DIRS.INFO The most relevant business & tech news

☆ Investors 'have nervousness' around UK financial services, says Lloyds Banking Group CEO
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors 'have nervousness' around UK financial services, says Lloyds Banking Group CEOCharlie Nunn, CEO of Lloyds Banking Group, discusses its 2023 full-year results and the economic outlook.

Persons: Charlie Nunn Organizations: Lloyds Banking, Lloyds Banking Group

LONDON, July 26 (Reuters) - Lloyds Banking Group (LLOY.L) reported a higher charge for troubled loans and missed first-half profit expectations as Britain's economic chills weighed on its finances and upped pressure on management to do more to help struggling savers. Lloyds shares fell 5% in early trading against a flat FTSE 100 index (.FTSE). Lloyds shares fell 5% in early trading on Wednesday, against a flat FTSE 100 index (.FTSE). The bank said it expected this to fall more slowly than previously forecast, dipping to 3.10% this year instead of 3.05%. ($1 = 0.7754 pounds)Reporting by Iain Withers and Lawrence White; editing by Sinead Cruise and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Zoe Gillespie, we’ve, Fran Boait, Charlie Nunn, Nunn, Alison Rose, Nigel Farage, Coutts, Iain Withers, Lawrence White, Sinead Cruise, Jason Neely Organizations: Lloyds Banking Group, Lloyds, . Banking, JPMorgan, Bank of, RBC Brewin Dolphin, NatWest, Thomson

NatWest lifer Rose climbed up the ranks over more than three decades from graduate trainee to boardroom, becoming the first woman to run one of Britain's major banks. "You can be a hero one day, a zero the next, as Alison Rose has found out." Davies lamented the "sad moment" while Rose paid tribute to colleagues who had helped her build solid foundations for the bank, in a statement accompanying the news. RBS TO NATWESTRose succeeded Ross McEwan as CEO of NatWest in 2019, becoming the lender's first female boss. But under Rose's supervision, the bank became one of Britain's biggest participants in government-designed loan schemes to keep ailing businesses afloat.

Persons: Alison Rose, Nigel Farage, NatWest lifer Rose, Coutts, Rishi Sunak, Rupert Younger, Rose, Howard Davies, Rose's, Davies, Charlie Nunn, Farage, impinging, NATWEST Rose, Ross McEwan, McEwan, Stephen Hester, Fred Goodwin, Lawrence White, Conor Humphries Organizations: NatWest's, Brexit Party, NatWest, Oxford University's, Lloyds Banking Group, Britain's, RBS, NATWEST, Royal Bank of Scotland, Thomson Locations: Europe, Westminster, Britain

"This is part of the process of the knob being turned to tighten financial conditions to make sure that we are on our way to normalising a higher interest rate world," Pick said. Shockwaves from the collapse of SVB put fresh pressure on bank stocks across Asia and Europe on Tuesday as worries about potential contagion to other lenders deepened. Morgan Stanley's Pick said the events of the last week may give the Federal Reserve pause for thought on its own rate plans. He was speaking ahead of closely-watched U.S. inflation data later in the day. Analysts at Goldman Sachs said in a note on Monday that U.S. banking stresses could spread directly to European banks.

LONDON, March 14 (Reuters) - British banks are not yet seeing a "flight to quality" in deposits among customers nervous about the safe-keeping of their money following the collapse of U.S. lender Silicon Valley Bank last week, Lloyds chief executive Charlie Nunn said on Tuesday. Shockwaves from the collapse of Silicon Valley Bank further pounded bank stocks across Asia and Europe on Tuesday as worries about potential contagion to other lenders deepened. Major U.S. banks including JPMorgan (JPM.N) and Citigroup (C.N) have seen a wave of customers applying to shift their accounts to larger lenders, the Financial Times reported on Tuesday. "We haven't seen what we've seen in the U.S., which is the flight to quality," Nunn said. "But let's see how that plays out and we'll see how people feel over the next period of time."

