banks

New cases for the Financial Ombudsman Service(FOS) soared by 26% in the year to March 31 2011, driven by a record number of complaints about PPI mis-selling.

HSBC's shares have fallen more than 1.5% this morning after the bank revealed profits fell by $806m in Q1, driven down by $440m (£268m) PPI provision.

Barclays has abandoned its legal challenge against PPI mis-selling and set aside £1bn to cover customer redress and administration costs.

Source has launched its EuroStoxx Optimised Banks ETF, seeking to provide exposure to the most liquid eurozone banks.

Moody's says it could cut its ratings of 19 UK banks to reflect the lower chance of a future government bail-out.

Banking shares could be volatile this week ahead of the Independent Commission on Banking's (ICB) report, which may suggest the break-up of high street lenders.

The FTSE has tumbled 0.76% this morning, as the markets reacted to suggestions the US Federal Reserve is preparing to remove stimulus measures.

Banks dominated new FOS complaints figures naming and shaming the worst offenders for the first time.

Almost one in 10 applications for top jobs in large financial services firms, including banks, have been shelved since the FSA began to vet candidates for senior management positions.

The recovery has begun, although it will be unpredictable and protracted, according to the International Monetary Fund's chief economist, reports the Telegraph.