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Its British business lifted first-quarter profit by 15% to £426m, while net deposits soared 240% to £3bn year-on-year across retail, corporate and private banking.
NEW YORK Pimco's Total Return Fund Attracts $1.3 Billion in August | The giant mutual fund had its eighth straight month of net deposits, Bloomberg News reports.
Anxiety about stocks is running so deep that net deposits into bond funds through July are already 50 percent greater than the total for all of last year.
About $51 billion in net deposits was moved into stock funds and so-called hybrid funds, which invest in a mix of stocks and bonds, the mutual fund consultant Strategic Insight said on Thursday.
BLOOMBERG NEWS Pimco Fund Attracts $2.1 Billion of Deposits in July | The Pimco Total Return Fund, which is managed by Bill Gross, had its seventh straight month of net deposits, Bloomberg News reports.
Defaulting the payments into savings accounts leads to higher net deposits into bank accounts, an effect that persists for a number of weeks afterwards.
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What was driving Volcker was a desire to restrict the financial safety net — deposit insurance, Fed lending programs, and, ultimately, taxpayer bailouts — to the big commercial banks.
QUESTION FROM TONY: As you said above, Volker wanted "to restrict the financial safety net — deposit insurance, Fed lending programs, and, ultimately, taxpayer bailouts — to the big commercial banks".
Abbey received net deposit inflows of £800m and its savings book was bolstered by inflows from B&B and A&L, both of which contributed profits in the first quarter.
The net deposit profiles were extracted and then fitted by Gaussian approximations.
Net retail deposits – which takes account of withdrawals – were £3bn.
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