European banking correspondent
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Apr 24, 2015

‘Smaller and simpler’ mantra rings through banking boardrooms

LONDON (Reuters) – Deutsche Bank’s expected move to sell much of its retail banking business will see it join a growing list of banks choosing to shrink and simplify to survive.

The benefits of size and reach, for years considered the holy grail of global banking, are now seen as being outweighed by the cost and complexity of running businesses across dozens of countries.

Apr 24, 2015

HSBC says looking into moving headquarters from Britain

LONDON (Reuters) – HSBC Holdings (HSBA.L: Quote, Profile, Research, Stock Buzz), Europe’s biggest bank, will review whether to move its headquarters out of Britain, potentially dealing a blow to a country trying to balance tighter regulation with the importance of the financial industry to its economy.

The announcement comes less than two weeks before UK elections on May 7 and poses challenges for both the Conservatives seeking to return to government and their main rival, the Labour party.

Apr 23, 2015

New Barclays chairman says recovery not yet complete

LONDON (Reuters) – New Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) Chairman John McFarlane said the British bank still faced formidable challenges and signaled his intention to accelerate its turnaround plan within an hour of taking charge.

McFarlane took the helm after the bank’s annual shareholder meeting on Thursday and set out his priorities in a letter to shareholders. He has the job of overseeing the bank’s efforts to stamp out wrongdoing and improve performance.

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.

    • 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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