European banking correspondent
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Nov 19, 2014

Hackers to probe cyber crime defenses at British banks

LONDON (Reuters) – In the next few months hackers will try to penetrate the cyber defenses of Britain’s major banks and steal information about millions of customers. But for once they’ll be welcome.

Banks are on red alert after cyber criminals obtained details of 83 million clients from JPMorgan Chase this year and Britain’s leading lenders have signed up for tests that let teams of certified hackers attack at will.

Nov 13, 2014

Standard Chartered bad debts seen near third-quarter level in near-term

LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research) expects its losses from bad debts to remain near to the higher level it reported in its third quarter for the next few quarters, its finance chief said.

“For the moment the level of overall impairment we saw in the third quarter is probably what we would expect directionally for the next few quarters. It’s not entirely predictable, but in that sort of space,” Andy Halford, finance director, told reporters on a conference call on Thursday.

Nov 13, 2014

Standard Chartered bad debts seen near Q3 level in near-term

LONDON, Nov 13 (Reuters) – Standard Chartered
expects its losses from bad debts to remain near to the higher
level it reported in its third quarter for the next few
quarters, its finance chief said.

“For the moment the level of overall impairment we saw in
the third quarter is probably what we would expect directionally
for the next few quarters. It’s not entirely predictable, but in
that sort of space,” Andy Halford, finance director, told
reporters on a conference call on Thursday.

Nov 12, 2014

UK’s Operation Dovercourt forex probe comes in on time

LONDON, Nov 12 (Reuters) – A year ago Tracey McDermott
marked mid-November 2014 in her diary for when British
regulators and their U.S. counterparts should aim to bring big
banks to a co-ordinated settlement over allegations that they
had manipulated currency markets.

But even her boss expected that timetable to slip.

Martin Wheatley, the chief executive of Britain’s Financial
Conduct Authority (FCA), told Reuters on Wednesday that nailing
the landmark settlement had been “touch and go” and therefore
had “managed expectations” by publicly stating that he only
expected a conclusion in 2015.

Nov 12, 2014

Barclays did not join FX settlement due to NY regulator -sources

LONDON/NEW YORK, Nov 12 (Reuters) – Barclays did
not join a $3.4 billion settlement over alleged manipulation of
foreign exchange rates because of issues with its New York
regulator, people familiar with the matter said.

Barclays is overseen in New York by the Department of
Financial Services (DFS), unlike five other banks which settled
with British, U.S. and Swiss regulators.

Nov 12, 2014

Barclays pulled out of FX settlement due to NY regulator: sources

LONDON (Reuters) – Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) did not join a group settlement over the alleged manipulation of foreign exchange rates because of complications with its regulator in New York, people familiar with the matter said.

London-based Barclays is regulated by the New York State Department of Financial Services (DFS), unlike any of the other five banks who agreed a $3.4 billion settlement with British, U.S. and Swiss regulators on Wednesday.

Nov 11, 2014

UK, U.S., Swiss close in on forex settlement with top banks

LONDON, Nov 11 (Reuters) – British and U.S. regulators are
poised to levy hefty fines on leading banks in a landmark
settlement after a year-long global investigation into
allegations of collusion and manipulation in the foreign
exchange market.

However, at least one of the six banks set to be named early
on Wednesday morning by Britain’s Financial Conduct Authority
(FCA) remained in 11th-hour negotiations about details of the
deal, two sources close to the matter said.

Nov 11, 2014

Standard Chartered to axe 80-100 branches under revival plan

LONDON (Reuters) – Asia-focused bank Standard Chartered (STAN.L: Quote, Profile, Research) plans to cut up to 100 retail branches in 2015, or 8 percent of its network, to help save $400 million (252.40 million pounds) a year to improve profitability.

The bank is under pressure to improve performance after three profit warnings this year and a 30-percent plunge in its shares, and is holding three days of meetings with investors in Hong Kong to spell out its plans.

Nov 11, 2014

StanChart to axe 80-100 branches under revival plan

LONDON (Reuters) – Asia-focused bank Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) plans to cut up to 100 retail branches in 2015, or 8 percent of its network, to help save $400 million a year to improve profitability.

The bank is under pressure to improve performance after three profit warnings this year and a 30-percent plunge in its shares, and is holding three days of meetings with investors in Hong Kong to spell out its plans.

Nov 10, 2014

Standard Chartered to give update on turnaround plans as problems pile up

LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research) boss Peter Sands has his work cut out to convince investors he can turn around the Asia-focused bank after three profit warnings, new troubles in the United States and a 30 percent share price drop.

Sands, who begins a three-day road show for investors in Hong Kong starting on Tuesday, is under pressure to show a restructuring plan he unveiled a year ago is still relevant and goes far enough.

    • 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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