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Posts Tagged ‘Banks and Finance’

RBS to unveil £8bn US bank float

RBS to unveil £8bn US bank float
Royal Bank of Scotland will next week reveal plans to float its US retail bank, Citizens, in a deal expected to raise more than £8bn for the state-backed lender. The potential initial public offering (IPO) would be one of the largest ever spin-outs from a UK bank and would dwarf the returns made by RBS on ... Full story

Barclays cuts 3,700 jobs in overhaul to restore reputation

Barclays cuts 3,700 jobs in overhaul to restore reputation
Barclays will close businesses generating £500m in annual revenues as a result of a major overhaul of the bank that will see 3,700 jobs axed. Antony Jenkins, chief executive of Barclays, said the cuts showed his plans for change at the bank were not mere “window dressing or PR” as he pointed to the financial cost ... Full story

RBS executive John Hourican tells colleagues ‘not to waste my death’

RBS executive John Hourican tells colleagues 'not to waste my death'
Royal Bank of Scotland’s outgoing executive John Hourican has warned colleagues not to waste “my death” after ordering them to get angry over the Libor scandal that led to his resignation. Mr Hourican was one of five RBS executives who gave evidence on Monday to the Commission on Banking Standards and claimed a “cultural shudder” had ... Full story

Barclays finance director to step down

Barclays finance director to step down
The finance director of Barclays is to step down from his role after six years at the bank. The bank confirmed last night that Chris Lucas will retire, as will Mark Harding, the lender’s general counsel. Mr Lucas is one of the last executives still at the bank from the era of former chief executive Bob Diamond ... Full story

Barclays boss Antony Jenkins waives bonus

Barclays boss Antony Jenkins waives bonus
The chief executive of Barclays has waived his bonus for 2012 admitting it would be “wrong” to be rewarded after a year of scandals - as the bank was hit with more questions over Qatar’s investment in 2008. Antony Jenkins, who took over from Bob Diamond in August, said it was “only right” that he took ... Full story

JP Morgan halves Jamie Dimon’s pay over $6bn London loss

JP Morgan halves Jamie Dimon's pay over $6bn London loss
JP Morgan has halved chief executive Jamie Dimon's pay to $11.5m (£7.2m) because he had "ultimate responsibility" for a multi-billion trading loss racked up in London. The US bank said that Mr Dimon received $1.5m in salary and $10m in shares for 2012, down from the $23m he secured in 2011. Mr Dimon stunned Wall Street ... Full story

MPs look to crack down on banks selling interest rate swaps

MPs look to crack down on banks selling interest rate swaps
The sale by retail banks of controversial interest rate hedging products could be limited under plans by MPs and peers to look further at the way derivatives have been sold to small businesses. The Commission on Banking Standards has said it will investigate the “control of the sale of derivatives to prevent mis-selling” in the new ... Full story

Vince Cable: investors’ expections of bank returns are ‘unrealistic’

Vince Cable: investors' expections of bank returns are 'unrealistic'
Vince Cable has admitted that there “may well be a conflict” between investor expectations of returns from bank stocks and Government policies. In a speech to the Association of British Insurers annual conference, the Business Secretary rebuffed concerns that British banks are “uninvestable” and claimed that shareholders have had a “hopelessly unrealistic” expectation of returns from ... Full story

World risks fresh credit bubble, Switzerland’s BIS warns

World risks fresh credit bubble, Switzerland's BIS warns
Asset prices across the world have risen to heady levels not seen since the credit boom five years ago and may be losing touch with economic reality yet again, the Bank for International Settlements has warned. “Some asset prices appeared highly valued in a historical context relative to indicators of their riskiness,” said the bank in ... Full story

JPMorgan ‘close to £500m UK tax settlement’

JPMorgan 'close to £500m UK tax settlement'
JPMorgan is said to be close to a £500m settlement with the Government over taxes avoided through an offshore trust used for bonuses. The bank is reportedly winding up the Jersey-based trust and has asked more than 2,000 current and former staff to contribute to the settlement. It comes as corporations’ tax affairs face increased scrutiny, ... Full story

