Today, 5:01 AM
- Santander UK (NYSE:SAN) has been spending nearly £1B a year to cover the cost of its flagship current account despite the monthly fees charged by the lender, sources told FT.
- The controversial move is another example of how record low interest rates - and in the case of Europe and Japan, negative rates - are eroding banks' margins.
Wed, Aug. 24, 10:45 AM
- In the kind of development akin to the widespread use of computers, UBS, Deutsche Bank (NYSE:DB), Santander (NYSE:SAN), and Bank of New York Mellon (NYSE:BK) are teaming to develop a new form of digital cash to clear and settle financial trades using blockchain technology, according to the FT.
- While computers are great at first glance - Internet banking and ATM use should boost margins - electronic transactions still require thousands in back offices worldwide to check and process ... This is where blockchain comes in.
- The algorithm systems allows the number of those involved in verification to be significantly reduced. The finance industry spends $80B per year just on settling trades; throw in other electronic transactions, and that figure grows way larger. With digital ledgers, costs could drop to a fraction of that.
Wed, Aug. 24, 4:36 AM
- UBS (NYSE:UBS), Deutsche Bank (NYSE:DB), Santander (NYSE:SAN), BNY Mellon (NYSE:BK) and broker ICAP (OTCPK:IAPLF) have teamed up to create a digital currency called the "utility settlement coin.
- The firms hope that the currency will become an industry standard used to clear and settle financial trades over blockchain, the technology that bitcoin is based on.
- The banks and ICAP are pitching the idea to central banks and hope to launch the utility settlement coin in early 2018.
- The project is competing with similar initiatives from the likes of Citibank, Goldman Sachs and JPMorgan, which are developing separate digital currencies.
- "Today trading between banks and institutions is difficult, time-consuming and costly, which is why we all have big back offices," says Julio Faura, head of R&D and innovation at Santander. "This is about streamlining it and making it more efficient.
Tue, Aug. 2, 1:11 PM
- Williams & Glyn comprises 314 Royal Bank of Scotland (NYSE:RBS) branches which the state-owned lender had promised to unload by the end of 2017 as part of its crisis-era bailout.
- It's tougher than it sounds, and RBS earlier this year said there was significant risk it couldn't get the job done by the deadline. Santander (NYSE:SAN) has been circling for some time, and a previous deal to purchase in 2012 fell through amid concerns about the bank's technology.
- Today, RBS has 5K staff working on the process of separating itself, and Williams & Glyn still doesn't have its own banking license.
- Source: Max Colchester in the WSJ
Wed, Jul. 27, 2:15 AM
- Deutsche Bank's (NYSE:DB) net income fell nearly 100% in Q2, prompting the lender to promise a more aggressive overhaul.
- Santander's (NYSE:SAN) profits fell on forex swings and a restructuring charge related to branch closures and employee layoffs.
- Pointing to continued pressure on refining margins and prices, Statoil (NYSE:STO) missed expectations on both the top and bottom line.
- Airbus (OTCPK:EADSY) took over €1.4B in fresh charges for its troubled A400M and A350 programs, but reaffirmed targets as it posted lower quarterly earnings.
- Telecom Italia (NYSE:TI) raised its full year domestic profit outlook after beating expectations and agreed to invest $1.2B with Fastweb across 29 Italian cities.
- ARM Holdings (NASDAQ:ARMH) posted a profit and sales rise, but was unable to provide full year guidance given restrictions related to its takeover by Softbank (OTCPK:SFTBY).
Tue, Jul. 12, 9:24 AM
Tue, Jul. 12, 7:32 AM
Mon, Jul. 11, 11:53 AM
- The merger of UniCredit (OTCPK:UNCFF) fund arm Pioneer and Santander Asset Management (NYSE:SAN) is near collapse, with post-Brexit uncertainty the nail in the coffin, reports the FT.
- Negotiations have been going on for 20 months, and it was already a struggle, in part thanks to the departures of the CEOs of the two companies who first agreed to the deal.
- The merger would have created one of the ten largest fund managers in Europe with €400B in AUM.
Tue, Jul. 5, 6:21 AM
- The Bank of England has taken steps to shore up the U.K. economy following Britons' decision to exit the EU, warning that the outlook for the stability of the financial system has become "challenging."
- The decision to reduce the so-called countercyclical capital buffer to zero will allow British banks to lend an extra £150B to U.K. businesses and households, keeping the economy flush with credit.
