Results tagged “banking”

Barclays Bank has reiterated its commitment to lending in the UK after announcing pre-tax profits of £5billion for first nine months of this year.

The Canary Wharf-based bank saw its profits rise by 18 per cent on the same period last year, while profits for the quarter were up to £2.4billion.

Barclays has reported a fall in profits for the first six months of this year, although it still made £2.6billion.

The Canary Wharf-based bank saw its profits drop by 33 per cent from the same period last year, and warned that it intends to shed at least 1,400 jobs to cut costs.

HSBC is to delay its decision on a potential move out of Canary Wharf until next year.

The bank has been hinting that it could move its global headquarters from the UK because of the likely imposition of tougher legislation when the Independent Commission on Banking publishes its report in September.

Barclays has announced annual pre-tax profits of £6.065billion for 2010.

The figure represents a rise of 32 per cent on the bank's £4.585billion profit the previous year. Income for the group was up eight per cent to £31.44billion, while bad loan provision was down by 30 per cent.

"If the banks want to go because they are worried about being regulated properly, then let them. I say call their bluff."

That's the view of American analyst and author Michael Lewis on the veiled threat that some banks might leave London if reform leads to their break-up. But Lewis is critical of what he thinks is an empty threat.

Ultimately, I want to be the cupcake company people talk about," said former banker turned baker, Naomi da Silva.

Her passion for cupcake couture means she will be missing out on her bonus, but her year-old business is making a profit and making her happy.

Standing outside Canary Wharf Tube station, undergraduate James Elgeti was handed more than 20 business cards, received five emails from potential employers and secured a handful of interviews.

The Bath University student and job hunter was on the Wharf last Thursday lunchtime, suited and booted like the majority of workers, but with one difference - a giant sandwich board.

JP Morgan has ended speculation about its move to Canary Wharf by announcing it has bought the former Lehman Brothers headquarters at 25 Bank Street.

The investment bank were supposed to be developing a new site for its European headquarters at Canary Riverside, but have opted to take on the Lehman Brothers site instead.

Major changes have been announced at HSBC this afternoon.

Chief executive Michael Geoghegan is stepping down after four years in the post, with Stuart Gulliver taking over the job. Meanwhile, finance director Douglas Flint will become the bank's new chairman, replacing Stephen Green.

The Financial Services Authority has slapped a £17.5million fine on Goldman Sachs International for failing to inform it about a US fraud investigation.

The FSA, based in Canary Wharf, announced the fine this morning after a five month inquiry into "weaknesses" in Goldmans' reporting controls.

Bob Diamond is to take over as group chief executive of Barclays from next March.

Mr Diamond, who is currently chief executive of Barclays Capital - the bank's investment arm - will replace John Varley from March 31. He will become president and deputy group chief executive from October 1.

HSBC posted pre-tax profits of $11.1billion (£7billion) for the first six months of this year - more than double the amount it made in the same period last year.

The bank, which has its headquarters in Canary Wharf, released its figures this morning.

The Financial Services Authority's chief executive has defended the restructuring of financial regulation even though his own organisation is set to disappear.

Hector Sants told the audience at the FSA's annual public meeting yesterday that the new regulatory structure was needed - even if the banks don't like it.

Bankers are climbing the career ladder in stilettos. At least, that's what's happening according to Women in Banking and Finance (WIBF), a non-profit organisation set up to celebrate diversity in the boardroom.

WIBF, which runs a regular series of events and programmes dedicated to education, mentoring and networking opportunities, says more women than ever are climbing to the upper echelons in the banking and finance industry.

HSBC has reiterated its commitment to staying in Canary Wharf after revealing a jump in underlying profits last year.

The bank made a pre-tax profit of $13.3billion for 2009, an increase of 56 per cent on the previous year, but its reported profit before tax fell by 24 per cent to $7.1billion due to losses in its American operations.

Barclays recorded a big jump in profits last year despite the recession.

The bank posted a year-end profit of £11.6billion before tax, an increase of 92 per cent on its 2008 figure. Most of that came from the £6.3billion sale of Barclays Global Investors and a strong performance from investment arm Barclays Capital.

Credit Suisse enjoyed a productive 2009, making a profit of 6.7billion Swiss francs last year.

The bank, which has its UK headquarters in Canary Wharf, has bounced back from a poor 2008, largely due to the strength of its private banking business and adopting a safer business model.

Hector Sants is to leave his job as chief executive of the Financial Services Authority in the summer.

The Wharf-based financial watchdog announced today that Mr Sants will step down after three years in the job, a period which has seen increasing criticism of the FSA's regulatory role, particularly when the credit crunch hit the banking sector in 2008.

Speculation that JP Morgan will abandon its move to Canary Wharf because of the bonus tax is incorrect.

The future of the bank's Riverside South headquarters, currently under construction, was reported to be in doubt after a phone call last month between JP Morgan chief executive Jamie Dimon and Alistair Darling.

Morgan Stanley has posted its first quarterly profit in a year, making $757million in the third quarter of 2009.

The bank, which has its European headquarters in Bank Street, follows near neighbour Citigroup in announcing a return to profitability in recent months.