Costs

Wall Street banks go into earnings season under a cloud of rising costs

The largest US banks report earnings this week under pressure to rein in ballooning costs, with Wall Street lenders being squeezed by rising pay and heaving spending on technology to compete with fintech challengers.

Both JPMorgan Chase and Bank of America, two industry bellwethers, have already raised their outlooks for expenses multiple times for this year. Now costs have emerged as “a great wild card for the quarter and for the outlook” of the industry, says John McDonald, senior analyst for large-cap banks at Autonomous Research.

For the third quarter, analysts expect bank earnings will be propped up by fees

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Non-Standard Finance 2020 Pretax Loss Widened on Higher Costs

By Sabela Ojea


Non-Standard Finance PLC on Wednesday reported a widened pretax loss for 2020 after booking significant exceptional charges amid the Covid-19 pandemic and warned about remaining a going concern if it doesn’t complete a substantial capital raise.

The U.K. subprime lender posted a pretax loss of 135.7 million pounds ($187.8 million) for the year, compared with a loss of GBP76.0 million for 2019. The company booked exceptional charges of GBP97.8 million, it said.

Revenue fell to GBP162.7 million in 2020 from GBP180.8 million a year ago.

The FTSE 250 company said it is planning a capital raise in

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