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13th of November 2010
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News Tag: losses

November 9, 2010

Barclays bonus pot unveiled

by Kay Murchie
”Barclays
Banking giant Barclays has today admitted that bonuses for its staff total just over £2 billion, despite the bank admitting these were "challenging markets". It said it has set aside £1.5 billion to pay out in bonuses for its 25,000 staff so far this year and comes despite the bank’s investment unit, Barclays Capital, unveiling a loss of £182 million in the third ...




November 8, 2010

Rok set to enter administration

by Kay Murchie
Rok set to enter administration
It has been revealed that Exeter-based Rok Plc, the building and social housing repairs company, has entered administration. The news comes just two months after Connaught, the social housing maintenance group, called in the administrators after failing to secure funding to pay off a mountain of debt, leading to 1,400 job losses. Meanwhile Rok, which works for councils, schools, housing associations and businesses, recently ...




October 19, 2010

Bank of America unveils Q3 losses

by Kay Murchie
Bank of America unveils Q3 losses
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 period. Meanwhile, net interest income declined for ...




September 1, 2010

Soaring bad debt hits credit card lenders

by Gill Montia
Soaring bad debt hits credit card lenders
UK banks are facing mounting losses from credit card customers, with figures from the Bank of England showing write-offs rising to £2.1 billion in the three months to the end of June, up from £1.3 billion in previous quarter. According to a BBC report, the 2010 total for bad credit card debt now looks set to exceed the record £4.1 billion ...




August 18, 2010

American Apparel facing bankruptcy

by Kay Murchie
American Apparel facing bankruptcy
It has been revealed that US fashion chain American Apparel is facing bankruptcy. The chain, which has faced much criticism for its provocative and controversial ads, has almost 300 stores worldwide and 14 in the UK. The company is ready to collapse under a mountain of debt of £77.2 million and has already warned that it is likely to breach the terms of its agreement ...




August 3, 2010

Citigroup rumoured to be putting Egg up for sale

by Kay Murchie
Citigroup rumoured to be putting Egg up for sale
There is speculation that internet bank Egg is to be put up for sale by Wall Street banking giant, Citigroup. According to Sky News, the bank will be looking for around £500 million for its internet banking arm and will launch a formal process next month. Today, a spokesperson for Citigroup said: "We do not comment on speculation or rumour, ...




July 30, 2010

British Airways hit by ash cloud and strikes

by Kay Murchie
”British
British Airways (BA) today announced losses widened after the airline was hit by disruption from the volcanic ash cloud and cabin crew strikes. The company said pre-tax losses widened 10.8% to £164 million for the three months to the end of June, compared with the £148 million loss it made in the same period a year earlier. Meanwhile, revenues dipped 2.3% ...




May 24, 2010

Strikes commence at BA as last-minute talks collapse

by Kay Murchie
’Strikes
British Airways (BA) cabin crew will embark on a five-day strike today after eleventh-hour talks collapsed. Over the weekend, the Unite union's joint general secretary, Tony Woodley, offered to cancel the latest strikes if travel perks for cabin crew were reinstated. However a spokesperson for BA said: "We have already offered to reinstate travel concessions to cabin crew once ...




May 20, 2010

BA strikes resume next Monday

by Kay Murchie
”BA
It was announced today that the Unite union was victorious in appealing against an injunction, which prevented British Airways (BA) cabin crew from taking industrial action this week. However, the union has today said it will commence a series of five-day strikes starting Monday, unless an agreement can be reached. Cabin crew have been involved in a long-running dispute over cost-cutting measures, which ...




May 19, 2010

BA union Unite threaten summer of strikes

by Kay Murchie
”BA
On Monday night, it was announced that British Airways (BA) was successful in preventing the latest series of strikes by its cabin crew staff. Mr Justice McCombe of the High Court ruled in favour of the airline and said the decision was based on a technicality. However, the Unite union described the decision "an absolute disgrace" and is now appealing against ...




May 18, 2010

Former RBS investment banker receives lifetime ban

by Kay Murchie
”Former
Johnny Cameron, the former chairman of Royal Bank of Scotland’s (RBS) investment banking business, has been banned from holding an executive position within the financial services industry. The ban, imposed by the Financial Services Authority (FSA), follows an investigation into systems and controls in the global markets division at the bank. Fifty-five-year-old Cameron, who was chairman of its investment banking business ...





May 6, 2010

Freddie Mac seeks further $10.6bn bailout

by Kay Murchie
Freddie Mac seeks further $10.6bn bailout
US mortgage giant Freddie Mac, which was taken over by regulators at the height of the financial crisis, has asked for a further $10.6 billion in state aid. The company, which announced a $6.7 billion dollar loss in the first quarter, said it would need the new funding by the end of June. The latest request brings the total cost of Freddie ...




May 5, 2010

Mortgage lenders pursue estate agents and surveyors over losses

by Gill Montia
”Mortgage
The credit crunch has resulted in a "dramatic jump" in the number of professional negligence claims brought against surveyors and estate agents, according to a City law firm. Research from Reynolds Porter Chamberlain (RPC) reveals that there were 25 commercial and residential High Court cases against estate agents or surveyors in 2009, compared with one case over the previous ...




May 4, 2010

UBS eyes recovery after huge losses

by Kay Murchie
”UBS
Swiss banking giant UBS has today reported first-quarter net profit of SwFr2.2 billion boosted by a strong performance in its investment banking division. The earnings beat analysts forecasts of SwFr2.0 billion, according to a poll by economics newswire AWP. UBS is among one of the worst hit victims of the credit crunch due to its exposure to the sub-prime mortgage crisis in the ...




April 26, 2010

Troubled UK Coal reports full-year loss

by Kay Murchie
”Troubled
The UK’s biggest coal producer, UK Coal, has today reported increased losses for the 2009 year due to a fall in production and lower coal prices. The company said pre-tax losses grew to £129.1 million for the full year, against a loss of £15.6 million the previous year. Meanwhile, revenues plunged by 20% to £316 million in the period from £392.5 million ...




April 14, 2010

British Midland announces cuts to jobs and flights

by Kay Murchie
British Midland announces cuts to jobs and flights
Lufthansa has announced it is planning to save £100 million pound at airline BMI, which involves slashing almost one quarter of its capacity and the loss of 800 jobs. The German owner also said the restructure will see BMI’s name changed back to its former name - British Midland International - believing that British Midland is a strong brand that ...




April 8, 2010

British Airways and Iberia sign merger deal

by Kay Murchie
’British
It has been confirmed that British Airways (BA) and Spanish airline Iberia have signed a deal to merge their operations. The merger, which was provisionally agreed last November, will be finalised this year and is set to create one of the world's largest airline groups, flying to more than 200 destinations The new company, which will have its headquarters in London, ...




March 31, 2010

Bank of Ireland sees no end to economic crisis

by Kay Murchie
”Bank
The Bank of Ireland has today reported a loss of €3 billion (£2.6 billion) in the first nine months of its financial year, with write-downs totalling €4 billion. In a statement, the bank said: "Revenues remain under pressure, in particular due to higher funding costs as we continue to extend the maturity profile of our wholesale funding." It also said ...




March 29, 2010

RBS agrees sale of GE Capital

by Kay Murchie
’RBS
The Royal Bank of Scotland (RBS), which is 84% state-owned, has today announced it will dispose of its factoring unit in Germany to GE Capital, the financial services division of General Electric. In a statement, the bank said: "The Royal Bank of Scotland Group plc has agreed the sale of RBS Factoring GmbH to GE Capital." It added: "RBS will continue ...




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