Nationwide reveal house price rise of 0.9%
by Richard Kilner
Story link: Nationwide reveal house price rise of 0.9%
The Nationwide Building Society has indicated that house prices in June rose by 0.9% compared to the previous month.
This means that the average home in the UK is now worth £156,442.
However, the annual change remains a sharp decline of 9.3% compared to June 2008.
Despite this it does mark the first time since mid-2008 that the [...]
Lloyds cuts 2,100 jobs as staff enter permanent state of anxiety
by Gill Montia
Story link: Lloyds cuts 2,100 jobs as staff enter permanent state of anxiety
Lloyds Banking Group has announced a further 2,100 job cuts.
The cull will be carried out over the next three years and will be moderated by the creation of 350 new posts.
The 43% state-owned group has revealed plans to reduced staff numbers by 7,000 since the beginning of the year, as the struggle to complete its [...]
Lloyds TSB launches “balance on demand”
by Gill Montia
Story link: Lloyds TSB launches “balance on demand”
Lloyds TSB has this week launched what it claims to be the UK’s first “balance on demand” texting service.
Customers can access their details by texting BAL plus the last four digits of their current account to a special Lloyds’ number and will immediately receive their balance plus details of their last six transactions.
The service, [...]
ICBC named Best Bank in China
by Richard Kilner
Story link: ICBC named Best Bank in China
The Industrial and Commercial Bank of China (ICBC) has scooped the Best Bank in China award by FinanceAsia.
It is the fifth occasion the ICBC has been named China’s best bank by FinanceAsia, one of the most respected finance media in Asia.
A number of factors are necessary to win the prize, including strong profit growth, a [...]
Building Society deposits fall
by Gill Montia
Story link: Building Society deposits fall
The Building Societies Association (BSA) has reported that net savings balances held by its 53 members fell by £106 million in May, compared to a year earlier, with £494 million withdrawn from retail deposits during the month.
The decrease compares with a rise of £1,162 million in the same period of 2008 when the mutuals received [...]
CBI survey upbeat on financial services sector
by Gill Montia
Story link: CBI survey upbeat on financial services sector
The Confederation of British Industry (CBI) has published its latest quarterly report which suggests that the UK’s financial services industry is emerging from the worst of the credit crisis downturn.
While the sector experienced falls in both income and profitability in the three months to June, the rate of decline showed signs of easing.
Furthermore, the study [...]
Cheque guarantee scheme to go in 2011
by Gill Montia
Story link: Cheque guarantee scheme to go in 2011
The Payments Council, which is responsible for setting a strategy for UK payments, has set out a time frame for withdrawing the guarantee scheme for cheques.
According to the body, the decline of guaranteed cheque use continues to accelerate, falling by a third between 2007 and 2008.
A full stakeholder review and detailed research has led the [...]
UBS expects Q2 loss
by Richard Kilner
Story link: UBS expects Q2 loss
Swiss investment bank UBS has issued an update on its recent financial performance.
Given the preliminary results of trading in April and May and preliminary figures for June, UBS has indicated it is forecasting a loss in the second quarter of this year.
Previously announced charges pertaining to credit and restructuring have been cited as the cause [...]
FSA extends short selling disclosure requirements indefinitely
by Gill Montia
Story link: FSA extends short selling disclosure requirements indefinitely
The Financial Services Authority (FSA) has extended its current disclosure requirements for short positions in UK financial stocks.
Short selling involves traders selling stock which they do not own in the expectation that the price will fall, allowing the trader to buy the stock back at a lower price and make a profit.
The regulator initially [...]
FSA proposes commission ban for IFAs
by Gill Montia
Story link: FSA proposes commission ban for IFAs
The Financial Services Authority (FSA) could ban commission payments to Independent Financial Advisers (IFAs).
In its recently published Consultation Paper on the Retail Distribution Review, the regulator favours the idea of clients seeking pension and investment advice being charged a fee, although not necessarily up-front.
IFA’s argue that this could stop consumers getting the advice they need [...]
