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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.

Nov 10, 2014

StanChart to give update on turnaround plans as problems pile up

LONDON, Nov 10 (Reuters) – Standard Chartered 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.

Nov 7, 2014

UK prepares forex fines for six banks on Wednesday -sources

LONDON, Nov 7 (Reuters) – British regulators investigating
allegations of collusion and manipulation in the foreign
exchange market could fine a group of six banks as early as next
Wednesday, people familiar with the matter said.

The six banks are Switzerland’s UBS, U.S. banks JP
Morgan and Citigroup and Britain’s HSBC,
Barclays and Royal Bank of Scotland, sources
said. They are expected to be fined a total of about 1.5 billion
pounds (2.37 billion US dollar).

Nov 7, 2014

Watchdog cuts extra capital requirements for UBS, Credit Agricole

LONDON (Reuters) – Switzerland’s UBS and France’s Credit Agricole have been deemed by regulators as less important to the global financial system than a year ago and will not have to hold as much extra capital as previously forecast.

In contrast, Agricultural Bank of China has been added to the list of world’s “systemically important” banks and will need to hold extra capital from 2016.

Nov 6, 2014

Watchdog cuts extra capital requirements for UBS, C.Agricole

LONDON, Nov 6 (Reuters) – Switzerland’s UBS and
France’s Credit Agricole have been deemed by
regulators as less important to the global financial system than
a year ago and will not have to hold as much extra capital as
previously forecast.

In contrast, Agricultural Bank of China has been
added to the list of world’s “systemically important” banks and
will need to hold extra capital from 2016.

Nov 6, 2014

UK banks face break-up threat as competition probe launched

LONDON (Reuters) – Britain’s big banks could be broken up after the country’s competition watchdog launched a full-blown investigation into services for small business customers and personal accounts because of a lack of competition.

It marks the latest step by authorities to break the dominance of the country’s big four lenders and is likely to keep the industry in the political spotlight ahead of next year’s election and beyond.

Nov 5, 2014

Wells Fargo sticks to what it knows in overseas push

LONDON, Nov 5 (Reuters) – Wells Fargo & Co, the
world’s biggest bank by stock market value, remains on the
lookout to buy loan portfolios in Europe but is in no hurry to
snap up an ailing bank to speed up its international growth, a
senior executive told Reuters.

San Francisco-based Wells Fargo emerged from the financial
crisis of 2008-2009 better placed than many rivals and is often
touted as a possible buyer of banks around the world.

Nov 5, 2014

Biggest banks brace for poisoned chalice of a place at the top table

LONDON, Nov 5 (Reuters) – About 30 banks will be formally
anointed as the industry’s most important players this week; a
rather dubious honour costing them billions of dollars each in
additional reserves and placing them under increased regulatory
scrutiny.

Policymakers have leaned on the world’s biggest banks to
raise their capital reserves by retaining earnings, selling
shares or curbing dividend payouts to avoid a repeat of the past
financial crisis and large-scale taxpayer-funded bailouts.

    • 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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