates might be coming to an end as changing customer behaviour and an increasingly competitive mortgage market hits margins. Natwest, Barclays and Lloyds recorded bumper profits last week, but investors were dismayed by the more cautious outlook. Both Natwest and Barclays UK [...]
FTSE 100 close: British Gas owner propels to top of London index after record profit July 27, 2023 London’s FTSE 100 bumped higher today after a manic morning of company earnings gave a lift to market sentiment. The capital’s premier index added 0.21 per cent to reach 7,692.77 points, while the domestically-focused mid-cap FTSE 250, which is more aligned with the health of the UK economy, climbed 0.45 per cent to 19,273.37 points. [...]
Barclays shares slide after lowering interest guidance for full year despite beating expectations July 27, 2023 Barclays shares dropped after the lender said it expects the tailwind from rising interest rates to be slowing, despite beating expectations in the second quarter. In the three months to June, Barclays’ profit rose 31 per cent to nearly £2bn, slightly higher than the £1.9bn analysts had predicted. On the back of the results, Barclays [...]
London court gives green light to £2.7bn foreign exchange claim against six major banks July 25, 2023 The Court of Appeal ruled today that a £2.7bn class action claim relating to foreign exchange manipulation can proceed on an opt-out basis. The claim, brought by FX Claim UK, represents tens of thousands of participants in the foreign exchange market who suffered damages from the anticompetitive behaviour of six of the largest banks in [...]
Banks in line for another round of bumper profit amid savings rate row July 23, 2023 The UK’s largest banks are set to report another round of bumper profits this week amid the furore over savings rates and growing concern about the health of the UK economy. Lloyds, Natwest and Barclays are expected to report another strong set of figures for the second quarter thanks to the impact of rising interest [...]
Banks must tell savers if better deals are available under Consumer Duty, FCA says July 18, 2023 The Financial Conduct Authority (FCA) has warned banks that they must inform savers if better deals are available once the new Consumer Duty comes into force at the end of the month. In a letter to the Treasury Select Committee, the FCA said it is “more critical than ever that borrowers and savers are offered [...]
Bosses from Natwest, Shell and Sainsbury’s join PM’s new taskforce to boost growth July 18, 2023 Top bosses from firms including Barclays, Aviva and Shell have joined the Prime Minister’s new business council aimed at supercharging the UK’s growth. Prime Minister Rishi Sunak will chair the first business council meeting at No10 today, followed by a glitzy reception for scores of industry bigwigs to celebrate UK enterprise. CEOs including Alison Rose [...]
Banks breathe ‘sigh of relief’ as Supreme Court backs Barclays in APP fraud case July 12, 2023 Banks will not face extensive new duties to prevent authorised push payment (APP) fraud after the Supreme Court sided with Barclays in a closely watched case. The ruling means banks will not be held liable for fraudulent transactions requested by customers, avoiding a potential wave of fraud litigation. “There will definitely have been some deep [...]
Barclays, Shell and BP feel the heat as activist investors launch record green campaigns July 4, 2023 Shell, BP and Barclays have felt the wrath of activist investors this year as corporate pressure campaigns are launched in record numbers across Europe, new research shows. The number of activist campaigns in Europe has climbed each month this year to a total of 25 campaigns by May, fuelled by a spike in environmental campaigns [...]
Savings rates: Big banks to meet regulator this week after ‘blatant profiteering’ claims July 4, 2023 Banks will meet with the regulator this week to discuss the savings rates on offer as pressure grows on the UK’s largest lenders to avoid so-called ‘profiteering’. Heads of the largest UK banks – including Lloyds, NatWest, Barclays and HSBC – will meet with the Financial Conduct Authority on Thursday, according to people familiar with [...]
