European banking correspondent
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Apr 19, 2015

Britain’s bank tax jump threatens to push HSBC, StanChart to new home

LONDON (Reuters) – HSBC and Standard Chartered are looking at the viability of quitting London for a new home in Asia because a big jump in a tax on UK banks makes staying in Britain increasingly painful.

Several investors told Reuters they want the two banks to do a thorough analysis on whether it makes sense to move after Britain raised the bank tax by a third last month.

Apr 19, 2015

Insight – Britain’s bank tax jump threatens to push HSBC, StanChart to new home

LONDON (Reuters) – HSBC and Standard Chartered are looking at the viability of quitting London for a new home in Asia because a big jump in a tax on UK banks makes staying in Britain increasingly painful.

Several investors told Reuters they want the two banks to do a thorough analysis on whether it makes sense to move after Britain raised the bank tax by a third last month.

Apr 1, 2015

Bishop, lawmaker and equality campaigner recruited to raise UK bank standards

LONDON (Reuters) – A bishop, a senior lawmaker and a human rights campaigner have been picked for a 14-strong board aiming to push Britain’s banks to improve standards after a series of scandals.

The Banking Standards Board (BSB) on Thursday unveiled a panel including five bankers and nine people from outside the industry to review practices after confidence in banks has been rocked by mis-selling and rate-rigging problems.

Apr 1, 2015

Standard Chartered senior executive Shankar quits in latest management change

LONDON (Reuters) – Asia-focused bank Standard Chartered Plc (STAN.L: Quote, Profile, Research) said senior executive Viswanathan Shankar had quit and announced a number of management changes in another reshuffle as it seeks to turn around its fortunes.

Shankar has resigned as chief executive of Europe, Middle East, Africa and Americas, and will now look at setting up a private equity firm, Standard Chartered said on Wednesday.

Apr 1, 2015

StanChart senior exec Shankar quits in latest management change

LONDON, April 1 (Reuters) – Asia-focused bank Standard
Chartered Plc said senior executive Viswanathan Shankar
had quit and announced a number of management changes in another
reshuffle as it seeks to turn around its fortunes.

Shankar has resigned as chief executive of Europe, Middle
East, Africa and Americas, and will now look at setting up a
private equity firm, Standard Chartered said on Wednesday.

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.

    • 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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