Banking

Christine Lagarde is to stand down as president of the European Central Bank (ECB) in February, one year before her term finishes. Lagarde has held the role, one of the most important in global monetary policy, for more than seven years.

Lloyds Banking Group is finally reaping the rewards of its transformation over the past five years as the lender reported a near doubling of pre-tax profits over the third quarter to £2.3bn. The FTSE 100 lender also reported a 42% rise in profits to £6.6bn in the first nine months to Sep

Crypto firm Zumo has signed an agreement with Quantum Chain to build digital asset services designed to withstand future quantum computers. The memorandum of understanding aims to support quantum-safe digital currency and asset management for central banks, banks and regulated financial institutions

Morningstar DBRS has said the Chancellor’s decision to double the bank surcharge to 6% will be “manageable” for the sector, though UK-focused lenders will feel the greatest impact. The credit rating agency said the decision to increase the Bank Corporation Tax Surcharge from 3% to

Sandy Begbie has blasted Chancellor John Healey over the temporary increase in the bank surcharge announced in his maiden Budget, warning it prioritised short-term politics over the UK’s long-term economic health. The chief executive at Scottish Financial Enterprise acknowledged the "tough tas

Chancellor John Healey has described his maiden Budget as one for “working people”, delivered through “fiscal discipline giving Britain breathing space on the cost of living”, as he looked to banks to temporarily fund the energy support measures. Mr Healey confirmed that bank

Santander UK has told shareholders to expect more “efficiencies” this year after its profits slipped in the first nine months of the year, due to a drag from motor finance and restructuring costs. The group revealed a £179m increase in its motor finance provisions, booked in the fi

The Scottish National Investment Bank (SNIB) has appointed Richard Hope, Dr James McCourt and Lynne Rennie-Smith as non-executive directors to its board. The appointments were made by the Scottish Government’s Cabinet Secretary for Economy, Tourism and Transport, Stephen Flynn MSP, ahead of th

Chancellor John Healey will abandon his predecessor Rachel Reeves’ “car crash” ISA reforms in his maiden Budget later today, according to reports. The Chancellor will reverse the decision to cut the Cash ISA allowance from £20,000 to £12,000, which was set to come into

Economists have predicted that John Healey’s first-ever Budget will likely omit clear plans to reform taxes, curb the welfare bill and boost defence spending, in a move that would kick “tough decisions into the long grass”. Mr Healey is expected to delay several major financial dec

While the Budget will dominate this week’s agenda, one of the sectors most likely to be impacted by it – banking – will also be in the headlines for delivering big profits.

UK traders are increasingly shorting the big four British banking stocks ahead of the Autumn Budget, with short-selling activity surging 69% week-on-week according to new data. The figures are from investing and trading platform IG, with the rises coming amid speculation that Chancellor John Healey

Andrew Bailey has warned that British businesses are cutting costs and eating into their profit margins to cover rising energy costs. The Governor of the Bank of England said many businesses were reducing their headcount to avoid passing higher energy costs on to their customers.

Chancellor John Healey is set to increase taxes on Britain’s banks to help plug a hole in the UK Government’s finances caused by rising borrowing costs. Mr Healey is considering options for raising more revenue from Britain’s financial institutions ahead of the Budget on 28 October

Gulf International Bank is set to cut 15 roles across its business after shutting down its loss making fund business. The decision to close its active funds business from the Bahrain-headquartered firm follows a strategic review carried out by the bank earlier in the year.