Bradford & Bingley leads banking shares rout
by Brian Turner
Shares in Bradford & Bingley have plummeted more than 25% on the London Stock Exchange this morning.
Shares in BB lead falls across UK banking shares, which have already been suffering steep declines since the Credit Crunch took hold in August 2007.
At the time of writing, shares in BB were trading at 65.50 - down from 88.25 on Friday’s closing session. BB opened on January 2nd at 278.25.
Bradford & Bingley are already struggling with lower revenue forecasts due to its exposure to the Buy To Let market, and the overall impact of the Credit Crunch in terms of adverse lending markets.
Additionally, the sudden resignation of chief executive Steven Crawshaw and an unexpected £179 million buyout of 23% of BB shares by private equity firm, Texas Pacific Group, have additionally spooked investors.
However, Bradford & Bingley are still expect to post profits of £150 million later this year.
Discuss this in the Finance Markets forums
Story link: Bradford & Bingley leads banking shares rout
Add to Bookmarks:
Related financial stories to: Bradford & Bingley leads banking shares rout
- Bradford & Bingley in £300m rights issue
- Bradford & Bingley reports sharp fall in profits
- Bradford & Bingley underwriters left holding stock
- Bradford & Bingley maintains it has sufficient funds
- Bradford & Bingley rescued by British banks
- Bradford & Bingley hit with fees for failed TPG deal
- Bradford & Bingley expresses interest in Northern Rock
- Bradford & Bingley to be nationalised
- Bradford & Bingley shareholders ‘robbed’
- Cowdery walks away from Bradford & Bingley
Previous: « Annual house price inflation down to 2.7%
Next: British workers set to retire on less than minimum wage »
Visited 731 times, 2 so far today
