European banking correspondent
Steve's Feed
Mar 30, 2015

RBS investment bank boss’s departure announced after a month in the job

LONDON, March 30 (Reuters) – Royal Bank of Scotland
executive Rory Cullinan is to leave its investment bank at the
end of April, the state-backed lender said only a month after
putting him in charge of the business.

Cullinan, who was previously in charge of RBS’s “bad bank”
and had been praised for running down its unwanted assets more
quickly than expected, was promoted to executive chairman of its
Corporate and Institutional Bank (CIB) on Feb. 26.

Mar 30, 2015

Western banks axed 59,000 jobs last year, more cuts to come in Europe

LONDON, March 30 (Reuters) – Top European and U.S. banks
axed 59,000 jobs last year as they restructured and cut costs,
with headcount expected to shrink further in Europe as bosses
strive to improve profitability that has been hit hard by
tougher regulation.

Lenders have also sold or shut businesses to narrow their
focus to avoid falling foul of regulators concerned that some
have become too big and complex.

Mar 27, 2015

U.S. financial tech firm FIS sees revenue from abroad doubling

LONDON (Reuters) – U.S. banking and payments technology firm FIS expects to double the share of revenue it gets from abroad in five years and may make acquisitions to do so, its new chief executive said.

Florida-based FIS is one of the biggest U.S. financial technology firms, with over 40,000 staff and 14,000 clients. It had revenue of $6.4 billion last year, including 22 percent from foreign markets.

Mar 27, 2015

Switzerland’s UBP to buy RBS’s Coutts International

ZURICH/LONDON, March 27 (Reuters) – Switzerland’s Union
Bancaire Privee (UBP) is buying the international business of
300-year-old British wealth manager Coutts, the latest deal by a
Swiss private bank aimed at branching out from its struggling
home market.

The purchase of Switzerland-based Coutts International from
Britain’s Royal Bank of Scotland (RBS) also marks another
retreat by a foreign bank from the Swiss wealth management
industry amid a string of investigations into tax avoidance.

Mar 27, 2015

Co-op Bank sees more branch, job cuts after 2014 loss

LONDON, March 27 (Reuters) – Britain’s Co-operative Bank
will close 57 more branches this year and more in the future
under a turnaround plan that saw it cut 15 percent of its staff
last year and make a loss of 264 million pounds ($392 million).

Co-op Bank is trying to recover from a near collapse in
2013, when it was hit by a yawning hole in its finances, a drugs
scandal, an exodus of top executives, and posted a 633 million
pound loss.

Mar 26, 2015

London steps up fight for spoils from financial tech boom

LONDON, March 26 (Reuters) – From the shabby streets of east
London, some of the brightest minds in technology and banking
are plotting a revolution.

London’s “Silicon Roundabout” has become one of the top hubs
for financial technology – or fintech – where start-up firms are
launching products to bypass traditional banks with phone apps
and websites, or help financial firms adapt to a digital era.

Mar 24, 2015

HSBC to put headquarters for UK ring-fenced bank in Birmingham – memo

LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research) is to base its “ring-fenced” British retail and commercial banking business in Birmingham in central England, shifting about 1,000 staff there from its London headquarters.

Britain’s big banks must separate such operations from riskier activities from 2019. The aim is to give savers greater protection and prevent taxpayers from having to bail out banks if there are problems in areas like investment banking.

Mar 24, 2015

HSBC to put HQ for UK ring-fenced bank in Birmingham -memo

LONDON, March 24 (Reuters) – HSBC is to base its
“ring-fenced” British retail and commercial banking business in
Birmingham in central England, shifting about 1,000 staff there
from its London headquarters.

Britain’s big banks must separate such operations from
riskier activities from 2019. The aim is to give savers greater
protection and prevent taxpayers from having to bail out banks
if there are problems in areas like investment banking.

Mar 23, 2015

RBS to sell $3 billion more Citizens shares to cut stake to less than half

LONDON (Reuters) – Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) is to sell up to $3.3 billion more shares in its U.S. bank Citizens (CFG.N: Quote, Profile, Research, Stock Buzz) to cut its stake to less than half and accelerate its retreat to its home UK market.

RBS said on Monday it will sell 115 million shares of Citizens’ common stock and up to another 17.25 million shares in an over-allotment option, equivalent to 24 percent of Citizen’s issued shares.

Mar 20, 2015

Bank tax rise stokes pressure for Standard Chartered, HSBC to quit UK

LONDON (Reuters) – Asia-focused banks Standard Chartered (STAN.L: Quote, Profile, Research) and HSBC (HSBA.L: Quote, Profile, Research) could be tempted to abandon their London headquarters to avoid a jump in the UK bank tax set to cost them a combined $2 billion (1.36 billion pounds) a year, investors and analysts said.

Investors in both banks, but particularly Standard Chartered, have in the past encouraged their boards to consider leaving Britain, and this week’s jump in the UK bank levy is building pressure.

    • 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."
    • Follow Steve