MAJOR banks doubled their profits in the past 12 months

MAJOR banks doubled their profits in the past 12 months – despite the recession, says a report.

The big five – Barclays, HSBC, Lloyds, RBS and Standard Chartered – made combined pre-tax gains of £22.2billion in 2010.

That’s up from £11.3billion in 2009, according to accountants KPMG.

The increase was driven by a drop in certain “goodwill” charges and a rise in the margins on mortgages.

But KPMG warned that income growth had been “lacklustre”.

Comments

Post a Comment

Popular posts from this blog

Rake 'to heal Barclays' reputation'

Barclays is lining up inside candidate Sir Michael Rake for the job of repairing the scandal-hit bank's reputation, reports have said. It is understood Barclays is poised to approach regulators for clearance to appoint Sir Michael as replacement for outgoing chairman Marcus Agius, who offered his resignation in the wake of the Libor fixing scandal. Sir Michael, who was promoted from senior independent director to deputy chairman amid the rate-rigging furore, is believed to be sounding out Barclays investors about becoming chairman. He is already said to have told shareholders he is ready to step down from the boards of airline easyJet and BT to secure the chairmanship. Speculation is also mounting over who will replace former Barclays chief executive Bob Diamond after his resignation last week. Front-runners are said to include former JP Morgan co-chief executive Bill Winters, who was a member of the Independent Commission on Banking that drew up plans to reform the UK banking sect...
Read more

Estepona Town Hall sacks 176 municipal workers

The news was given on Wednesday by the Councillor for Personnel, Pilar Fernández-Figares Estepona Town Hall has sacked 176 municipal workers. The PP Councillor for Personnel, Pilar Fernández-Figares, announced on Wednesday that the 176 workers are victims of the ERE Employment Regulation which the Town Hall put forward in June. The workers will be compensated with 2.5 million € and they will be given their ‘finiquito payments of 408,000 € between them. Pilar Fernández-Figares said one they were sacked the Town Hall will start to work on a new ‘training program for the reinsertion of the sacked workers’.
Read more

Barclays boss Bob Diamond resigns

Barclays chief executive Bob Diamond has resigned with immediate effect. The move comes less than a week after the bank was fined a record amount for trying to manipulate inter-bank lending rates. Mr Diamond said he was stepping down because the external pressure on the bank risked "damaging the franchise". Chairman Marcus Agius, who said on Monday he was stepping down, will take over the running of Barclays until a replacement is found. "I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth," Mr Diamond said in a statement. He will still appear before MPs on the Treasury Committee to answer questions about the Libor affair on Wednesday. "I look forward to fulfilling my obligation to contribute to the Treasury Committee's enquiries related to the settlements that Barclays announced last week without my leadership in question," Mr Diam...
Read more