Lloyds set aside 1.5 billion pounds in 2022 to cover potential loan distress, a year after releasing 1.4 billion pounds of provisions as the economy rebounded from COVID-19. The bank reported pre-tax profit of 6.9 billion pounds ($8.4 billion) for 2022, unchanged on the previous year and in line with analyst forecasts it had compiled. It plans to pay a 1.6 pence per share final dividend and a share buyback of up to 2 billion pounds, taking total shareholder returns for 2022 up to 3.6 billion pounds. Expenses also rose 6% to 8.8 billion, partly due to rising wage bills as Lloyds boosted its staff bonus pool by 12% to 446 million pounds. Lloyds also said it had bought Tusker, a vehicle leasing company that provides electric vehicles via salary sacrifice schemes, for 300 million pounds.

☆ NatWest CEO to face UK lawmakers on savings rates after U-turn
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 2 (Reuters) - NatWest (NWG.L) CEO Alison Rose will face a grilling by British lawmakers next Tuesday over whether lenders are passing on enough of central bank interest rate rises to consumers, after initially saying she was too busy to attend. "Following further discussions with the Treasury Committee on the vital issues at hand, Alison Rose will be attending next week's Committee hearing," a spokesperson for NatWest said. Lloyds boss Charlie Nunn and executives from Barclays and HSBC are also set to attend the hearing held by the powerful Treasury Select Committee next week. NatWest had initially said its retail bank boss David Lindberg was an appropriate boss to represent the bank at the hearing. Reporting by Iain Withers; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ UK house prices to fall 8-10% this year, Lloyds CEO says
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK house prices to fall 8-10% this year, Lloyds CEO saysCharlie Nunn, CEO of Lloyds Banking Group, discusses the outlook for the U.K. economy and the impact of the cost-of-living crisis.

☆ UK house prices to fall by up to 10% this year, Lloyds Bank CEO says
▼ + stars: | 2023-01-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Fog shrouds the Canary Wharf business district including global financial institutions Citigroup Inc., State Street Corp., Barclays Plc, HSBC Holdings Plc and the commercial office block No. LONDON — U.K. house prices will fall by up to 10% this year, as higher mortgage rates and the broader cost of living crisis curtail home buying, Lloyds Bank CEO Charlie Nunn told CNBC on Tuesday. The U.K. property sector remained sluggish in recent months, as the Bank of England continued to hike interest rates aggressively in order to reel in double-digit inflation. Inflation hit 10.7% in November, and the Bank has hiked rates at nine consecutive policy meetings to lift its main rate from 0.1% to 3.5%. A report from British property website Rightmove on Monday showed asking prices for homes rising slightly in January for the first time in two months.

LONDON, Nov 29 (Reuters) - Britain will change its rulebook to allow banks to take more risks in order to keep the City of London a leading global financial centre, a government minister said on Tuesday. Next week the EU will set out a new law to force banks in the bloc to shift some of their euro derivatives clearing from London to Frankfurt. "The overall thrust of things is to allow more risk... You get reward from taking risks, you shouldn't be risk off, we just need to manage that in an appropriate way," Griffith told a Financial Times event. "There is nervousness about the UK overall," Nunn said, referring to the period of political instability and concern over the nation's finances. Alison Harding-Jones, head of EMEA M&A at US bank Citi, told the event that Britain remained a strong place and open for business.

LONDON, Oct 27 (Reuters) - Lloyds Banking Group (LLOY.L) reported a slide in quarterly profit on Thursday, as the lender braced for a potential rise in loan defaults as inflation squeezes borrowers. Market turmoil sparked by Truss' tax-cutting plans pushed up the country's borrowing costs and led lenders to ratchet up mortgage rates, piling further pressure on households. Despite its lower profit, Lloyds said the strength of its underlying performance meant it could raise its forecast on several performance metrics for the year. However, Lloyds said asset quality - measuring potential loan defaults - was expected to be slightly worse this year. Actual loan defaults remained low for the time being, it added.

Banks are finding the home loan market stacked in their favour after years of low mortgage rates, but are also aware that bigger mortgage bills could spell trouble for cash-strapped customers. But the higher rates will hit borrowers hard. Mortgage payments as a proportion of gross household income were on average around 20% in June, according to BuiltPlace, a property market consultancy. They could rise to around 27% - the highest since the early 1990s - if mortgage rates were to rise to 6%, the consultancy said. The rise in mortgage rates will be a blow for millions of households' finances, Sue Anderson, head of media at debt charity StepChange said.

Search resuls for: "Charlie Nunn"

12 mentions found