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News Tag: bank

May 30, 2011

Barclays mulling over Spanish purchase

by Kay Mitchell
”Barclays
It has been reported that banking giant Barclays is considering purchasing one of Spain's ailing regional savings banks. According to the Sunday Times, the bank’s chief executive, Bob Diamond, met with the Spanish Prime Minister, Jose Luis Rodriguez Zapatero, last week. However, Barclays has declined to comment on the report and it is unknown which of the regional banks Barclays is interested in. Spanish banks ...




December 21, 2010

Asset Protection Scheme did not boost lending, says NAO

by Kay Mitchell
”Asset
The National Audit Office (NAO) has published a report on the Government’s Asset Protection Scheme (APS) and concluded that it failed in its aim of boosting bank lending. The scheme, which insurers against losses arising from toxic assets, also did not charge sufficient fees to the banks which participated. The scheme was established in 2009 to boost confidence in ...




September 22, 2010

HSBC chief in boardroom row over chairman role

by Kay Mitchell
’HSBC
HSBC's chief executive, Michael Geoghegan, has threatened to leave the bank if he is not promoted to chairman. According to the Financial Times, a person familiar with the bank's succession plan, said: "He [Geoghegan] was told the board was not ready to give him the chairmanship and he was not happy." Earlier this month, it was announced that HSBC chairman, ...




July 29, 2010

New High Street bank opens in London today

by Kay Mitchell
”New
Metro Bank, which aims to make banking a “fun retail experience” opens in Holborn, central London today. The bank is Britain’s first new high street lender for more than a century and it has pledged to return to “core banking values”. The bank said it will employ more cashiers than the existing “big four” banks, while keeping its call centre in ...




July 15, 2010

JP Morgan Chase profits exceeds expectations

by Kay Mitchell
JP Morgan Chase profits exceeds expectations
Wall Street banking giant JPMorgan has kicked off the banking reporting season today with better-than-expected second quarter profits - due to better credit conditions. The bank reported net income of $4.8 billion (£3.1 billion) - a 75% increase on the $2.7 billion reported in the same period a year ago. Today’s figures from JP Morgan will no doubt raise hopes that other lenders ...




March 16, 2010

Consumers to benefit from overdraft opt-out

by Kay Mitchell
’Consumers
Consumer watchdog, the Office of Fair Trading (OFT), has today revealed UK banks may soon be offering customers the ability to opt out of unarranged overdraft facilities. Should the procedure be put in place, it would mean consumers would avoid hefty fees if they slipped into the red. The announcement comes as the OFT took legal action against banks regarding unauthorised overdraft ...




January 15, 2010

JPMorgan Chase kicks off reporting season with a bang

by Kay Mitchell
JPMorgan Chase kicks off reporting season with a bang
Wall Street banking giant JPMorgan has kicked off the reporting season with a bang by posting fourth quarter profits of $3.28 billion (£2 billion) compared with $702 million a year ago - at the height of the financial crisis. Meanwhile, the bank reported full-year profits of $11.7 billion, or $2.26 per share, on record revenue of $108.6 billion. ...




November 20, 2009

Tesco takes next step in banking as it selects Fiserv

by Kay Mitchell
”Tesco
Supermarket giant Tesco has taken the next step in its quest to become a bank by signing up Fiserv. US-based Fiserv provides information management and electronic commerce systems to the financial services industry. Tesco said Fiserv will assist it in becoming a full-service bank by providing account information and banking transactions for Tesco Bank customers. John Bower, managing director, ...




November 13, 2009

Santander discounts premium accounts

by David Masters
Santander discounts premium accounts
Santander is attempting to lure new customers into opening a premium current account with an introductory special offer. New customers opening a Premier 50 Current Account at Alliance & Leicester or a Reward Bank Account at Abbey will pay account fees of just £5 per month for the first three months. After this introductory period, the monthly payment will rise to the standard rate of ...




October 27, 2009

Euro zone lending falls for first time on record

by Kay Mitchell
Euro zone lending falls for first time on record
According to the European Central Bank (ECB), bank lending to companies within the euro zone declined for the first time ever in September, sparking fears that weak lending could hind a recovery within the economy. The euro zone, which comprises 16 countries, is still officially in recession and the fall in lending comes at a time when European ...




