HSBC joins RBS in £7.1m payout to bosses to dodge bonus cap August 13, 2014 Bosses at HSBC yesterday received £7.1m in shares in a new fixed allowance which avoids Brussels’ bonus cap. The EU rules stop banks paying bonuses of more than twice that bosses’ salaries. So banks have had to come up with new ways to raise their fixed pay to avoid being hit by the rules. The [...]
RBS pays bosses £3.5m in allowances, not bonuses August 12, 2014 Ten top executives at RBS were awarded £3.5m in fixed allowances yesterday, the first payout under the new system which has replaced bonuses at the bank. Executive pay at RBS, which is 81 per cent owned by the UK government, remains under heavy public scrutiny, with taxpayers sitting on a loss of nearly £15bn after [...]
RBS pays 10 bosses shares, not bonuses, worth £3.5m August 12, 2014 RBS is set to pay 10 top executives a combined total of £3.5m in a move that avoids the strict EU rules on bonuses. The executive to receive the largest number of shares was Rory Cullinan, the head of RBS's 'bad bank'. Cullinan received 154,241 stocks, which, priced at 346 pence each, meant a total of [...]
RBS mulls sale of Coutts’ units outside the UK August 11, 2014 Coutts might sell off its overseas arms, RBS told staff yesterday, as the bank looks to cut back its foreign operations even further. But the famous private bank’s UK business will not be sold, whatever happens to the rest of the group. RBS has refocused its operations on the UK since it collapsed [...]
International arm of Queen’s bank Coutts could be sold off by RBS for $1bn August 11, 2014 Royal Bank of Scotland is considering selling off the international arm of its private bank Coutts for as much as $1bn under pressure from the UK government, reports suggest. The 18th century institution famous as the bank of the Queen, could be split in two, with one part remaining headquartered in Britain, according to Reuters. [...]
RBS chairman Sir Philip Hampton mulls move to head GlaxoSmithKline August 8, 2014 Sir Philip Hampton could jump ship to leading pharmaceutical firm GlaxoSmithKline after six years chairing RBS, it was reported yesterday. Neither is in any rush to replace its chairman – Glaxo’s chair Sir Christopher Gent expects to serve at the firm until the end of next year. He has served at the company for a [...]
Scottish independence could have “material adverse effect” on RBS, says bank August 1, 2014 RBS has reiterated that a vote for Scottish independence would negatively impact its business. Although the initial comments were in a statement in April, the bank today said in its half-yearly report that a yes vote could change the "fiscal, monetary, legal and regulatory landscape to which the group is subject". It also mentioned the prospect [...]
RBS share price starts down despite first-half profit increase of 93 per cent August 1, 2014 The Royal Bank of Scotland shrugged off PPI write downs to record a huge jump in profit before tax. The figures will come as no real surprise as RBS gave accurate guidance on its first-half expectations a week ago and saw its share price rocket as a result. This explains why the markets have not [...]
RBS share price jumps 10pc on bumper profits: But boss cautions on “bumps in the road” ahead July 25, 2014 State-backed bank RBS has today cautioned investors on the level of returns it expects to make. In a regulatory filing the bank's chief executive, Ross McEwan, said that the lender is "actively managing down a slate of significant legacy issues". Sounding a note of caution, McEwan said that RBS faces "significant conduct and litigation issues [...]
“Wilfully obtuse” RBS bosses accused of misleading MPs about small business probe July 22, 2014 RBS executives deliberately misled an influential committee of MPs in a major hearing into its alleged treatment of small businesses, the bank admitted yesterday. In the latest serious embarrassment for the bailed-out bank, deputy chief executive Chris Sullivan revealed he had not told the truth about what he knew of an internal probe into claims [...]