US banking giant Goldman Sachs has today reported a fall in third quarter profits. Goldman Sachs, which is the US’ largest investment bank, made a net loss of $393 million (£250 million) for the third quarter compared with profits of $1.9 billion a year earlier. The bank said trading was “significantly impacted” by the euro [...]
Goldman Sachs, which is the fifth largest US bank, today reported first quarter profits were 21% lower compared with a year ago. The banking giant said net income dropped to $2.74 billion (£1.7 billion) from $3.46 billion a year earlier. However, the results were better than analysts expected. In other news today, Bank of New [...]
US banking giant Morgan Stanley has today announced fourth quarter profits surged by 60% – in line with forecasts. The Wall Street bank said net profit came in at $600 million (£375 million) for the final three months of 2010, against a profit of $376 million a year ago. Shares in the bank were up [...]
US banking giant Goldman Sachs has today reported a $2.39 billion (£1.49 billion) profit for the fourth quarter, 53% lower compared with a year ago. However, the figures were roughly in line with expectations but shares still fell 3.1% to $169.22 in pre-market trading. The fourth quarter figures come at the end of a difficult [...]
Bank of America, which the US’ largest bank, has today unveiled a net loss of $7.3 billion, or 77 cents per share, compared with a loss of $2.2 billion, or 26 cents per share, a year earlier. The banking giant said it had a one-off impairment charge of $10.4 billion for the July to September [...]
Banking giant Goldman Sachs today reported a fall in third quarter profits to $1.9 billion, or $2.98 per share, compared with $3.19 billion, or $5.25 per share, a year earlier. However, despite the fall, the results still beat expectations of $2.32 per share. The New York-based financial institution said net revenues for the quarter was [...]
Investment banking giant Goldman Sachs has been fined £20 million ($31 million) by the UK’s Financial Services Authority (FSA). The fine comes after Goldman failed to inform the FSA it was under investigation for fraud by its US counterpart. The FSA and Goldman Sachs have declined to comment but according to the BBC, the multi-million [...]
US banking giant Goldman Sachs has today announced profits dived 82% in the second quarter to $453 million. The figures represented the worst quarter since the height of the financial crisis – almost two years ago and were hit by the British bonus levy and a US fraud settlement. Commenting, Lloyd Blankfein chief executive, said: [...]
The Securities and Exchange Commission (SEC) has fined US banking giant Goldman Sachs $550 million (£356 million). The fine, which represents the largest against a financial company in the SEC’s history, comes as Goldman agreed to settle civil fraud charges over how it marketed a sub-prime mortgage product. The UK’s Royal Bank of Scotland (RBS), [...]
Eight Wall Street banks are facing an investigation following allegations that they provided misleading information to several ratings agencies in order to gain a better rating for mortgage securities. New York Attorney General, Andrew Cuomo, has launched the investigation and the banks under scrutiny are Goldman Sachs, Morgan Stanley, UBS AG, Citigroup, Credit Suisse, Deutsche [...]
The financial world was in shock over the weekend following the decision of the US Securities and Exchange Commission (SEC) to charge Goldman Sachs and one of its vice presidents with fraud. The Wall Street bank allegedly sold investors down the river by “misstating and omitting key facts” about a financial product tied to US [...]
Around 100 senior employees at Goldman Sachs in London are capping their 2009 pay and bonuses at £1 million each. The move comes as part of the Chancellor’s super tax, which was introduced to claw back some of the bailout funds used to rescue the banking industry. According to the BBC, the tax represents a [...]
Wall Street bank Goldman Sachs has today reported its fourth quarter results with net profits at $4.95 billion (£3.06 billion) compared with a loss of $2.12 billion in the same period a year earlier. For the 2009 year, the bank made a net profit of $13.39 billion, up from $2.32 billion in the previous year. [...]
There has been mixed news today across the Atlantic after banking giant Goldman Sachs exceeded analysts expectations while Citigroup posted a quarterly loss. Goldman Sachs said net earnings for the third quarter were $3.19 billion (£1.96 billion), compared with $845 million in the same period a year ago (prior to the collapse of Lehman Brothers). [...]
Citigroup and Bank of America have surprised analysts by reporting better than expected second-quarter results. Results from both banks have followed hot on the heels of strong results from fellow US Banking giants, JPMorgan Chase and Goldman Sachs. Citigroup posted a $4.3 billion second quarter profit due to gains on its Smith Barney deal. However, [...]
JPMorgan Chase has today announced a surge in profits for the April to June period. The bank said net profit for the quarter totalled $2.72 billion (£1.6 billion) – an increase of 36% compared with the same period a year ago. Meanwhile, the bank said revenues at increased 41% to a record $27.7 billion. The [...]
Investment bank Goldman Sachs has again exceeded analysts expectations by reporting a net profit of $3.4 billion (£2.1 billion) for the April-June period of this year. The bank, which had to be bailed out by the US Government, is currently under fire for plans to pay out staff bonuses averaging $226,000 per employee, totalling $6.65 [...]
The run of good luck is continuing among US banks as Bank of America is the latest to exceed analysts expectations after it made a net profit of $4.24 billion for the three months ending 31 March – almost triple that of a year ago of $1.21 billion. The bank, which is the largest in [...]
Citigroup has today boosted the stock market by announcing its first quarterly net profit in almost two years. The bank made a profit of $1.6 billion (£1.1 billion) for the first three months of 2009, compared to a loss of $5.1 billion in the last three months of last year, while revenues rose 99% to [...]
JP Morgan Chase have followed fellow investment bank Goldman Sachs by beating analysts’ expectations for its first quarter results. JP Morgan said profits for the first three months of 2009 were $2.1 billion (£1.41 billion), resulting in a rise of 2.6% in its share price today on Wall Street. The US bank is one of [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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