Close Brothers Share Discussion Threads

[stoopid] 12/8/2024 18:50

Going to struggle until there is some news and provisions made/announced by CBG.No news on their trading arm/winterflood either....

[sbb1x] 01/8/2024 14:39

Taken a few.

[pj84] 31/7/2024 14:29

"The watchdog had said it expected to provide an update on its work by late September. On Tuesday, however, it said its review was taking longer than expected because many companies “have struggled to supply the data we need within the requested time”. It now plans to set out its findings by May next year.

The later deadline will allow the watchdog time to digest the outcome of a legal challenge by Barclays, the bank, against a Financial Ombudsman Service ruling that is likely to have a significant bearing on the authority’s work."

Let's hope Barclays is successful otherwise it looks like the regulator is leaning towards the finance companies paying compensation.

[dplewis1] 30/7/2024 07:49

Apologies, that seems to be a rogue headline on my workspace terminal .. not new news

[dplewis1] 30/7/2024 07:14

Close Brothers shares drop 3%; U.K. watchdog mulls motor finance redress scheme

[tsmith2] 29/7/2024 15:15

thin volume

[stoopid] 29/7/2024 14:22

Profit taking, i had considered selling half myself at about 540/550

[dplewis1] 26/7/2024 14:25

Going some this afternoon .. some of the Deutsche note is worth a re-read.. "DB noted that the shares year-to-date have been driven by the FCA review. It said the shares have overly discounted this risk."It we take the PPI ruling as precedent and factor in differential risk across the motor finance lending portfolio the impact could be negligible," the bank said.Deutsche Bank factors in £150m conduct charge, which it said was manageable without too much additional adjustment to the financial outlook."

[suetballs] 26/7/2024 14:01

Even despite the above (post 1271) cbg has been unfairly bashed imo. And the improving share price would appear to confirm that.
Suet

[tsmith2] 26/7/2024 13:58

what do you expect to see at this juncture?

[suetballs] 26/7/2024 13:49

Just read the note in the lloyds Bank 30/06/24 interim accounts iro historical motor commission finance arrangements.
No change to the £450m provision made in December 2023. However, given the progressing FCA review and the significant uncertainty the ultimate financial impact could materially differ from the amount provided,both higher or lower.
So still clear as mud!
Suet

[tsmith2] 26/7/2024 09:13

still think so

[stoopid] 18/7/2024 17:58

Profit taking near the end of the day? Still a while to go until the FCA makes a decision and we see if Barclays legal challenge works?

[stoopid] 18/7/2024 17:57

Davius.....

[dplewis1] 18/7/2024 13:20

Seem to remember someone bailing at 430p not long ago..

[stoopid] 18/7/2024 10:40

Still going up, wondering if I should dump a few and await a pullback?

[tsmith2] 18/7/2024 07:58

Financial CalendarAs previously announced, the group has discontinued the issuance of pre-close trading updates in order to align more closely with prevailing market and industry practice.The group is provisionally rescheduling the release of its preliminary results for the 2024 financial year to 19 September 2024 (from 24 September 2024).

[tsmith2] 17/7/2024 13:09

I think they've had a number of suitors for CBAM for a while now

[stoopid] 17/7/2024 12:45

Yeah, but the rumours I read months ago stated they were looking to sell Winterflood, the broking arm.Well, time will tell...

[dplewis1] 17/7/2024 10:24

The rumour stated that it was CBAM. Not sure what the value of Wints would be but probably nowhere near as much as that. They have enough buffer to pay a large fine already, I think the sale to Oaktree was on the cards well before this car finance issue

[stoopid] 17/7/2024 09:09

200m for CBAM could give them the extra financial cushion they need if the FCA investigation comes in at higher costs than expected.After suspending the Divi at the start of the year, 200m from CBAM would give them a pot of over 400m to cope.But, I thought it was only Winterflood (WBS) they were offloading, not the whole of CBAM?

[tsmith2] 16/7/2024 09:13

52 week range is £3 - £10

[cirlbunting1] 16/7/2024 07:15

Agreed. Dont see this as a good move. UK asset mgmt space has seen a lot of outflows, CBAM hasnt, only inflows.