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☆ Barclays announces new Chief Operating Officer
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

LONDON, Dec 7 (Reuters) - Barclays (BARC.L) announced a reshuffle of its executive committee on Wednesday, with Chief Operating Officer Mark Ashton-Rigby stepping down from the role. He will be replaced by Alistair Currie, who currently heads the lender's consumer banking and payments business, the British bank said. Currie in turn will be replaced in that role by Vim Maru, who joins from Lloyds Banking Group. Reporting by Lawrence White, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ HSBC to close 114 branches in Britain from April 2023
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

LONDON, Nov 30 (Reuters) - HSBC (HSBA.L) will close 114 branches in Britain from April 2023, the British lender said on Wednesday, the latest in a string of such announcements by retail banks in the country as they slash their networks to try and cut costs. HSBC, in common with peers such as Lloyds Banking Group (LLOY.L) that has also closed branches in recent months, blamed changing customer behaviour for the move, saying customers are increasingly banking online. HSBC said it will invest tens of millions of pounds in updating and improving its remaining 327 branches. Reporting by Lawrence White, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ UK banks’ Big Bang thankfully looks like big flop
▼ + stars: | 2022-11-30 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Yet, the mooted changes would probably only benefit middling lenders like Santander UK, Virgin Money (VMUK.L) and Banco Sabadell’s (SABE.MC) TSB Bank, according to the FT. And on Wednesday, the BoE’s supervisory body said it planned largely to stick to international bank-capital rules, dubbed Basel 3.1. But the big flop might not be such a bad thing for the country’s financial sector. Separately, the government’s City minister Andrew Griffith said on Nov. 29 that he wanted to relax the so-called ringfencing regime that forces large British lenders to separate their retail and investment banking arms. According to the Financial Times, the ringfencing regime would still apply to the biggest UK banks but there could be exemptions for lenders with limited trading operations including Santander UK, Virgin Money and TSB Bank.

SummarySummary Companies Coal miners struggling to fund expansion plansThermal coal costs more than coking coal after price surgeMost Western bankers pulling back from coal industryLONDON, Nov 24 (Reuters) - It's the best of times, it's the worst of times. At least when it comes to mining coal. With funding hard to come by from Western banks, coal miners outside China have turned more to equity markets this year. "With regard to thermal coal mining, any transaction in coal mining requires an enhanced environmental risk review," a Deutsche spokesperson said, adding that the bank was updating its coal policy. Bens Creek listed shares partly because of the lack of appetite from banks to support any expansion of coal mining, chief executive Wilson said.

☆ Lender PCF to withdraw from UK market after rescue fails
▼ + stars: | 2022-11-09 | by ( Sinchita Mitra | ) www.reuters.com time to read: +2 min

Shares in PCF fell by around 62% to 0.4 pence in early trade following the news on Wednesday, six weeks after Castle Trust Capital withdrew its intention to make an offer for PCF. "This has been a very difficult strategic decision for the board to make given the consequences for the business, colleagues, customers, intermediaries and shareholders," Chief Executive of PCF Bank, Garry Stran, said in a statement. To cancel the AIM listing, it must consult investors. PCF, which has a market value just under 4 million pounds ($4.6 million), said it will continue to explore strategic transactions with interested third parties and it retained the support of Somers Limited, its biggest shareholder with a 73.24% stake. Reporting by Sinchita Mitra in Bengaluru; editing by Uttaresh.V and Sinead Cruise and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Lloyds Bank offers UK staff 2,000 pounds minimum pay rise
▼ + stars: | 2022-11-03 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

LONDON, Nov 3 (Reuters) - Britain's biggest domestic bank Lloyds has offered UK staff a minimum 2,000 pounds ($2,242) pay rise, a source with knowledge of the talks told Reuters, as lenders and employees across the sector begin annual pay talks that could see wage bills soar. Union Unite said it recommended members accept the "unprecedented offer", noting it directed higher awards to the lowest paid. The 2,000 pound uplift represented an average 10% pay rise for staff on lower grades, Unite said, with staff at higher grades getting a 4% increase. "The pay offer represents a win for the workforce," said Caren Evans, national officer for Unite. Lloyds was the first major British bank to offer staff an unscheduled pay boost to help them cope with the increased cost of living earlier this year.

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.