Barclaycard makes costly reduction in minimum payments
by Gill Montia
Story link: Barclaycard makes costly reduction in minimum payments
Barclaycard is reducing its minimum monthly payment from 2.25% of card balance to 1.5%, or a minimum of £5.
While the news could come as a relief to some customers it means that a £5,000 debt could take 98 years to clear, costing many thousands of pounds in interest.
According to MoneySavingExpert.com a £5,000 Barclaycard balance with [...]
Britons save at record levels
by Gill Montia
Story link: Britons save at record levels
Record low interest rates are not deterring Britons spooked by the recession from saving at record levels.
According to National Savings & Investments’ (NS&I) quarterly savings report, the amount set aside by the average person rose to £92.41 per month during the first quarter of 2009, up from £90.12 in the final three months of 2008.
Furthermore, [...]
Credit Suisse adds Landert to Executive Board
by Richard Kilner
Story link: Credit Suisse adds Landert to Executive Board
Credit Suisse Group has announced that its chief information officer, Karl Landert, has been appointed to the Executive Board with immediate effect.
Landert, who is responsible for the investment bank’s Information Technology (IT) division, will continue to report directly to Credit Suisse’s chief executive officer, Brady W. Dougan.
Dougan has stated that Landert’s new seat on the [...]
Brewin Dolphin calls for Budget amendments
by Richard Kilner
Story link: Brewin Dolphin calls for Budget amendments
Investment bank Brewin Dolphin has seen its calls for amendment to the last Budget largely echoed by the House of Lords Select Committee on Economic Affairs which has released a report on the Finance Bill 2009, specifically concerning pensions.
Corporate Affairs head Charlotte Black has applauded the Select Committee’s report, saying that it largely agrees with [...]
Banks’ positions eased but still vulnerable
by Gill Montia
Story link: Banks’ positions eased but still vulnerable
In its latest Financial Stability Report, the Bank of England (BoE) says that the outlook for banking systems has eased but given their positions on debt and funding, “banks in the United Kingdom and internationally will remain sensitive to further shocks for some time”.
Total losses from the global financial crisis have now reached £10 trillion [...]
Sberbank releases financial results
by Richard Kilner
Story link: Sberbank releases financial results
Russian institution Sberbank has announced its financial results for the first five months of this year.
Sberbank saw net interest income soar by 46.7% compared to the corresponding period last year, and net fee and commission income was up by a tenth.
The increase has been attributed largely due to an expansion of the loan book coupled [...]
Unsecured lending plummets
by Gill Montia
Story link: Unsecured lending plummets
The consumer credit market is shrinking fast and Britons could be faced with even less choice and access to credit in future.
So says the Finance and Leasing Association (FLA), which has just published its latest unsecured lending figures.
According to the FLA, the unsecured loan market contracted by 83% in April compared to a year [...]
Emporiki announces cost-cutting measures
by Richard Kilner
Story link: Emporiki announces cost-cutting measures
Greek bank Emporiki Bank Group has arranged a number of measures designed to enhance the firm’s productivity and shape its business to better suit the present economic circumstances.
The measures will take effect from this year until 2011 and are targeted to reduce costs, improve margins, decrease exposure to risk and put Emporiki on a strong [...]
UBS appoints Asia Pacific CEO
by Richard Kilner
Story link: UBS appoints Asia Pacific CEO
Swiss investment bank UBS has named Chi-Won Yoon as the firm’s new chairman and CEO for Asia Pacific.
He joined the firm 12 years ago, leading Equity Derivatives, and five years ago became head of Asia Equities.
Chi-Won, who assumes the new post with immediate effect, also acquires a seat on the firm’s Group Executive board and [...]
FSA hands out record £27.3m in fines
by Gill Montia
Story link: FSA hands out record £27.3m in fines
The Financial Services Authority (FSA) has published its annual report for 2008/09, measuring its performance against stated aims.
The regulator levied a record £27.3 million in fines during the year, compared to £4.4 million during the previous twelve months and banned 58 individuals from carrying out regulated activities, compared to 30 the year before.
According [...]
