New RBS chief executive to be paid significantly less than predecessor August 1, 2013 Royal Bank of Scotland (RBS) is on the verge of agreeing a pay deal for its new chief executive that will be significantly lower than that of the ousted Stephen Hester, Sky News have reported. UK Financial Investments, the agency managing the taxpayer stake in RBS, is reportedly on the verge of agreeing a base [...]
UK regulator fines RBS £5.6m for incorrect reporting July 24, 2013 The Royal Bank of Scotland has been fined £5,620,300 by the Financial Conduct Authority for incorrectly reporting transactions made in wholesale markets and in some instances failing to report transactions at all. According to the FCA, RBS failed to properly report 44.8m transactions between November 2007 and February 2013 and failed altogether to report 804,000 [...]
What you need to know before the open February 24, 2014 European markets are expected marginally lower this morning, following Asian counterparts, which were left unsatisfied by the G20’s commitment of an extra $2 trillion in output over the next five years. The UK market posted its third successive gain last week, but things in the rest of Europe and the US weren’t as positive, following [...]
Speed is not of the essence in the disposal of RBS branches August 20, 2013 THE ROYAL Bank of Scotland (RBS) was yesterday called upon to get a move on in the disposal of 316 branches it has been required to make as a condition of its 2008 bailout by the UK taxpayer. Urging it to make a speedy decision are two of the three short-listed bidders who are vying [...]
What the other papers say this morning – 5 August 2013 August 4, 2013 FINANCIAL TIMES Lloyds boss targets profit for dividend Antonio Horta-Osorio, chief executive of Lloyds Banking Group, has said he aims to start paying out up to 70 per cent of the bank’s earnings in dividends within three years as he seeks to attract investors ahead of the sale of the government’s stake. Lloyds has not [...]
Direct Line nearly doubles profits on cost cutting and good weather August 2, 2013 Insurance group Direct Line has reported a first half pre-tax profit of £208.8m – nearly double the £106.5m reported the year before thanks to rigorous cost cutting and lower personal injury and weather-related claims. The group, spun out of the Royal Bank of Scotland in a £787m float last year and is now 48.5 per [...]
London Report: FTSE dips after HSBC’s profits miss forecasts August 5, 2013 BRITAIN’S benchmark equity index fell yesterday, pulled down by HSBC after the heavyweight bank’s interim profits missed forecasts, giving HSBC shares their worst day in well over a year. The blue-chip FTSE 100 index closed down 0.4 per cent, or 28.29 points, at 6,619.58 points. The decline marked its second consecutive fall after a four-day [...]
London Report: FTSE shrugs off Barclays rights issue to tick up July 30, 2013 UPBEAT earnings from leading companies nudged Britain’s benchmark equity index higher yesterday, enabling the market to offset a slump in Barclays after the bank announced plans for a $9bn capital hike. The blue-chip FTSE 100 index closed up 0.2 per cent, or 10.70 points, at 6,570.95. Engineer GKN topped the leaderboard with a 6.5 per [...]
Optical Express founder to take on debts to RBS July 21, 2013 THE FOUNDER of Optical Express has stepped in to save the firm from its biggest creditor. David Moulsdale is today expected to take on the firm’s debts to Royal Bank of Scotland, and has also agreed to “inject significant working capital” to ensure the company’s survival. Optical Express, which has 93 stores and 54 consultation [...]
RBS hopes to name new chief executive on Friday July 31, 2013 The Royal Bank of Scotland is hoping to name its new chief executive alongside its results on Friday, according to Sky sources. Sky Sources: RBS hopes to name new chief executive to replace Stephen Hester along with results on Friday — Sky News Newsdesk (@SkyNewsBreak) July 31, 2013 However, there is no formal deadline for [...]