☆ UK stocks rise as investors count on upbeat earnings
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

The blue-chip FTSE 100 (.FTSE) rose 0.2%, extending gains to hit a three-week high, while the mid-cap FTSE 250 (.FTMC) up 0.4% by 0724 GMT. Shell PLc (SHEL.L) rose 2.7% as the oil heavyweight said it would sharply boost dividend after reporting a third-quarter profit of $9.45 billion, which came in slightly ahead of expectations. read moreShares of Lloyds Banking Group (LLOY.L) gave up 1.7% after the lender posted a decline in third-quarter pre-tax profit due bad loan charges. read moreThe broader European index (.STOXX) shed 0.3%, as investors cautiously await a likely 75-basis-point rate hike by the European Central bank around 1215 GMT. read moreReporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ FTSE 100 extends gains, UK inflation back at 40-year high
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 up 0.1%, FTSE 250 down 0.2%Oct 19 (Reuters) - UK's blue-chip index edged higher on Wednesday after a strong Wall Street session driven by earnings optimism, although data showed UK inflation hit a 40-year high again, highlighting persistent price pressures that have hurt consumer spending. The FTSE 100 index of top UK companies (.FTSE) rose 0.1% by 0714 GMT, entering its fifth day of gains, aided by a historic reversal of the new government's failed fiscal plan that had battered the bond markets. Meanwhile, futures signalled a strong start for U.S. stocks after Netflix Inc (NFLX.O) projected more growth ahead. The wider banking index (.FTNMX301010) was down 0.4%, while the investment banking & brokerages index (.FTNMX302020) dropped 0.7%. The domestically exposed FTSE 250 index (.FTMC) slipped 0.2% after a four-day winning run.

☆ ASOS shares drop on talks with lenders to change borrowing terms
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 17 (Reuters) - ASOS (ASOS.L) shares fell sharply on Monday after the British online fashion retailer said it was in talks with lenders to change the terms of a 350 million pound ($394 million) borrowing facility to provide more flexibility in tough economic times. The statement was issued after Sky News reported ASOS had recently approached its lenders, including Barclays (BARC.L), HSBC (HSBA.L) and Lloyds Banking Group (LLOY.L), to amend its borrowing agreements. Sky News said the lenders were lining up AlixPartners and law firm Clifford Chance to advise them on an "unfolding situation". It also forecast full-year net debt of about 150 million pounds, which was higher than previous guidance. "This happened towards the end of August and there has been no adverse impact on trading relationships with our suppliers," ASOS said in response.

☆ ASOS in talks with lenders to amend terms of $391 mln facility
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 15 (Reuters) - British online fashion retailer ASOS (ASOS.L) is in talks with lenders to amend the terms of its 350 million pound ($391 million) borrowing facility, it said on Saturday. Sky News said the lenders were lining up AlixPartners and law firm Clifford Chance to advise them on an "unfolding situation". It warned last month that it expected profit before tax in the year to Aug. 31 to be around the bottom end of its guidance of 20 million pounds to 60 million pounds after weaker than projected August sales. ASOS also forecast full-year net debt of about 150 million pounds, which was higher than previous guidance. "This happened towards the end of August and there has been no adverse impact on trading relationships with our suppliers," ASOS said in response.

☆ ASOS in talks to amend credit facility terms
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +1 min

Oct 15 (Reuters) - British online fashion retailer ASOS (ASOS.L) on Saturday said it was seeking an amendment to the terms of its borrowing agreements. "ASOS is in the final stages of agreeing an amendment to the future financial covenants in its Revolving Credit Facility, which matures in July 2024," the company said in a statement. The online fashion retailer's lenders including Barclays, HSBC and Lloyds Banking Group were lining up AlixPartners and law firm Clifford Chance to advise them on the unfolding situation, Sky News reported earlier. ASOS said on Saturday it retained a strong liquidity position and called the loan amendments a "prudent step". ($1 = 0.8953 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Mrinmay Dey in Bengaluru; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Sterling choppy as BoE sends mixed messages
▼ + stars: | 2022-10-12 | by ( Samuel Indyk | ) www.reuters.com time to read: +3 min

By 0746 GMT, the British pound was up 0.1% against the dollar to $1.0969, snapping five days of losses. Until the market gets that I think any Sterling rallies are ripe to be sold into," Brown added. "Further rises in Bank Rate are warranted," Lloyds Bank senior economist Hann-Ju Ho said in a note, even as he expects the economy to contract in the third quarter. Looking ahead, the BoE's Financial Policy Committee is scheduled to publish its latest financial policy summary and record at 0930 GMT. Meanwhile, BoE policy makers Jonathan Haskel (0800 GMT), Huw Pill (1135 GMT) and Catherine Mann (1700 GMT) are all scheduled to speak later in the day.

