Building societies are responding to tough economic conditions by outsourcing IT services and saving money. According to NIIT Technologies, increased consolidation among major banks is sharpening competition for Britain’s mutuals, particularly in the savings market. The outsourcing firm’s spokesman, Ravi Pandey, explains: “We are seeing growing interest among building societies. More and more of our [...]
The Pensions Ombudsman, Tony King, has published his annual report for the period 1st April 2008 to 31st March 2009, which puts the number of new cases in need of investigation at 742. The figure is much in line with previous years and the report notes “the economic downturn and its impact on pension funds [...]
West Bromwich Building Society is reported to be closing its final-salary pension scheme. The lender was pulled back from the brink of collapse last month by striking an agreement with its debt-holders in the form of a debt-for-equity swap. It is understood that proposals aimed at saving West Bromwich around £800,000 a year involve moving [...]
Recently the United Kingdom’s banknotes have undergone some redecoration, with Governor Mervyn King announcing in June that businessman Matthew Boulton and engineer James Watt would grace the new £50 notes in 18 months’ time. In addition, there is to be a limited edition £5 coin featuring Henry VIII. The Co-operative Bank has conducted research into [...]
Guaranty Trust Bank (GTB) plc has been named as the Best Bank in Nigeria at the 2009 Euromoney Awards for Excellence Dinner held in London. Deputy MD Segun Agbaje led the GTB’s party at the dinner and collected the award on behalf of the bank. Those responsible for selecting winners highlighted the GTB’s leadership role [...]
A leading economic forecasting group is predicting that interest rates will remain low for the next 18 months. The forecast, by Ernst & Young ITEM Club, is linked to a prediction that the UK economy will contract by 4.5% in 2009, marking the biggest single-year decline since 1945. The Bank of England began its assault [...]
The chairman of Northern Rock, Ron Sandler, has been named as a potential new chairman of Lloyds Banking Group. According to a report in The Sunday Telegraph, Mr Sandler, who was appointed non-executive chairman of Northern Rock in October 2008, is one of four people to have been shortlisted to replace the outgoing Sir Victor [...]
US bank BB&T Corporation has announced its quarterly financial results, recording net income of $208m for Q2 2009, equivalent to $0.20 per diluted common share. The net income is approximately half that recorded in the corresponding period of the previous year ($428m). BB&T has cited a special assessment by the FDIC as one of the [...]
Bank of America Corporation has announced its financial results for the second quarter, recording a net income of $3.2bn. After deductions for preferred dividends and payments to the US Government earnings per share stand at $0.33. The net income is slightly down on the same period in 2008 which saw Bank of America achieve profits [...]
Citigroup Inc. has revealed its financial results for the second quarter of the year. The US banking giant recorded net income of $4.3bn, equivalent to $0.49 per diluted share. Revenue hit $30bn, including $11bn from a pre-tax gain from the Morgan Stanley Smith Barney joint venture transaction, up $12.4bn from the same period in 2008. [...]
Investment bank Credit Suisse has announced the appointment of Stefan Keitel as chief investment officer of its Private Banking business and chairman of the Credit Suisse Investment Committee. He has worked for Credit Suisse for the last eight years, and five years ago was named chief investment officer of the firm’s German businesses. Last year [...]
The credit crisis has devastated the personal loans sector, with 37% of lenders pulling out of the market over the past two years. According to Moneyfacts.co.uk the AA, Intelligent Finance, Direct Line, Lombard Direct, MBNA Europe Bank, Northern Rock and Virgin Money are among those to have made an exit. Research by the financial website [...]
Yes Loans, which arranges consumer credit of between £500 and £3,000 for people with poor credit histories, has come to the attention of the Office of Fair Trading (OFT). The watchdog has imposed requirements on the firm’s licence following an investigation into its business practices. In future, Yes Loans will need to make it clear [...]
Steve Townend and Dominic Keen, formerly bankers with Egg and First Direct, have launched MoBank, a new mobile banking service in the United Kingdom. The service, available on iPhone OS 3.0., permits customers to use their mobiles to buy and pay for goods and services. A diverse range of items including books, cinema tickets and [...]
