European banking correspondent
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Feb 12, 2014

RBS will adapt if Scots vote for independence-CEO

LONDON, Feb 12 (Reuters) – Royal Bank of Scotland (RBS)
will adapt its business in the event of Scots voting for
independence from the rest of the United Kingdom, its Chief
Executive Ross McEwan said on Wednesday.

However, McEwan played down comments from UK Business
Minister Vince Cable suggesting it was inevitable the bank would
relocate its headquarters from Edinburgh to London in the event
of a “yes” vote.

Feb 11, 2014

Barclays to cut 12,000 jobs, pays bigger bonuses

LONDON (Reuters) – Barclays Plc (BARC.L: Quote, Profile, Research, Stock Buzz) expects to axe up to 12,000 jobs this year to cut costs and counter falling income at its investment bank, where profits slumped last year.

But it is also paying staff higher bonuses, risking a backlash from the politicians and taxpayers who bailed out much of the industry during the financial crisis.

Feb 10, 2014

Barclays seen cutting more costs after profit drop

LONDON (Reuters) – Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) said earnings dropped by a quarter to 5.2 billion pounds ($8.5 billion) last year from the year before, missing analysts’ forecasts and raising expectations the bank will step up cost cutting as investment bank earnings wane.

The British bank will not report its full results until Tuesday, but it released the headline number early on Monday. A preview in the Financial Times newspaper had included numbers close to the figures released by Barclays.

Feb 5, 2014

UK pledges to beef up cyber defences after banks’ “war game”

LONDON, Feb 5 (Reuters) – Britain’s financial, transport and
energy industries said they will strengthen their defences
against cyber attacks, building on a war-game simulation where
banks came under assault from “a hostile nation state”.

Cyber attacks are increasing in regularity and severity as
“hacktivists” and criminals become more sophisticated. Banks are
frequently targeted by co-ordinated online assaults or hacks on
specific lenders.

Feb 4, 2014

UBS bonus hike slammed for showing lessons not learned

ZURICH/LONDON (Reuters) – A jump in bonus payments at Swiss bank UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) stoked criticism on Tuesday that a previous cut was short-lived and banks have not learned lessons from the financial crisis.

Banker bonuses drew intense criticism after the crisis which peaked in 2008 and 2009 for creating lucrative short-term incentives, tied to often ill-conceived products, whose failure cost banks and governments billions while leaving the bankers themselves unscathed.

Feb 3, 2014

European banks have $3 trln of exposure to emerging markets

LONDON, Feb 3 (Reuters) – European banks have loaned in
excess of $3 trillion to emerging markets, more than four times
U.S. lenders and putting them at greater risk if financial
market turmoil in countries such as Turkey, Brazil, India and
South Africa intensifies.

The risk is most acute for six European banks – BBVA, Erste
Bank, HSBC, Santander, Standard Chartered, and UniCredit -
according to analysts.

Feb 3, 2014

Barclays CEO turns down bonus for 2013

LONDON, Feb 3 (Reuters) – Barclays Chief Executive
Antony Jenkins has turned down his 2013 bonus, saying it would
be inappropriate given the bank’s hefty bill to pay for past
problems and its need to call on investors for cash.

Jenkins could have received a bonus of up to 2.7 million
pounds ($4.4 million). It is the second year he has waived his
bonus after becoming chief executive in August 2012.

Jan 31, 2014

Barclays must hand over more ex-boss emails in Libor case

LONDON, Jan 31 (Reuters) – Barclays has been told
to hand over thousands more emails and other documents from its
former bosses in a UK court case tied to the alleged
manipulation of Libor interest rates, which will start in April.

In a case being heard at London’s High Court, Barclays is
accused by a UK residential care home operator of mis-selling
products that were based on Libor rates. The hearing will start
on April 29 or 30 and is expected to last for about six weeks.

Jan 30, 2014

“Fat finger” trade seen costly after HSBC price spike

LONDON, Jan 30 (Reuters) – A trader may have lost about
400,000 pounds ($662,100) in under 30 seconds on Thursday after
causing a 10 percent spike in the shares of Europe’s biggest
bank, HSBC, which traders blamed on human error – a
“fat finger” trade.

The jump in the price – a seismic move in a company worth
nearly 120 billion pounds – prompted a “circuit-breaker” to kick
in and suspend HSBC shares from trading for five minutes, after
which an orderly market in its shares resumed.

Jan 29, 2014

Barclays says branches will shut over time as customers change

LONDON, Jan 29 (Reuters) – Barclays will close bank
branches in Britain “over time” due to changes in technology and
customer behaviour, but has no plans for significant closures or
a target for how much of its network will shut, it said on

The bank was reacting to reports it would shut 400 UK
branches, or a quarter of its network, as part of more cost cuts
that would be announced in fourth quarter results on Feb. 11.

    • 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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