Bank of America (BoA) has today reported its first quarter earnings, rising 0.7% to $2.83 billion (£1.83 billion) from $2.81 billion a year ago, boosted by record sales and trading activity at its investment bank, as well as its acquisition of Merrill Lynch. However, the bank posted a $2.1 billion loss in its home mortgage [...]
Wall Street banking giant JPMorgan has today posted better-than-expected first quarter profits of $3.3 billion (£2.1 billion), compared with $702 million a year ago - when the world was gripped in the midst of the financial crisis. The results boosted bank stocks with the FTSE gaining 42 points to 5,804 - just a few points [...]
Citigroup, which is the third largest US bank, has today posted a loss for the fourth quarter of 2009, as a result of the repayment of Government loans. The bank said it repaid $20 billion to the US Government during the 2009 year. The Wall Street banking giant said losses totalled $7.6 billion (£4.7 billion) [...]
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 [...]
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). [...]
The Dow Jones Industrial Average broke through the 10,000 barrier yesterday - for the first time in a year. The Dow closed up 144.8 at 10,015.86 - its highest level since October last year. London responded with the FTSE 100 rising by more than 100 points to close at a 13-month high at 5,256.1. Banking [...]
The US banking reporting season has got off to a flying start after JPMorgan Chase, the second-largest US bank, reported a net income of $3.6 billion (£2.5 billion) in the third quarter, compared with $527 million in the same period a year ago - exceeding analysts expectations. The bank, which acquired Washington Mutual’s assets for [...]
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 [...]
Wall Street bank, JPMorgan Chase, announced a 50% fall in its first quarter profits as the bank was hit by a $5.1 billion (£2.5 billion) sub-prime write-down. Revenue for the first quarter fell by 11% to $16.9 billion, marginally ahead of analysts who were expecting turnover at $16.8 billion. America’s third biggest bank, which bailed [...]
Households more optimistic about their finances
Household finances are still deteriorating, but at a slower rate, according to the Markit household finance index. The index increased from 37.5 in July to 38.9 in August, with figures above 50 representing a positive change in household finances, and figures below 50 representing a negative change. The August figure represents the third consecutive monthly [...]
Think tank calls for council housing sell off
The Policy Exchange, a leading UK think tank, is calling for expensive social housing to be sold as it becomes vacant. This could raise £4.5 billion a year and the money could be used to create the largest social house building programme since the 1970s, the think tank suggests in a new report. Between 80,000 [...]
Barclays appoints new chairman
Barclays has announced the appointment of Sir David Walker as its new chairman. He will take over from Marcus Agius who resigned from the role after Barclays was fined £290 million by regulators in the UK and US for manipulating Libor, the interbank lending rate. The appointment of Sir David, a respected and experienced banker, [...]
Post Office stepping up mortgage offering
The Post Office is expanding its mortgage service with the introduction of mortgage specialists in its branches. Mortgages have been available from the Post Office since 2009, but applications have had to be made online or over the phone. It currently offers mortgage with deposits as low as 10 per cent and plans to enhance [...]
Help Loan closed after breaching money-laundering rules
Payday Loan company MCO Capital has been closed down by the Office of Fair Trading (OFT) and fined £544,000 after failing to check the identity of its borrowers. The firm, which traded as Help Loan, was targeted by criminals and cheated of more than £1.5m by the fraudsters due to its negligence. The criminals stole [...]
Health insurance becoming unaffordable warns Bupa
The rising cost of private healthcare is pushing health insurance in the UK up to unaffordable levels, according to international healthcare group Bupa. A lack of competition among private hospitals has led to the cost of treatment rising, and the insurer says that this could lead to health insurance becoming unaffordable. An increase in the [...]
Bank of England forecasts zero economic growth
The Bank of England does not expect the UK economy to grow at all this year according to its latest quarterly report. It had previously forecast growth of 2 per cent for 2012 but recent gloomy economic data has led to the growth forecast being revised downwards. The forecast for medium-term growth has also been [...]
Standard Chartered in money-laundering scandal
Standard Chartered has become the latest UK bank to be accused of illegal activity. It has been accused by the New York department of financial services of hiding $250 billion worth of illegal transactions with Iranian banks between 2001 and 2010. The US regulator claims that the bank, which has wholesale banking, corporate finance and [...]
Economy benefiting from PPI refunds
The UK economy is receiving a welcome boost from compensation paid by banks to customers who were mis-sold payment protection insurance (PPI). British banks have already paid out £9 billion after it came to light that they had been routinely mis-selling insurance policies designed to protect repayments on mortgage, loan and credit cards. With payouts [...]
Average house price falls to £161,000
House prices fell in July, to an average of £161,094 across the country, after increasing in the previous two months. Prices fell by 0.6 per cent in July, compared with the previous month, according to the Halifax House Price Index. Average prices are also 0.6 per cent lower compared with July 2011, the Halifax said. [...]
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