Citizens Financial income plummets 39 per cent July 21, 2015 In one of its first updates since it was spun-off from the Royal Bank of Scotland (RBS), Citizens Financial has posted results showing its income dipped 39 per cent in the second quarter. The figures It wasn't a great quarter for the US bank: earnings fell to $190m in the three months to the end of June, 39 [...]
Sir Howard Davies finally takes up his role on RBS’ board July 14, 2015 It's happened: Sir Howard Davies, erstwhile chair of the Airports Commission who had to put off his appointment to the board of Royal Bank of Scotland (RBS) to put out his final, controversial, report, will finally take up his position with immediate effect, the bank said this morning. In a statement this morning RBS said [...]
Summer Budget 2015: Barclays, HSBC, RBS share prices rise as Osborne reveals levy will be ditched July 8, 2015 Banks share prices lifted this afternoon as George Obsorne confirmed the levy would be phased out over the next six years. In a move widely seen as looking to sway HSBC, Standard Chartered et al from leaving the UK, Osborne's first all-Tory Budget confirmed that the levy would be cut gradually until 2022. Instead [...]
Government could sell half its RBS stake within two years to raise £16bn July 6, 2015 The government could sell half of its stake in Royal Bank of Scotland (RBS) within two years, raising £16bn in the process. Read more: RBS' share price falls as it could face $13bn penalty over mortgage-backed securities The Chancellor of the exchequer George Osborne announced last month it would begin to sell off a stake in [...]
RBS share price falls as it could face $13bn penalty over mortgage-backed securities July 3, 2015 Royal Bank of Scotland has been told it could face a $13bn (£8.3bn) bill over its behaviour before the 2008 crisis, causing shares to fall 2.1 per cent in mid-morning trading. The 79 per cent taxpayer-owned bank is involved in a long running case in a Connecticut court over how it packaged mortgage bonds and [...]
The Banker’s top 1,000 world banks 2015: UK lenders slide down rankings as Chinese institutions move up June 29, 2015 UK banks continue to lose their global position as Chinese banks power ahead, according to The Banker’s latest ranking of the Top 1,000 banks. HSBC fell from fifth place to ninth, Barclays from 12th to 13th and Royal Bank of Scotland from 15th to 18th as they restructured and slimmed down in the wake [...]
New FCA and PRA bonus clawback rules: The UK now has the toughest bank pay rules in the world June 23, 2015 New rules to claw back bankers’ bonuses for up to 10 years threaten to undermine London’s appeal to international financiers, consultants warned yesterday, in the latest salvo against big banks from UK regulators. Read more: Bank bonus clawback extended to 10 years by UK regulators The clawback rules comes amid growing tensions between [...]
RBS AGM: Lender did not anticipate £10bn of penalties, says Sir Philip Hampton June 23, 2015 RBS’ outgoing chairman said today that the bank did “not anticipate” the £10bn of fines it’s been handed in recent years. At the bank’s annual general meeting today, Sir Philip Hampton, who is due to bow out as its chairman, said the regulatory fines, litigation charges and customer redress were completely unexpected. “The [...]
Sir Howard Davies appointment as RBS director pushed back due to UK Airports Commission June 22, 2015 RBS has said Sir Howard Davies' appointment as a director will be subject to a "short delay" due to his commitment to the Airports Commission, until its final report is published. It had previously been expected that Davies, who is due to become the bank's chairman in September 2015, would've become a non-executive director tomorrow to coincide with the bank's [...]
Government hires Goldman to advise on sales of bank shares June 18, 2015 Goldman Sachs will advise the government on the sale of its remaining stakes in Britain’s banks. Goldman was hired as the privatisation adviser to UK Financial Investments (UKFI), a holding company tasked with managing the taxpayer stakes in businesses across the economy, Sky News first reported last night. Chancellor of the exchequer George Osborne [...]