FCA hits RBS, HSBC, UBS, JPMorgan and Citi with record £1.1bn fine in forex rigging scandal November 12, 2014 Some of Britain's biggest banks have been slapped with a fine of £1.1bn by the Financial Conduct Authority (FCA) for "failing to control business practices" in their foreign exchange trading operations. After a year-long investigation into allegations of rate-rigging in their spot forex trading businesses, the UK's financial watchdog said the actions of the five [...]
Who are Europe’s best paid bank CEOs? Four UK banks HSBC, Lloyds and RBS and Standard Chartered made the ranking November 11, 2014 Given the boardroom battles that have taken place over recent years, it's hardly surprising – but a new ranking of last year's 15 best-paid European bank bosses shows UK bankers are among the most highly-paid in Europe. British banks HSBC and Lloyds Banking Group took second and third places in the ranking, compiled by business [...]
Challenger banks Virgin Money and Yorkshire Building Society call for RBS and Lloyds to be split up November 10, 2014 Small lenders are calling on the competition watchdog to look at breaking up RBS and Lloyds, arguing the market is too focused on giant players. The Yorkshire Building Society (YBS) and Virgin Money have both written to the Competition and Markets Authority (CMA) to push for the big banks to carve out more new challengers from [...]
RBS could be fined tens of millions of pounds by the FCA for 2012 computer failure November 3, 2014 The Royal Bank of Scotland (RBS) will face tens of millions of pounds worth of fines from the Financial Conduct Authority (FCA) for IT blunders back in 2012. In October, RBS was told by the FCA it must pay an amount that would be a record for IT failures. In 2012, 7m customers were locked [...]
How much have RBS, Barclays, JP Morgan, Citigroup, UBS and HSBC set aside for potential costs from the FCA forex market rigging probe? October 31, 2014 RBS is the latest bank to set aside a hefty pot of cash for the potential costs of settling with the City regulator after a major investigation into the manipulation of forex markets. The bank revealed that figure stands at £400m in its third quarter results today. It’s a large sum, but by no means [...]
RBS share price: Investors not spooked as it sets aside £400m for forex probe October 31, 2014 RBS shares opened almost 3.5 per cent higher as it reported a huge jump in profits in the third quarter, raising the possibility that the government’s 80 per cent share in the bank could be sold sooner than expected. Profit before tax for the three months to the end of September came in at £1.27bn, [...]
Risk of mega-fines holds back RBS privatisation October 21, 2014 Bailed-out bank RBS is almost ready to be privatised, but the risk of major fines is stopping a large scale share sale, UK Financial Investments’ (UKFI) bosses told MPs yesterday. The government still owns 80 per cent of the bank and has yet to begin selling up – in contrast with Lloyds, where it has [...]
RBS: Mortgage borrowers are not ready for interest rate hikes October 16, 2014 Borrowers are not ready for higher interest rates and could struggle to pay the bills even with a small rise in repayments, RBS chief Ross McEwan warned yesterday. Most RBS and NatWest mortgage borrowers had never experienced an interest rate rise, he said, and nationally more than 1.5m borrowers bought their house after 2007 when [...]
McEwan reveals Hester’s war with Treasury in reign at RBS October 15, 2014 RBS CHIEF Ross McEwan has shed more light on the bank’s troubled relationship with the Treasury, in a Q&A session with investors. The boss, who took the job a year ago, revealed he had to immediately “make peace” with the politicians. Predecessor Stephen Hester was ousted after disagreeing with the Treasury on the cuts to RBS’ investment [...]
RBS chief vows: Empire building is now finished September 30, 2014 RBS SHARES jumped yesterday as the bank revealed its bad loan levels had fallen by around £800m, as its new strategy of focusing on the UK alone has started to pay off. The bank has sold off or shut down its overseas ventures, most recently selling a chunk of its US bank Citizens. As a result, the [...]