HSBC to start selling £25bn of toxic US debt

HSBC to start selling £25bn of toxic US debt
HSBC is preparing its first sale of sub-prime loans since the height of the financial crash, as Britain's largest bank begins to off-load more than $40bn (£25bn) of toxic US debt it still holds on its books. The bank is planning to sell four sub-prime loan portfolios worth a total of $2.7bn in the next year, ... Full story

BoE tells banks to crack down on bonuses

BoE tells banks to crack down on bonuses
Bankers are facing a fresh crackdown on bonuses ahead of the New Year pay round under moves by the Bank of England to overhaul award structures. Banks have been told to lengthen directors’ incentive periods from three years to between five and eight years. It could also be made harder to qualify for a bonus, by ... Full story

UK banks face £60bn black hole

UK banks face £60bn black hole
Britain's banks face a financial black hole of up to £60bn from regulatory demands, hidden losses, and potential mis-selling costs that threaten to jeopardise future growth, the Bank of England has warned. In its Financial Stability Report (FSR), the Bank revealed that the big four lenders - RBS, Lloyds, Barclays and HSBC - may need to ... Full story

Ethics in the City: Vince Cable wants regulators to define ‘act in good faith’

Ethics in the City: Vince Cable wants regulators to define 'act in good faith'
Vince Cable wants regulators to define the duty of investment managers to “act in good faith”, as part of the Government’s bid to curb the City’s “quick buck” mentality. The Business Secretary said the value of the term “fiduciary duty” had been eroded and the laws that require intermediaries, such as stockbrokers and fund managers, to ... Full story

Big banks are good for society, says George Osborne

Big banks are good for society, says George Osborne
Big banks are good for Britain and must not be broken up, according to George Osborne, as he argued the country’s largest lenders were beneficial to society. The Chancellor warned that “aggressively” breaking up banks would do little to benefit the UK and insisted the Government’s plans to put in place a so-called “ring fence” to ... Full story

Labour MP Margaret Hodge challenged over family firm’s tax

Labour MP Margaret Hodge challenged over family firm's tax
Margaret Hodge's position as chairman of the Public Accounts Committee has been called into question following embarrassing revelations over the tax affairs of Stemcor - the £6.3bn-turnover business controlled by her family. Conservative MP Pritti Patel has written to Mrs Hodge demanding she re-assess her position as Chair and explain why the steel trading company founded ... Full story

Bank profits distorted by audit rules, warn investors

Bank profits distorted by audit rules, warn investors
Britain needs to urgently overhaul its accounting rules as they are dangerously distorting bank profits and leading to confusion over executive pay, some of the country’s biggest investors and pension funds have warned. In a letter to Business Secretary Vince Cable, the investment houses, which include Threadneedle Investments, the Co-Operative Asset Management, London Pension Fund Authority ... Full story

HSBC investigation: Singer James Blunt on list of Jersey accounts

HSBC investigation: Singer James Blunt on list of Jersey accounts
James Blunt, one of Britain’s most successful pop singers, has been identified in a leaked list of HSBC offshore customers in Jersey which has led to an HM Revenue and Customs investigation. Mr Blunt, a public school educated former Army officer, deposited more than £2 million in the offshore tax haven and registered the account at ... Full story

Almost 40pc of payday loans used to buy food

Almost 40pc of payday loans used to buy food
Consumer rights group Which? has called for a clampdown on "irresponsible lending" as it emerged that almost 40pc of payday loans are taken out to buy basics such as food. Almost half of payday loan customers struggle to meet repayments and a third took credit knowing they could not repay it, according to a report from ... Full story

HSBC to face £1bn fines over money-laundering

HSBC to face £1bn fines over money-laundering
HSBC is set to face a final bill for fines as high as $1.5bn (£937m) for the “shameful and embarrassing” US money-laundering scandal that has engulfed Britain’s biggest bank. The lender is tomorrow expected to spell out the full financial damage caused by the crisis, which erupted earlier this year. The bank stands accused of leaving ... Full story
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