European banking correspondent
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Apr 15, 2014

Barclays’ boss treads fine line in investment bank review

LONDON (Reuters) – Barclays’ (BARC.L: Quote, Profile, Research, Stock Buzz) Chief Executive Antony Jenkins is facing a high-wire act to overhaul the firm’s investment bank without undermining a division that contributes about half of group profits.

Jenkins, criticized by investors and politicians for raising bonuses this year despite a big fall in earnings, has embarked on the third review of the investment bank in as many years in response to pressure to cut costs and improve returns, which lag other parts of the business such as Barclaycard.

Apr 9, 2014

Metro Bank founder launches new online bank

LONDON (Reuters) – The founder of British banking newcomer Metro Bank plans to launch an online lender, hoping to take advantage of a sharp decline in the number of customers using branches and challenge established rivals.

Anthony Thomson, who stepped down as Metro Bank chairman in 2012, said he would lead the new venture called Atom alongside Mark Mullen, who last month resigned as chief executive of First Direct, the online bank run by HSBC.

Apr 8, 2014

Barclays investors told to reject pay plan -advisory group

LONDON, April 8 (Reuters) – Barclays Plc
shareholders should oppose the British bank’s bonus payouts for
last year and its controversial plan to make extra payments to
staff, a shareholder advisory group said on Tuesday.

Pirc, an independent group that says it offers advice to
institutional investors with assets of more than 1.5 trillion
pounds ($2.5 trillion), said shareholders should reject
Barclays’ remuneration report at their annual meeting later this
month.

Apr 8, 2014

Diamond poaches Barclays exec to run Africa bank venture

LONDON, April 8 (Reuters) – Ex-Barclays boss Bob
Diamond has poached a former senior colleague from the British
bank to head Atlas Mara, a venture he wants to build
into the leading bank in sub-Saharan Africa.

Atlas Mara said on Tuesday it had appointed former U.S.
marine John Vitalo as chief executive officer.

Apr 7, 2014

Barclays settles Libor “test case” before UK trial

LONDON, April 7 (Reuters) – Barclays has reached a
settlement with a UK care home operator weeks before the start
of a court case that was seen as a test case for whether
customers might sue banks over the manipulation of Libor
interest rates.

Barclays had been accused by the care home operator of
mis-selling products linked to benchmark interest rates and
senior Barclays employees and former executives, including
former chief executive Bob Diamond, had been due to testify at
the trial.

Apr 4, 2014

FCA to probe credit card market

LONDON (Reuters) – Britain’s financial watchdog will investigate the 150 billion pound credit card market to assess if “survival borrowers” who find it difficult to repay are being treated fairly, it said on Thursday.

The decision by the Financial Conduct Authority comes just two days after the year-old watchdog took over supervision of Britain’s consumer credit market with its 50,000 firms.

Apr 3, 2014

Britain to probe $250 billion credit card market

LONDON (Reuters) – Britain’s financial watchdog will investigate the 150 billion pound ($250 billion) credit card market to assess if “survival borrowers” who find it difficult to repay are being treated fairly, it said on Thursday.

The decision by the Financial Conduct Authority (FCA) comes just two days after the year-old watchdog took over supervision of Britain’s consumer credit market with its 50,000 firms.

Mar 28, 2014

StanChart pays 118 staff $1.4 million or more, top earner Rees lands $9.5 million

LONDON (Reuters) – Asia-focused bank Standard Chartered Plc (STAN.L: Quote, Profile, Research, Stock Buzz) paid 118 of its bankers at least 1 million euros ($1.4 million) last year, topped by a $9.5 million payout to Mike Rees, head of its wholesale or investment banking division.

Rees is often the biggest earner at Standard Chartered and his pay last year was down 35 percent from 2012 as profits at the bank fell, according to the bank’s annual report released on Friday.

Mar 28, 2014

StanChart pays 118 staff $1.4 mln or more, top earner Rees lands $9.5 mln

LONDON, March 28 (Reuters) – Asia-focused bank Standard
Chartered Plc paid 118 of its bankers at least 1
million euros ($1.4 million) last year, topped by a $9.5 million
payout to Mike Rees, head of its wholesale or investment banking
division.

Rees is often the biggest earner at Standard Chartered and
his pay last year was down 35 percent from 2012 as profits at
the bank fell, according to the bank’s annual report released on
Friday.

Mar 27, 2014

Fed stress test upset weighs on sale of RBS unit in U.S.

LONDON, March 27 (Reuters) – Royal Bank of Scotland’s
separation and flotation of its U.S. business Citizens
could be delayed after it was one of three foreign banks which
had their plans for dealing with a financial crisis rejected by
the U.S. Federal Reserve.

The U.S. central bank started scrutinising foreign banks’
emergency plans only this year but its tough verdict on RBS,
HSBC and Santander – three of Europe’s largest
banks – as well as U.S. giant Citigroup throws down a
gauntlet to the European Central Bank (ECB) as it readies its
own bank stress tests this year.

    • About Steve

      "Responsible for overseeing coverage of the European bank sector and direct coverage of the international UK-based banks, based in London. Have been in current role for three years, and for previous three years was UK banking reporter. Have over 15 years experience as a financial newswire journalist in London and New York."
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