The Co-operative Bank has issued a trading update in which it reveals that profit for the second half of 2008 has continued to rise, despite difficult market conditions. Compared with the same period of 2007, income has increased while costs and bad debt charges have declined. The bank makes mention of investment writedowns at its [...]
The Federation of Small Businesses (FSB) has published the results of a survey showing the extent to which small businesses are struggling with the credit crisis. From research involving 6,000 FSB members, the study found that nearly 16% of small firms have seen an increase in bank fees in recent months. Meanwhile, 33% of respondents [...]
Santander-owned Alliance & Leicester (A&L) has posted a loss of £1.3 billion for 2008, compared with a profit of £399 million a year earlier. The bank, which was acquired by the Spanish group last October and subsequently merged with UK subsidiary Abbey, reported that bad debts rose to £873 million last year. As a result [...]
In anticipation of the realignment of its businesses, Citi has announced the appointment of former chief financial officer Gary Crittenden as the chairman of Citi Holdings. In addition, former Global Banking chief Edward “Ned” Kelly will assume the post of Citigroup’s chief financial officer. Crittenden had held the post of chief financial officer since early [...]
The National Audit Office (NAO) has issued a strongly worded report assessing the Treasury’s role in the nationalisation of Northern Rock. The review berates ministers for allowing the bank to continue to offer high risk mortgages until early 2008. Northern Rock’s notorious “Together” mortgage allowed homeowners to borrow 125% of the value of their properties [...]
The Government is introducing a National Fraud Strategy with the aim of addressing a crime that is estimated to cost the UK £14 billion a year. The three-year initiative will cover England and Wales and involves the establishment of a national fraud reporting centre and new legal powers for prosecutors and crown courts. The measures, [...]
Lloyds TSB (now Lloyds Banking Group) has selected data mining automation technology from KXEN, and will utilise the technology with a 40 man team in order to enhance its its internal analytics resource interms of speed, efficiency and capability. Lloyds adopted the Analytic Framework after a lengthy evaluation process in order to carry out certain [...]
Chancellor of the Exchequer, Alistair Darling, has not ruled out a merger between the Northern Rock and Bradford & Bingley (B&B). Attending a Treasury Select Committee hearing today, MPs asked Mr Darling about the possibility of merging the mortgage books of the state-owned lenders. The Chancellor replied that it would be unwise to comment in [...]
Collins Stewart Wealth Management enjoyed a successful time at the Money Marketing Financial Services Awards, picking up the prize for Best Discretionary Adviser. The award was given on the basis of a written submission and interviews with a panel of senior figures in the industry. Collins Stewart’s business model, professionalism, and ability to cope with [...]
Dutch Bank ING has nominated Tineke Bahlmann and Jeroen van der Veer for election to the Supervisory Board at the firm’s AGM. Should both be accepted at the vote, Bahlmann’s appointment will take effect on the day of the AGM (27 April), with van der Veer assuming his new post on 1 July. Both appointments [...]
Nationwide is keen to support savers during the recession as according to the building society, one quarter of Britons are currently unable to put anything aside. Mortgages director, Andy McQueen, has therefore identified five different savings styles to encourage people to explore their savings potential. According to Mr McQueen, everyone should be saving regularly, both [...]
National Savings & Investments (NS&I) is withdrawing one of its two monthly £1 million premium bond prizes. The move will allow the Treasury-backed savings provider to introduce a new £25 prize category. Previously the minimum payout had been £50. A portion of the £1 million will also be used to increase the number of £100,000 [...]
The Islamic Bank of Britain (IBB) has launched its first Sharia’a-compliant Fixed Term Deposit Account. The new account is based on Wakala’s principles of agency agreement, and is the first Fixed Term Deposit Account that accords with Sharia’a in the UK. Terms can last from three months to one year (with the option to continue [...]
Co-operative Financial Services (CFS), Henderson Global Investors and CCLA have joined forces to sponsor the UK’s second National Ethical Investment Week (NEIW). The event, which is organised by sustainable investment and finance association, UKSIF, will be held between 8th and 14th November and the NEIW website gives full details of participation. Last year’s NEIW attracted [...]
HypoVereinsbank (HVB) has announced its financial results for the full year 2008. Operating revenues fell by 40% to €3,948m, and the firm’s operating profit was €453m. HVB’s pre-tax profits were €595m. The bank’s financial performance was, in common with many other institutions, dramatically affected by the severe crisis that has engulfed both the financial world [...]
The Bank of Japan’s Policy Board has announced that it is to keep interest rates unchanged at 0.1%. The decision to retain the current uncollateralised overnight call rate was made without dissent when the vote was cast. The global economic downturn has hit Japanese exports significantly, with bad employment news and lesser profits in the [...]
Financial services firm Merriman Curhan Ford has announced its financial results for 2008 and the fourth quarter of that fiscal year. Revenue for the year slumped by more than half (56%) to $36.6m and continued operations yielded a loss of $24.5m ($1.95 per diluted share). By contrast, 2007 saw the firm make $10.9m, equivalent to [...]
Campaigners have begun lobbying for a people’s bank. A coalition comprising trade unions, a business organisation, pensioner and pressure groups and charities have put forward proposal for a new “Post Bank” that would be run as part of the Post Office Network. They argue that such a move would provide more financial services to people [...]
Citi’s Board of Directors has announced it is nominating a quartet of new, independent directors to be voted on at the bank’s AGM on 21 April. Jerry A. Grundhofer, Michael E. O’Neill, Anthony M. Santomero Ph.D., and William S. Thompson, Jr. will all be standing for election. Board chairman Richard Parsons has described the candidates [...]
