RBS continues retreat from US markets
26th Feb 2015 07:34
Majority state-owned lender Royal Bank of Scotland continued its retreat from the US with the sale of a portfolio of North American loans to Japanese rival Mizuho bank. The lender framed the agreement, due to be closed before the end of the second quarter, within the context of its new strategy of f
Read moreRBS reports £3.5bn loss, Davies new chairman, McEwan forgoes £1m bonus
26th Feb 2015 07:05
The Royal Bank of Scotland has more than halved its full year losses to reach £3.47bn as it continued to slim down its risk profile and confirmed the appointment of Sir Howard Davies as its new chairman in a shake-up of its top ranks. The loss followed a £4bn write-down on its US arm Citizens Financ
Read moreThursday newspaper round-up: HSBC, RBS, Pharmacyclics
26th Feb 2015 06:45
HSBC boss Stuart Gulliver apologised to MPs on Wednesday for the "unacceptable events" at the bank's Swiss subsidiary following revelations about tax-avoidance activities in the mid-2000s, reports The Independent. He said it had caused "damage to trust and confidence" in the company. RBS's chief exe
Read moreThursday preview: RBS publishes full-year results
25th Feb 2015 16:27
Royal Bank of Scotland releases its annual results on Thursday amid a foreign exchange market rigging scandal. UBS forecasts underlying profit of £6.8bn after net releases of £300m for the year. "Key topics for the market will be the underlying capital position (after adjusting for disposals) and w
Read moreRBS to withdraw investment bank from Asia
24th Feb 2015 12:57
Royal Bank of Scotland is planning to accelerate the withdrawal of the bank's investment division from Asia. As part of a reshuffle within the 79% taxpayer-owned lender before the expected appointment of ex-FSA head Howard Davies as chairman, restructuring chief Rory Cullinan will take over responsi
Read moreRBS to appoint Sir Howard Davies as chairman
23rd Feb 2015 16:08
Royal Bank of Scotland (RBS) is set to appoint Sir Howard Davies as its new chairman, according to reports. According to the Financial Times - the lender which has been looking for a chairman since last year, when Sir Philip Hampton announced he was leaving for GlaxoSmithKline - could appoint Davies
Read moreSector movers: Banking sector falls as HSBC disappointment offsets gains elsewhere
23rd Feb 2015 14:56
A 5% drop in the share price of HSBC pushed the banking sector firmly into the red on Monday even though shares of other lenders were making gains. Lloyds and RBS were still in positive territory in afternoon trade and Barclays was more or less flat, but given HSBC's size the whole sector was regis
Read moreRBS under pressure to cut Coutts sale price
20th Feb 2015 11:18
Royal Bank of Scotland may have to endure a cut price sale or shelve its plans to dispose of Zurich-based Coutts International due to recent scandals around tax evasion at Swiss banks. Potential bidders for the wealth management arm have reportedly attempted to lower the price of the acquisition due
Read moreFriday newspaper round-up: Investment banking probe, British Gas, Bank mis-selling
20th Feb 2015 06:52
Investment banks in the UK are facing a competition probe by the Financial Conduct Authority, according to the Financial Times. The regulator "could force banks to stop selling products and be more transparent about how they charge clients", the paper said. Centrica's British Gas has said it might r
Read moreBarclays, Lloyds and RBS cutting bonuses by 15%
19th Feb 2015 14:18
Three British banks are planning to reduce their bonus pot for 2014 by 15% compared with previous years, according to reports. Barclays, Lloyds Banking and Royal Bank of Scotland (RBS) will award combined bonus pot worth £2.8bn. While Lloyds and RBS will collectively give £875m in bonuses, Barclays
Read moreRBS and Lloyds to maintain cap on cash bonuses
18th Feb 2015 14:51
Cash bonuses at Royal Bank of Scotland and Lloyds Banking Group will remain restricted to £2,000. According to sources cited by Sky News, the two British lenders will keep the government-imposed cap on cash bonuses, which has been in place since 2010, though the Treasury is yet to officially confirm
Read moreBroker tips: Tate&Lyle, RBS, 888 Holdings
16th Feb 2015 15:21
Tate & Lyle is looking sweet, analysts at Cannacord Genuity said in a research note e-mailed to clients on Monday. The company is expected to benefit from multiple tailwinds. Together with a now substantially greater possibility of a take-over attempt - given its current valuation - by US rival Bung
Read moreWith Bank Rate on ice Investec downgrades RBS
16th Feb 2015 14:19
If there is a single FTSE 100-listed domestic bank that stands to gain when Bank Rate rises that is Royal Bank of Scotland. Unfortunately, Bank Rate is going nowhere any time soon. Current market expectations - as implied by the current yield curve for Gilts - are for Bank Rate to stay on ice until
Read moreLondon close: Greek fears rattle stocks, but miners limit downside
9th Feb 2015 16:35
London's FTSE 100 had trimmed losses by the end of the session but still finished in the red as ongoing concerns about the future of Greece weighed on market sentiment. "Eurozone equities are being ground down by Greek fears, and financial stocks across the EU are bearing the brunt of the sell-off,"
Read moreBarclays, HSBC, RBS have ratings cut by S&P
3rd Feb 2015 17:41
Standard & Poor's has downgraded a number of UK and European banks on Tuesday. Barclays and Lloyds were lowered by two notches to 'BBB', while Royal Bank of Scotland was downgraded two notches to 'BBB-' and S&P cut HSBC by a notch to 'A'. Standard Chartered was downgraded one level to 'A-', while t
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