European banking correspondent
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Mar 5, 2014

Lehman Europe creditors in line for extra $8 billion payday

LONDON (Reuters) – Hedge funds, asset managers and other creditors of Lehman Brothers’ European arm will next month be fully paid out from money recovered from the carcass of the bank and could get an extra 5 billion pounds ($8.4 billion).

PwC, the administrator of Lehman Brothers International Europe (LBIE), is paying a fourth dividend of 7.8 pence in the pound to unsecured creditors on April 30, which will lift payouts to 100 percent after three bigger dividends in the past 15 months.

Mar 4, 2014

Six banks team up in plan for shared customer data register

LONDON (Reuters) – JPMorgan (JPM.N: Quote, Profile, Research, Stock Buzz), Citigroup (C.N: Quote, Profile, Research, Stock Buzz) and four more major banks have signed up with an industry group to develop a central register of information on other banks they deal with to help to meet increasing compliance demands and costs.

Swift, a Brussels-based group used by thousands of banks to exchange financial messages, said on Tuesday that six banks had agreed to develop and use the register, which will collect and share standard information required by banks as part of their due diligence processes.

Mar 4, 2014

UK prosecutor says has “vast amounts” of documents in Libor case

LONDON, March 4 (Reuters) – British fraud prosecutors have
sifted through “vast amounts” of documents in their case against
three former Barclays traders alleged to have rigged
crucial Libor benchmark interest rates over a two year period, a
London court heard on Tuesday.

James Hines, a senior lawyer for Britain’s Serious Fraud
Office (SFO), told a short hearing at Southwark Crown Court that
much of the evidence against Peter Johnson, 59, Jonathan Mathew,
33, and Stylianos Contogoulas, 42, was in email form.

Feb 27, 2014

RBS seeks to regain trust after post-crisis losses hit $77 billion

LONDON (Reuters) – Royal Bank of Scotland (RBS.L: Quote, Profile, Research) sought to shake off its reputation as Britain’s pariah bank on Thursday with plans to cut more costs and reposition itself as a UK-focused retail and commercial lender.

New chief executive Ross McEwan is under pressure to restore RBS’s standing with its political masters and the general public after a year of fines, customer complaints and technology problems.

Feb 27, 2014

RBS seeks to regain Britons’ trust after $13.6 billion loss

LONDON (Reuters) – Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) launched a campaign to transform itself from pariah to trusted British lender by slashing costs and repositioning itself as a UK-focused retail and commercial bank.

New chief executive Ross McEwan is under pressure to restore RBS’s reputation with the general public and its political masters after a torrid year of fines, customer complaints and technology problems.

Feb 27, 2014

RBS seeks to regain Britons’ trust after 8.2 billion pound loss

LONDON (Reuters) – Royal Bank of Scotland launched a campaign to transform itself from pariah to trusted British lender by slashing costs and repositioning itself as a UK-focused retail and commercial bank.

New chief executive Ross McEwan is under pressure to restore RBS’s reputation with the general public and its political masters after a torrid year of fines, customer complaints and technology problems.

Feb 26, 2014

Hunting credit, firms look beyond wary EU banks

LONDON (Reuters) – When David Armitt needed to refinance loans last year for his 153-year-old manufacturing company in Yorkshire, he found British banks reluctant to lend. So he took the nuclear option.

The finance director in Huddersfield turned instead to San Francisco-based Wells Fargo, borrowing $28 million after putting up as collateral the gearboxes that his firm, David Brown Gear Systems, makes to propel nuclear submarines.

Feb 25, 2014

Lloyds urged to avoid “irresponsible” bond buyback

LONDON, Feb 25 (Reuters) – Lloyds Banking Group has
been urged by a campaigner for retail investors not to be
“irresponsible and short-termist” over how it treats bondholders
who helped to rescue the bank in the financial crisis.

The British bank, which is 33 percent owned by UK taxpayers,
told investors this month that it could buy back at face value
the 7.5 billion pounds ($12.5 billion) of bonds it issued to
strengthen its capital in 2009 because new European rules mean
that they are now unlikely to count towards its capital buffers.

Feb 24, 2014

HSBC’s potential Brazil bill adds to legal headache

LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) may end up paying as much as $600 million to compensate customers in Brazil who lost savings a quarter of a century ago, another in a long list of possible payouts that banks face for past transgressions.

Thousands of Brazilian savers have taken legal action against local banks, including HSBC’s unit, alleging they were short-changed when hyperinflation led the government to peg rates paid on savings to a number of indexes. Brazil’s Supreme Court began reviewing the case in November.

Feb 24, 2014

HSBC warns of choppy markets as profit misses forecasts

LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) missed market expectations with a 9 percent increase in annual pretax profit and warned of greater volatility in emerging markets this year, sending its shares down 4 percent.

Europe’s largest bank has axed more than 40,000 jobs and sold or closed 60 businesses over the past three years to cut costs, but still missed targets for cost efficiency and return on equity last year.

    • 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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