European banking correspondent
Steve's Feed
Nov 11, 2013

Standard Chartered cuts target as growth slows, regulation bites

LONDON (Reuters) – Asia-focused bank Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) scaled back its income growth target for the next couple of years on Monday as slower economic growth and tougher regulations bite.

Britain’s No. 4 bank by market value – which makes almost all its profits in Asia, Africa and the Middle East – also said it plans to get rid of smaller, underperforming businesses as part of a plan to sharpen its focus on profitability.

Nov 11, 2013

StanChart cuts target as growth slows, regulation bites

LONDON, Nov 11 (Reuters) – Asia-focused bank Standard
Chartered scaled back its income growth target for the
next couple of years on Monday as slower economic growth and
tougher regulations bite.

Britain’s No. 4 bank by market value – which makes almost
all its profits in Asia, Africa and the Middle East – also said
it plans to get rid of smaller, underperforming businesses as
part of a plan to sharpen its focus on profitability.

Nov 8, 2013

Deutsche Bank, Barclays lose bid to remove Libor allegations from court cases

LONDON, Nov 8 (Reuters) – Barclays and Deutsche
Bank failed on Friday to remove allegations of
interest rate rigging from two ongoing lawsuits, meaning they
could stand to lose millions of pounds.

A British court ruled the role both banks played in a global
manipulation of the London interbank offered rate (Libor) was
relevant to individual cases brought against them.

Nov 7, 2013

Cyber attack “war game” to test London banks on November 12

LONDON (Reuters) – Thousands of staff across dozens of London financial firms will be put through a “war games” scenario on Tuesday to test how well they can handle a major cyber attack, people familiar with the matter said.

In one of the largest exercises of its kind in the world, the test dubbed “Waking Shark II” will bombard firms with a series of announcements and scenarios, such as how a major attack on computer systems might hit stock exchanges and unfold on social media.

Nov 4, 2013

HSBC posts Q3 profit of $5.1 bln, confirms forex probe

LONDON, Nov 4 (Reuters) – HSBC reported a 10 percent rise in
third quarter profits on Monday, helped by tighter cost control
and fewer losses from bad loans, and confirmed it was being
investigated as part of a global probe into currency market
trading manipulation.

Europe’s largest bank said underlying pretax profit was $5.1
billion for the three months to Sept. 30 – up 30 percent on a
statutory basis – with strong Hong Kong and British markets
together accounting for more than half of earnings and
offsetting a fall in Latin American profits.

Nov 4, 2013

HSBC profits seen up 10 pct as cost cuts pay off

LONDON, Nov 4 (Reuters) – HSBC Holdings is expected
to report a 10 percent rise in quarterly profit on Monday as
Europe’s biggest bank benefits from cost cuts and the absence of
a big provision to cover a fine last year.

The rise is unlikely to put to rest concerns about HSBC’s
growth prospects as tougher regulations squeeze profits,
investment banking income drops and the threat remains of
further litigation over the bank’s past conduct.

Oct 31, 2013

Sins of past, present and future haunt banks

LONDON (Reuters) – The cost to banks of cleaning up past misdeeds has soared over $100 billion and is leaving lenders running scared from areas that put them in potential danger of upsetting regulators.

This week alone, Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz), UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) and Lloyds (LLOY.L: Quote, Profile, Research, Stock Buzz) revealed mounting legal bills and Dutch agricultural specialist Rabobank became the latest lender to be fined in a global scandal over interest rate rigging with a $1.1 billion penalty.

Oct 30, 2013

Barclays says helping with FX probe, profits fall

LONDON, Oct 30 (Reuters) – Barclays said it was
cooperating with regulators investigating the possible
manipulation of currency trading by major banks, deepening
scrutiny of the bank’s practices as it grapples with a slump in
investment bank income.

Barclays, Britain’s third-biggest bank by market value, said
on Wednesday it was reviewing its foreign exchange trading
“covering a several year period” and was cooperating with
authorities investigating possible attempts to manipulate
certain benchmark currency exchange rates.

Oct 29, 2013

Korea, currencies dampen StanChart profits

HONG KONG, Oct 29 (Reuters) – Profits at Asia-focused
Standard Chartered Plc
fell in the third quarter, hit by weakness in its troubled South
Korea business, falling Asian currencies and a slowdown in
investment banking.

The bank, which made more than 90 percent of its $6.9
billion 2012 profit in Asia, Africa and the Middle East, has cut
about 2,000 jobs in the past year – its first such reductions in
years – and it said income in the third quarter was down by a
“low single digit” percentage.

Oct 29, 2013

Investment banking slowdown to hit European lenders

LONDON (Reuters) – Grim investment bank revenues, a mixed economic backdrop and increasing regulatory and legal concerns are set to weigh on results from three of Europe’s biggest banks on Tuesday.

But Britain’s biggest domestic lender Lloyds Banking Group (LLOY.L: Quote, Profile, Research, Stock Buzz) will buck the trend by reporting a sharp rise in third-quarter profit, benefiting from the improving health of the UK economy.

    • 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