Investec Profit Sapped by UK Banking, Wealth Weakness

Weak UK banking and wealth management performances dragged on Investec’s first-half profit, piling pressure on the Anglo-South African financial services firm’s shares, Reuters reported. Investec said on Thursday the spin-off of its asset management division next year was on track, a plan that will leave it with just banking and wealth management operations. Shares in Investec are down by almost 10% following a profit warning in September, and were around 2.5% lower in both London and Johannesburg by 0823 GMT. Investec said its bank and wealth businesses were committed to meeting 2022 financial targets, although co-CEO Fani Titi, who will head them following the demerger, added it was hard to say when the uncertainty hurting performance would recede. Read more