Santander records biggest loss ever as pandemic bites and profits plunge
The coronavirus pandemic has cost Santander billions of euros. (AFP via Getty Images)
Santander recorded its first ever annual loss today, as €1.14bn restructuring costs overshadowed positive core banking results in the fourth quarter.
Net profit plunged 90 per cent to €277m in the quarter versus the same period a year earlier, below the €411m average forecast from analysts polled by Reuters.
The annual net loss was €8.77bn after €12.6bn in one-off charges booked in the second quarter, as the pandemic forced the group to write down acquisitions, mainly in Europe. Analysts had expected a net loss of €8.64bn.
George Osborne has resigned as editor-in-chief of the Evening Standard to become a full-time banker.The Conservative former chancellor has quit a range of jobs he took up after leaving politics. He is
Inside Robey Warshaw, the firm that will make George Osborne very rich
The former Chancellor is abandoning his portfolio career to join a boutique advisory firm that has helped broker multi-billion pound deals
2 February 2021 • 12:36pm
George Osborne will give up roles at BlackRock and the Evening Standard to join the Mayfair-based advisory firm
When Morgan Stanley banker Simon Robey was asked by
The Telegraph in 2005 if investment bankers make too much money, he admitted that maybe in the “boom years of 1999 to 2000, it was a little too easy” to get rich.
“I think those days are probably gone,” he said, years after falling into banking by accident. He wanted to be a professional singer, but Lazard was pitching itself to students in the room next door to the cabaret he was performing in at Oxford so he popped in and got a job with the investment bank instead.
GameStop shares crash 50pc as Reddit rally crumbles
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AMC Entertainment â the two key âmemestocksâ at the centre of last weekâs market ruckus â dropped 60pc and 41pc apiece by close, while mobile phone maker BlackBerry plunged about a fifth.
The drops came after a tough session on Monday for the stocks, with Reddit users gathering in the WallStreetBets forum telling of heavy losses.
The price of silver â which had risen in parallel as part of a rally broadly disowned by Redditors â also dropped following a jump yesterday.
In London markets, investors bought in to