HSBC’s profits are up by 32% in the third quarter as compared to a year ago – but there’s still no word on whether or not they will stay in the UK.
The jump in profits has been attributed to the on-going cost-cutting programme at the bank. Read More
Shares in Royal Bank Of Scotland (RBS) fell by 1.8% after the announcement of their third quarter results.
The bank reported a third quarter net profit of £952 million, which included £1.1 billion gained from selling its US bank Citizens Financial.Read More
Barclays share price fell by 3.3% after the bank announced a 10% drop in profits for the third quarter of 2015.
The pre-tax profits slip did not include £560 million set aside for more customer refunds and litigation.Read More
Sky News claim Britain’s high street banks are campaigning to cap the fees charged by claims management companies (CMCs) for representing consumers in PPI claims.
Sky says it has learned major lenders are privately urging the government to extend the cooling off period allowing customers to change their minds about using a CMC. They are also ‘pressing ministers’ to make it clear that consumers don’t need to use a CMC to make a claim.Read More
Lloyds Banking Group (LBG) have added another £½ billion to their provision for mis-sold PPI, taking the total set aside to almost £14 billion.
The increase could be the first instalment of the possible £3 billion extra provision that Chief Financial Officer, George Culmer, warned might be needed when the bank announced their half year results in July.Read More
The High Court is hearing evidence from a whistleblower which claims senior management at Lloyds Banking Group (LBG) knew they were paying too much for Halifax/Bank Of Scotland (HBOS)before the disastrous takeover went through in 2008-09.
The court is engaged in a pre-trial hearing for a string of allegations from a shareholder group seeking damages of £350 million for breaching their ‘fiduciary duty’ to shareholders by not informing them of the state of HBOS’s finances in 2008. They say they were sent the letter by ‘a concerned member of staff.’Read More
The game is over for big bankers’ bonuses says Barclays chairman, John McFarlane.
Top finance experts are speculating that Lloyds Banking Group (LBG) will take another £1 billion hit for the mis-selling of PPI before the end of the year.
Richard Partington of Bloomberg Business says: “Lloyds Banking Group will probably take a further £1 billion charge for wrongly sold loan insurance in the year’s second half, undermining efforts to clean up the bank as the government prepares to sell shares to individuals.”Read More
A new report into competition in the UK banking sector is expected to say banks must help savers to find better deals with rivals if their own services aren’t matching up.
The Competition and Markets Authority (CMA) is about to produce its report detailing a year long investigation into personal and business banking prompted by scandals like the mis-selling of PPI and allegations that small businesses were being unfairly treated.Read More
HSBC is expected to keep its corporate HQ in the UK and not return to Hong Kong after a series of U-turns on proposed banking regulation by the government.
The bank had threatened to move its operation overseas in protest against rising taxes and tougher regulations designed to prevent a repeat of the 2008 financial crisis.Read More