☆ UK mortgage borrowers are in for a nasty shock from soaring rates
▼ + stars: | 2022-09-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN Business —Millions of mortgage borrowers in the United Kingdom are bracing themselves for huge hikes to their monthly payments as a consequence of the run on the pound. Markets had already been expecting the central bank to raise interest rates to 4.75% by next spring. There are 9 million outstanding residential mortgages in the United Kingdom, according to UK Finance, an association of banks and financial services firms. About 20% of those loans are tracker, or variable rate products, that typically become more expensive when the central bank hikes rates. Halifax, owned by Lloyds Bank (LLDTF), removed some of its mortgage products, while Virgin Money stopped taking mortgage applications from new customers until later this week.

☆ UK lenders halt mortgage deals to customers after market chaos
▼ + stars: | 2022-09-27 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +3 min

Oli Scarff | Getty Images News | Getty ImagesLONDON - U.K. lenders Virgin Money, Halifax and Skipton Building Society pulled some of their mortgage deals to customers after the tumult in British bond markets. Virgin Money and Skipton Building Society temporarily paused mortgage offers for new customers, while Halifax — owned by the Lloyds Banking Group — is planning to halt any mortgage products with fees where lower interest rates are usually offered. Skipton Building Society said they had paused their products in order to "reprice following the market response over recent days." Markets have begun pricing in a base rate rise to as high as 6% for next year, from 2.25% currently, raising concerns among mortgage lenders and borrowers. "Households refinancing a two-year fixed rate mortgage in the first half of next year will see monthly repayments jump to about £1,490 early next year, from £863 when they took on the mortgage two years prior."

☆ UK swaps one cost-of-living crisis for another
▼ + stars: | 2022-09-27 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

But the budget plans of new Prime Minister Liz Truss and her Chancellor Kwasi Kwarteng may cause a world of pain for mortgage borrowers. Surging interest rates will crimp spending and hurt the housing market, further undermining Truss and Kwarteng’s growth plans. Capital Economics reckons at Monday’s implied levels, mortgage costs could reach their highest level relative to borrowers’ income since 1990. Rather than having to bail them out, regulators and politicians may push lenders to offer repayment holidays or cut interest rates. It will find it equally difficult to let mortgage borrowers suffer alone.

☆ Pound to dollar: The pound's crash will make inflation worse
▼ + stars: | 2022-09-26 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

Consequently, the Bank of England will come under pressure to jack up interest rates further and faster. It has been sharply critical of the UK government’s proposals. Why a plunging pound is bad newsThe pound hit a record low against the dollar on Monday, dropping near $1.03 before recovering to almost $1.07. Investors expect the Bank of England will need to increase interest rates much more aggressively to get inflation in check. The central bank has given no indication it will hike interest rates outside its normal schedule of meetings.

☆ The pound’s crash will make inflation worse and push interest rates higher
▼ + stars: | 2022-09-26 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

Consequently, the Bank of England will come under pressure to jack up interest rates further and faster. It has been sharply critical of the UK government’s proposals. Investors expect the Bank of England will need to increase interest rates much more aggressively to get inflation in check. The central bank has given no indication it will hike interest rates outside its normal schedule of meetings. “If markets still don’t have faith in the fiscal picture, I’m not sure how the Bank of England wins this,” Rossiter said.

☆ Market chaos forces UK lenders to pull mortgage products
▼ + stars: | 2022-09-26 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

Brokers said the moves were likely just the start of a big shift in Britain's mortgage market. The country's largest mortgage lender Halifax said it was withdrawing its fee-paying mortgage products - where borrowers could pay an arrangement fee in exchange for a lower interest rate - and moving to a full fee-free range. "In response, we will be temporarily withdrawing our New Business Product Range with immediate effect." Virgin Money said its withdrawal of mortgage products for new customers would take place at 8 p.m. (1900 GMT). "That will feed into higher mortgage rates and, as always, it'll be the taxpayer left carrying the can," said Lewis Shaw, founder of broker Shaw Financial Services.

☆ Fund manager names 2 UK stocks he says look very attractive right now
▼ + stars: | 2022-09-23 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +3 min

Investors should pay close attention to two very different U.K. stocks right now, according to SVM Asset Management's Investment Director Neil Veitch, who named financial services group Lloyds Bank and sports clothing retailer JD Sports . Lloyds For Lloyds, the U.K.'s steepening interest rate curve is an advantage as higher rates quickly translate into earnings and the creation of capital for the bank, Veitch argued. Even a recession — which Veitch believes would be shallow — and associated credit losses should therefore be "manageable," he added. "Its got a medium-term growth outlook, as I say, from the Europe and U.S. all trading on 10 times earnings. Ten times earnings means a stock is trading at a multiple that is equal to 10 times the company's earnings.

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