European banking correspondent
Steve's Feed
Nov 5, 2015

Beset by regulation, bankers fear more pain ahead

LONDON (Reuters) – Even as world leaders prepare to endorse new banking rules to draw a line under the financial crisis, many bankers see no end in sight to the painful demands on an industry that became the focus of public and political anger.

More than six years after the 2008-09 crisis, the Group of 20 economies is this month set to approve the last major piece of regulation designed to avoid a repeat of the bank collapses that led to massive taxpayer bailouts in the United States and Europe.

Nov 3, 2015

UBS investment bank boss sees further tweaks after turnaround success: memo

LONDON (Reuters) – UBS’s (UBSG.VX: Quote, Profile, Research, Stock Buzz) investment bank has delivered on a turnaround plan unveiled three years ago but needs to continue to “refine its offering” in a changing industry landscape, the head of the business said on Tuesday.

“In the face of a quasi-perfect storm of unparalleled market uncertainty, a quantum shift in regulation, and dislocation in our market, the rules of the game continue to be repositioned, resetting the parameters against which we will be measured,” Andrea Orcel, who has run UBS’s investment bank since November 2012, told staff in a memo.

Nov 3, 2015

StanChart to ax 15,000 jobs and raise $5.1 billion in turnaround plan

HONG KONG/LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) plans to axe 15,000 jobs and raise $5.1 billion by selling new shares as its new chief executive set out a plan to restore profitability after three years of falling profits and strategic mistakes.

The bank, regarded as one of the 30 most important in the world, will cut 17 percent of its workforce to help save $2.9 billion by 2018, and sell or restructure $100 billion of loans, or a third of its total.

Nov 2, 2015

HSBC profit leaps as drop in fines counters Asia slowdown

HONG KONG/LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) profit jumped by a third in the latest quarter as a drop in fines for past misconduct more than offset the impact of a slowdown in Asia and increased spending on regulatory compliance.

Europe’s biggest bank also said on Monday that it will step up its push into investment banking activity on the Chinese mainland by establishing a majority-owned securities venture in the country.

Nov 2, 2015

Visa to buy Visa Europe in deal worth up to 21.2 billion euros

By Richa Naidu and Steve Slater

(Reuters) – Visa Inc (V.N: Quote, Profile, Research, Stock Buzz) said on Monday it would buy former subsidiary Visa Europe Ltd in a deal valued at up to 21.2 billion euros ($23.34 billion), putting the company in a stronger position to compete with MasterCard Inc (MA.N: Quote, Profile, Research, Stock Buzz).

Visa, the world’s largest credit and debit card company, said it would pay 16.5 billion euros up front, with potential for an additional payment of up to 4.7 billion euros based on revenue targets four years after the close of the deal.

Oct 29, 2015

Barclays’ one-billion-pound UK separation costs to hit 2016 profitability

LONDON (Reuters) – Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) will spend 1 billion pounds ($1.5 billion) to shield its UK retail customers from riskier areas of the business, it said on Thursday, prompting it to increase its costs guidance for next year and cut its returns target.

The British bank also set aside 290 million pounds to compensate customers mis-sold foreign exchange products as it reported a 10 percent drop in quarterly profit.

Oct 29, 2015

Barclays’ 1 bln stg UK separation costs to hit 2016 profitability

LONDON, Oct 29 (Reuters) – Barclays will spend 1
billion pounds ($1.5 billion) to shield its UK retail customers
from riskier areas of the business, it said on Thursday,
prompting it to increase its costs guidance for next year and
cut its returns target.

The British bank also set aside 290 million pounds to
compensate customers mis-sold foreign exchange products as it
reported a 10 percent drop in quarterly profit.

Oct 28, 2015

Clydesdale could be target or challenger bank consolidator after IPO: CEO

LONDON (Reuters) – The head of National Australia Bank’s (NAB)(NAB.AX: Quote, Profile, Research, Stock Buzz) British arm, Clydesdale, said it could be a takeover target or lead consolidation among UK “challenger” banks after it is separated and floated in four months.

NAB said on Wednesday that it plans to demerge and list its British business in February, two months later than its previous guidelines.

Oct 28, 2015

Barclays says to pay new chief Staley up to 8.2 million pounds a year

LONDON (Reuters) – British bank Barclays Plc (BARC.L: Quote, Profile, Research) has appointed James “Jes” Staley chief executive and said the former JPMorgan (JPM.N: Quote, Profile, Research) investment bank boss will be paid up to 8.24 million pounds a year.

Staley will take the Barclays helm at the start of December. He had been widely expected to be appointed after sources and other media reports this month said he had been chosen and just needed regulatory approval.

Oct 28, 2015

Barclays says to pay new chief Staley up to $12.6 mln a year

LONDON, Oct 28 (Reuters) – British bank Barclays Plc
has appointed James “Jes” Staley chief executive and
said the former JPMorgan investment bank boss will be
paid up to 8.24 million pounds ($12.6 million) a year.

Staley will take the Barclays helm at the start of December.
He had been widely expected to be appointed after sources and
other media reports this month said he had been chosen and just
needed regulatory approval.

    • 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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