- Related tickers: BCS, HSBC, SAN, AV, PUK, OTCPK:TSBBY, OTC:SLFPF, OTCPK:LGGNY
Sun, Jul. 3, 3:27 PM
- Bidders have been notified that Bank of America (NYSE:BAC) may call off its planned sale of £7B UK credit-card operations unit MBNA following the country's Brexit vote, sources say.
- Some private equity bidders were said to be having difficulty raising funds after U.K. residents voted in favor of leaving the EU.
- The price bidders were prepared to pay for the credit-card unit declined by as much as a third following the Brexit vote.
- Possible bidders include Lloyds (NYSE:LYG), Barclays (NYSE:BCS) and Santander UK (NYSE:SAN).
Thu, Jun. 30, 2:22 AM
- Nearly all of the largest U.S. banks are on steady enough footing to issue dividends or make share buybacks after passing the final round of the Fed's annual stress tests.
- Deutsche Bank (NYSE:DB) and Santander (NYSE:SAN) were the only lenders to fail for a second year in a row, meaning they cannot increase shareholder payouts until they establish a new plan.
- "Material weaknesses" were also seen at Morgan Stanley (NYSE:MS), but the Fed allowed the bank to proceed with a dividend hike and $3.5B buyback while it rectifies the issues.
Wed, Jun. 29, 4:14 AM
- Moody's has cut its outlook on the British banking system from stable to negative following the Brexit referendum.
- "We expect lower economic growth and heightened uncertainty over the U.K.'s future trade relationship with the EU to lead to reduced demand for credit, higher credit losses and more volatile wholesale funding conditions," the agency declared.
- On the other side of the fence, ECB Vice President Vitor Constancio said banks were oversold in the wake of Brexit and it wasn't a "Lehman moment."
- Related tickers: BCS, HSBC, SAN, AV, PUK, OTCPK:TSBBY, OTC:SLFPF, OTCPK:LGGNY
Wed, Jun. 29, 3:13 AM
- The Fed will tell 33 of the nation's largest banks today whether they fully passed or failed their annual stress tests.
- Traders are closely watching the CCAR reports to see whether lenders can afford their planned dividends and buybacks, and if Wall Street has enough capital to survive another financial crisis.
- U.S. units of Deutsche Bank (NYSE:DB) and Banco Santander (NYSE:SAN) were the only firms to fail the tests in 2015.
- Previously: All 33 banks pass this year's stress tests (Jun. 23 2016)
- ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF
Tue, Jun. 28, 7:13 AM
- That $35B is through 2018, and it represents an 11% decline from what profits would have been without the economic shock of the Brexit, says Goldman. U.K. banks will suffer the most, with Nordic lenders least exposed.
- The team cuts Barclays (NYSE:BCS) to Neutral from Buy, citing "heightened operational risk due to passporting (system that lets EU members service clients in all of the bloc's states)."
- After the carnage of Friday and Monday, it's bounce day today. Lloyds (NYSE:LYG) +6.1%, RBS +4.05%, HSBC +1.7%, BCS +2.3% premarket.
- European lenders: DB +2.8%, SAN +2.45%.
- ETF: EUFN +4%
Fri, Jun. 24, 12:45 PM
Fri, Jun. 24, 9:11 AM
- Gainers: AAU +20%. VGZ +18%. MUX +13%. AKG +12%. GPL +13%. GORO +12%. GFI +12%. EMES +12%. GOLD +12%. AU +12%. SBGL +11%. EXK +11%. KGC +10%. HMY +11%. SAND +10%. ABX +10%. EGO +9%. SA +7%. IAG +9%. AUY +9%. CDE 9%. NGD 9%. AEM 8%. NEM 8%. GG 8%. NG 8%. FSM 7%.
- Losers: LYG -27%. BCS -26%. SAN -24%. RBS -23%. AV -23%. BBVA -22%. DB -18%. ING -18%. BT -18%. VNR -11%. TEF -17%. CS -16%. PUK -15%. MT -15%. AEG -14%. RYAAY -13%. UBS -12%. FCAU -12%. GNCA -12%. NOK -12%. BBL -11%. IPI -11%. TOT -11%. ANFI -11%. MNKD -10%. BCEI -8%. VMEM -10%.
Banco Santander SA engages in the provision of banking services for individuals, companies, and institutions. It operates through the following business segments: Retail Banking, Santander Global Corporate Banking, and Real Estate Operations in Spain. The Retail Banking segment covers all... More
Industry: Foreign Money Center Banks