banking
Politicians in the UK are concerned about the effects of 'debanking' on the country’s security and economic prosperity. UK lenders Santander and Lloyds closed 300 accounts belonging to "public administration and defence" companies last year alone, according to information given to the Treasury Select Committee. In a letter featured in the Telegraph newspaper on Wednesday, the Conservative Member of Parliament (MP) Harriett Baldwin warned against the effects of 'debanking' on SMEs, pawnbrokers and defence firms. Some lenders retract their services because they are worried about the ethical impl...
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Credit Agricole (CA) announced a 55% year-on-year increase in first-quarter net profits on Friday. Earnings came in at €1.9 billion, outperforming the €1.48 billion average predicted by analysts. In the previous quarter, CA's sales climbed 11% to €6.81 billion, also beating analysts' expectation of €6.47 billion. The cost of risk, meaning capital set aside to cover potential losses from loans, was €400 million, €105 million less than expected. The lender said it now plans to meet its 2025 financial targets a year early, boosted by strong performances in its corporate and investment banking div...
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Lender HSBC is on the lookout for a new CEO after 62-year-old Noel Quinn unexpectedly announced his retirement on Tuesday. Leading the company since 2019, Quinn has guided the lender through a restructuring process, battling headwinds linked to the Covid-19 pandemic and a dispute over HSBC's Asia division. "After an intense five years, it is now the right time for me to get a better balance between my personal and business life," said Quinn in a statement. HSBC is considering both internal and external candidates to replace the current CEO, who will continue his duties until a successor is fou...
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Over 90% of the best paid bankers in the EU are men, according to figures published by the European Banking Authority (EBA) last Thursday (25 April). For investment firms, the figure – which counts staff who earned over €1 million in 2022 – is over 96%, highlighting the scale of the financial sector’s gender pay gap. EU regulators collect data on financiers’ high pay – driven by the concern that big bonuses can encourage risky behaviour in staff, potentially causing a repeat of the 2008 financial crisis. For the first time ever, the data now includes a male-female breakdown – and it paints a t...
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Deutsche Bank has recorded a first quarter net income of €1.45 billion, 10% more than the total made during the same period last year. The figure came in above analysts' expectations and also marks the group's highest first-quarter profit since 2013. Net revenues, meaning earnings made before deducting expenses, grew 1% year on year to €7.8 billion, which was primarily driven by growth in commissions and fee income. Meanwhile, revenue at Deutsche Bank's investment wing was up 13%, at €3 billion. This was boosted by a 7% increase in trading of fixed-income assets such as bonds. Origination and ...
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The share price of the UK banking giant Barclays surged nearly 5% after the lender reported higher than expected profits for the first three months of this year, as it carried out an ambitious plan to get back into the investors' good books. The pre-tax profit was £2.3 billion (€2.68 billion), slightly more than the expected £2.2 billion, however, down from £2.6 billion a year ago. The group income was also slightly above expectations, £7 billion (€8.16 billion), but again, a drop of 4% year-on-year, while the operating expenses increased by 2% to £4.2 billion (€4.9 billion). "Barclays has sho...
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Earlier in April, the European Parliament’s Committee on Economic and Monetary Affairs (the ECON Committee) was supposed to be voting on its report on the establishment of the digital euro. The Committee report is the first and most important step in shaping the position of the European Parliament on the digital euro, which will then be used to negotiate with the European Council and European Commission on the final text of the law. However, the vote mysteriously disappeared from the Committee’s agenda, and inside sources explained that nine months after the publication of the proposal by the ...
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Goldman Sachs has surprised analysts its report of a double-digit rise in revenues and profits for the first three months of this year. Net revenues for the American multinational investment bank and financial services group reached $14.21 billion (€13.36 billion), 16% higher than last year and net earnings jumped to $4.13 billion (€3.88 billion) resulting in a 28% surge compared with a year ago. The New York-based company said it had earnings of $11.58 per share. The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for e...
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The largest US bank JPMorgan kicked off earnings season with a modest 6% annual rise in first-quarter profits on Friday, however, CEO Jamie Dimon warned that inflation and geopolitical risks may impact the bank's operations in the future. Most metrics of JPMorgan's business were solid for the year's first three months. The lender earned a profit of $13.42 billion, or $4.44 a share. JPMorgan's results were impacted by a $725 million one-time charge to the Federal Deposit Insurance Corporation. While investment banking revenues were largely flat, the bank reported an uptick in activity. In the c...
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Banks’ payments to a controversial €78bn crisis fund in 2022 were unlawful, EU judges said today (10 April) – the latest in a series of woes for post-crisis measures designed to halt taxpayer bailouts of failing financial institutions. The EU’s General Court ruled in favour of French bank Dexia, saying EU agency the Single Resolution Board (SRB) had got its maths wrong when demanding annual subscriptions to the fund it manages. The SRB “exceeded an annual upper limit imposed by the applicable rules,” a statement from the court said. Annual contributions are supposed to be one eighth of the tot...
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