European banking correspondent
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Mar 9, 2015

I’m the right person to fix HSBC, says CEO Gulliver

LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) Chief Executive Stuart Gulliver said he was the right person to run Europe’s biggest bank and fix problems of the past after British lawmakers berated it for allowing “industrial-scale tax avoidance” at its Swiss arm.

Gulliver faced more than two hours of hostile questioning from the lawmakers on Monday, along with a former head of HSBC’s private banking and one of its non-executive directors, over a tax evasion scandal that has rocked the bank.

Mar 8, 2015

European banks’ profitability gap shows big cost cuts needed

LONDON, March 9 (Reuters) – Europe’s banks need to cut costs
by a fifth and simultaneously grow revenues by 15 percent just
to get their profitability to match their cost of capital, a
study said on Monday.

European banks’ return on equity (RoE), a key measure of
profitability, is likely to average less than half their cost of
capital again this year, lagging well behind U.S. rivals as
lenders struggle with high costs and weak economic growth,
according to a study by consultancy EY.

Mar 4, 2015

Standard Chartered rules out share sale as profit plunges 25 percent

LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) ruled out plans to raise capital on Wednesday despite reporting a 25 percent slide in annual pretax profits on the back of soaring bad loans.

The Asia-focused bank instead vowed to cut costs and shrink its loan book in an effort to quell lingering concerns of balance sheet weakness, underlining the challenge facing incoming Chief Executive Bill Winters.

Mar 4, 2015

StanChart rules out share sale as profit plunges 25 pct

LONDON, March 4 (Reuters) – Standard Chartered
ruled out plans to raise capital on Wednesday despite reporting
a 25 percent slide in annual pretax profits on the back of
soaring bad loans.

The Asia-focused bank instead vowed to cut costs and shrink
its loan book in an effort to quell lingering concerns of
balance sheet weakness, underlining the challenge facing
incoming Chief Executive Bill Winters.

Mar 3, 2015

Barclays takes $1.2 billion charge as FX settlement looms

LONDON (Reuters) – Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) took a 750 million pound ($1.2 billion) charge in the fourth quarter as it prepares to settle allegations its traders manipulated foreign exchange markets, overshadowing the bank’s efforts to slash costs and boost profits.

Past conduct problems continue to dog Barclays Chief Executive Antony Jenkins, but despite the burgeoning budget for litigation he accepted his first bonus since taking charge three years ago, helping to boost his total pay to 5.5 million pounds from 1.6 million in 2013.

Mar 3, 2015

Barclays takes extra 750 million-pound FX provision as profits rise

LONDON (Reuters) – Barclays (BARC.L: Quote, Profile, Research) has set aside an extra 750 million pounds for potential fines arising from allegations of manipulation in the foreign exchange market as the British bank’s annual profits rose a higher-than-expected 12 percent thanks to a sharp cut in costs.

Barclays said on Tuesday it made a 2014 adjusted pretax profit of 5.5 billion pounds, up from a restated 4.9 billion in 2013 and above the average analyst forecast of 5.3 billion pounds.

Mar 3, 2015

Barclays takes extra 750 mln stg FX provision as profits rise 12 pct

LONDON, March 3 (Reuters) – Barclays has set aside
an extra 750 million pounds for potential fines arising from
allegations of manipulation in the foreign exchange market as
the British bank’s annual profits rose a higher-than-expected 12
percent thanks to a sharp cut in costs.

Barclays said on Tuesday it made a 2014 adjusted pretax
profit of 5.5 billion pounds, up from a restated 4.9 billion in
2013 and above the average analyst forecast of 5.3 billion
pounds.

Mar 2, 2015

Barclays to set aside more for forex fines and customer compensation

LONDON (Reuters) – Barclays is expected to set aside more money for potential foreign exchange fines and to add to its compensation tab for UK customer mis-selling, eating into an expected slim rise in profits.

Barclays last year set aside 500 million pounds ($769 million) to cover potential fines and litigation for foreign exchange manipulation, but Chief Executive Antony Jenkins has already said that will not be enough.

Mar 1, 2015

Exclusive: One in 10 bankers scraps bid for top UK job as vetting gets tougher

LONDON (Reuters) – More than one in 10 people picked for the top jobs in British finance pull out during a regulatory vetting process which has got tougher since the financial crisis.

People put forward for chief executive, chairman and for a handful of other senior roles in banking now face a more grueling interview by British financial watchdogs.

Mar 1, 2015

One in 10 bankers scraps bid for top UK job as vetting gets tougher

LONDON, March 1 (Reuters) – More than one in 10 people
picked for the top jobs in British finance pull out during a
regulatory vetting process which has got tougher since the
financial crisis.

People put forward for chief executive, chairman and for a
handful of other senior roles in banking now face a more
gruelling interview by British financial watchdogs.

    • 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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