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Banking
HSBC will buy back $2bn of shares after a profit boost due to interest rates
HSBC announced its second $2bn share purchase of the year, after rising interest rates led to a bumper quarterly profit of $8.8bn. This strengthened the hands of executives against an activist campaign by Ping An, its largest shareholder.…
Three major UK lenders reduce mortgage rates as inflation outlook improves
This week, three large UK lenders have announced that they will cut the cost of home loans as mortgage rates continue to fall due to an improving outlook for inflation.
Last week, Nationwide, Barclays TSB, HSBC and Barclays cut ,…
Starling Bank: Can it make technology its business?
Anne Boden's shocking departure from Starling Bank as CEO in June left the once-named "Bank Possible" with one of its most important decisions in nine years.
The bank is not only looking for a successor to Boden, Starling's founder and…
UK Government faces a bill of £150bn to cover Bank of England QE losses
The Bank of England estimates that the Treasury will need to transfer £150bn to cover the expected losses of the central bank’s quantitative easing program by 2033, an increase from the previous calculation of £100bn.
The transfers are a…
Credit Suisse fined $388mn over Archegos collapse
Credit Suisse was fined $388mn for "significant failings in risk management, governance and oversight" related to Archegos Capital's collapse. This led to a $5.5bn loss of trading and contributed to the failure of the Swiss lender.…
Banks defend their speed in offering better deals to saving customers
Savings accounts have received up to 60% of the recent rate increases, according to four UK banks. They have denied that politicians are wrong in accusing them of profiteering.
The Treasury Select Committee released on Tuesday the banks'…
Banks and the FCA warn that consumers must be made aware of better deals.
The UK's Financial Regulator and Information Watchdog will warn the banks that they can no longer hide behind data privacy rules if they do not alert savers about better deals.
According to sources familiar with the matter, under…
Insurance costs for defence companies will increase by 300pc due to the City’s ethical crusade
Some companies have seen their insurance premiums increase by up to 300pc.
Several defence companies have complained to the Ministry of Defence about environmental and social governance (ESG rules) driving up costs and making it…
RBS debt collector uses voice-changing software for mimicking customers
The UK's data regulator discovered that a Royal Bank of Scotland supplier had used voice-changing technology to steal personal information from bank customers, and then help the lender pursue debts.
The Information Commissioner's Office…
Mortgage costs are on the rise, and up to 225,000 landlords could face financial losses
Analysis shows that 225,000 landlords could lose money on their rental property when they refinance, as mortgage rates are climbing towards 7pc.
Moneyfacts reports that the average rate for a two-year buy to let mortgage reached…
Morgan Stanley says that UK companies are the cheapest in world due to a ‘gloomy view’…
Morgan Stanley says that British companies are among the most affordable in the world, as a "very gloomy' sentiment towards the UK has led to steep discounts on debt and shares.
Analysts from the American Investment Bank said that UK…
UK homeowners rush to refinance because of fears about rate hikes
Brokers report that UK homeowners are refinancing their mortgages in a rush, as they lock-in deals amid concerns about interest rates rising further. They had been waiting to see if the cost of debt would ease.
Knight Frank Finance…
Monzo has rejected Jeremy Hunt’s account application
He said that the online bank Monzo had refused to open a Monzo account for UK chancellor Jeremy Hunt last year. This is an example of what he believes as the excessive vetting banks must perform on those in public life.
Hunt backed the…
Why interest rates will never return to their lows from the last 15 years
Massive public spending and a shrinking workforce could limit future rate reductions
Threadneedle Street has slashed interest rates by five percentage points in just one year, following the financial crisis.
Many experts…
FCA urges UK banks improve rates faster
As lenders come under fire for profiteering, the UK's financial regulator has told Britain's biggest banks that it wants faster progress in improving savings rates for their customers.
After a meeting on Thursday with senior bankers, the…
UK sells £4bn in debt at the highest borrowing costs for two years since the century
As the recent rise in bond yields has impacted the government's finances, the UK paid the highest borrowing costs on two-year bonds this century.
Gilt Prices have fallen in recent weeks, pushing yields higher as expectations of…
Sterling bullish bets reach highest level since 2014.
Currency speculators increased their bullish bets on sterling to its highest level in nine years, despite recent indications that sterling's strong rise this year may be flagging.
The increasing consensus among hedge funds and…
Bank of America delays dividend announcement due to discrepancy in stress test results
Bank of America has delayed a dividend announcement after the Federal Reserve's annual stress test showed a significant discrepancy between how the regulator and the lender's own risk managers predicted it would fare in an extreme downturn.…