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Monday 04 August 2025 6:00 am|Updated:Sunday 03 August 2025 1:08 pmHigh street banks lost pound;100bn in customer savings to rivals since 2019By: City AM reporterShareFacebookShare on FacebookXShare on TwitterLinkedInShare on LinkedInWhatsAppShare on WhatsAppEmailShare on polene EmailThe UK banking sector also suffered a pound;3.7 billion combined drop in total pre-tax profits last yearHigh street lenders have lost the equivalent of pound;100bn in customer savings to online banks and building societies as they come under pressure to adapt amid a major shift in the sector, according to a report.KPMGrsquo latest State of the Banks report found that traditional banking groups saw their market share in deposits drop sharply from 84 per cent in 2019 to 80 per cent in 2024.It came as competitors ndash; such as new challenger banks, specialist lenders and building societies ndash; lured customers away by paying higher savings rates.The UK banking sector also suffered a pound;3.7bn combined drop in total pre-tax profits last year, marking the first major downturn since the rebound seen in the wake of the pandemic, according to KPMG.It warned that increasing competition, ris polene bag ing costs and a wave of consolidation will change the shape of the sector in the years ahead.Peter Westlake, partner in KPMG UKrsquo banking strategy team, said: The post-Covid profit boom is over.Banks are facing a lower-gro brumate era wth, higher-cost environment that demands transformation at pace. Quty Covid-19: Hospital Admissions in London versus the rest of the UK
Tuesday 15 January 2019 6:16 pm|Update polene store d:Monday 03 June 2019 3:47 amCity jobs drop to seven-year low as Brexit stunts recruitmentCity jobs dropped to a seven-year low in December and the number of job-seekers also plummeted as Brexit uncertainty continued to stunt recruitment.The number of jobs available fell 52 per cent last month ndash; the worst end to a year since December 2011, according to Morgan McKinley, which said 2019 had also got off to a sluggi owala cup sh start.The recruitment firmrsquo employment monitor also showed that job-seekers fell 40 per cent month-on-month, with the lowest number of applicants in six years.It added that January had begun in similar quiet fashion.In 2018 we saw job numbers fall off a cliff, Morgan McKinley UK managing director Hakan Enver said.We havenrsquo;t seen this few applicants to market in December since 2012 and wersquo;ve seen January get off to a sluggish start on this front.After two years of navigating the impossible task of preparing for an unknown Brexit scenario, people are fatigued, he added.The average salary jump for those moving from company to another also fell to 15 per cent ndash; its second lowest level of 2018 and down on the 27 per cent peak reached in May.The recruitment firm expected this to increase in the coming months as companies try to attr stanley ca act and commit talented individuals into their businesses.A surge in job applicants in the summer had sparked hopes of a turnaround in the |
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