September 1, 2009

PM adds to bank bonus debate

by Kay Mitchell
”PM
The topic of bank bonuses continues to hit the headlines with Prime Minister Gordon Brown suggesting a possible cap on bonuses within the banking industry, and indicating that bonuses should be based on long-term success. The PM added that banks should be able to "claw back" bonuses if the bank later performed poorly. Mr Brown was speaking to the Financial Times ...




March 9, 2009

Virgin Group seeks licence to become High Street bank

by Kay Mitchell
”Virgin
Sir Richard Branson is looking to obtain a licence for his Virgin Group in a bid to become a High Street bank and return to the mortgage market. The billionaire entrepreneur told The Times: “We are going to get back into the mortgage business and we will become a bank either by acquisition or by getting our own banking ...




February 19, 2009

Bank bailouts push national debt up by £1.5tn

by Kay Mitchell
”Bank
Figures released by the Office for National Statistics today have revealed that national debt could be pushed up by as much as £1.5 trillion, following the bailouts of Royal Bank of Scotland (RBS) and Lloyds TSB. Billions of pounds were injected into the two banks last autumn to prevent them from collapse. Furthermore, both Northern Rock and Bradford & Bingley ...




January 27, 2009

Bank shares recover, sterling rises against dollar

by Kay Mitchell
”Bank
Despite the bad news surrounding the economy this week, bank shares have recovered today following two weeks of heavy falls in the sector. Following decent increases yesterday, shares in Barclays were up 12% to 99p earlier today, following a 73% surge yesterday. Shares in the bank closed today at 89p. However, shares in Barclays are still below the 98p level they ...




January 18, 2009

Further bank rescue as shares take a battering

by Kay Mitchell
”Further
Bank shares on Friday took a battering amid speculation that more financial institutions will have to be rescued by the Government. Barclays stock was down 25% to its lowest level since 1993, while Royal Bank of Scotland lost 13%, the latter is 57.9% owned by the Government. Last week alone, Lloyds TSB saw its shares lose 30% in value as it ...




January 7, 2009

Chancellor warns recession is far from over

by Gill Montia
Chancellor warns recession is far from over
Chancellor of the Exchequer Alistair Darling has admitted that 2009 will be a difficult year because the UK is far from through the recession. In an interview with the Financial Times, Mr Darling updated an earlier prediction that the downturn would run its course by the middle of the year. He said the forecast was based on evidence available at the ...




December 11, 2008

Government may guarantee banks’ lending

by Gill Montia
Government may guarantee banks' lending
The Government is reported to be considering a range of new measures that could free up lending. When the banks were bailed out with £50 billion of taxpayer cash in October, ministers made it clear that they expected the UK's High Street banks to restore lending to businesses and individuals. Business Secretary, Peter Mandelson, has since threatened banks with legal action if they fail ...




October 10, 2008

Mortgage providers uninspired by £500bn rescue plan

by Gill Montia
Mortgage providers uninspired by £500bn rescue plan
The announcement earlier this week of the £500 billion Government package of support for UK banks, plus a 0.5% cut in the Bank of England's base rate, has met with disappointing results in the mortgage market. According to financial website, Moneyfacts.co.uk, home loan providers have continued to withdraw products with high loan-to-value (LTV) ratios, leaving the number of deals that do ...




October 9, 2008

Do pray for us Mr Darling

by Gill Montia
Do pray for us Mr Darling
As yesterday morning's speaker on BBC Radio 4's "Thought for the Day" urged a bleary-eyed nation to consider in its prayers the plight of bankers, whose lives may be torn apart by the credit crisis, and bear in mind their efforts in support of charity, a new day of financial turmoil was about to break. Initial reports of a £50 billion rescue ...




September 17, 2008

HBOS and Lloyds TSB in merger talks

by Brian Turner
HBOS and Lloyds TSB in merger talks
According to reports from Robert Peston at the BBC, both Halifax Bank of Scotland (HBOS) and Lloyds TSB (LLOY) are in advanced talks on a merger. The news comes as HBOS shares show extraordinary volatility in London trading, so far trading anywhere between 88 pence and 214 pence per share according to Google Finance. HBOS shares have already suffered a steep decline ...