European banking correspondent
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Jan 17, 2014

UK’s drive to be offshore hub for Chinese currency gains pace

LONDON, Jan 17 (Reuters) – After a patchy two years, London
appears to be making headway in its drive to become Europe’s
main offshore hub for trading in China’s currency, potentially
delivering a big boost to its financial sector and the wider
British economy.

China decided late last year to give UK investors the right
to buy up to 80 billion yuan ($13 billion) of mainland stocks,
bonds, funds and money market instruments directly using its
currency, making Britain the first country outside Asia with
such status.

Jan 13, 2014

Europe banks cheer easing in leverage rules, shares rally

LONDON (Reuters) – Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) and Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) led European bank stocks on Monday to their highest for nearly three years after regulators watered down new rules aimed at strengthening banks but which could have limited their ability to lend.

Sunday’s decision by the world’s top central bankers was aimed at trying to avoid restricting financing for the global economy, and was seen as a positive for banks, especially those with big investment banking arms.

Jan 10, 2014

After StanChart’s revamp, questions linger over likely benefits

LONDON, Jan 10 (Reuters) – Standard Chartered Plc’s
top 500 bankers gather in Singapore next week for their annual
strategy huddle with an unusual degree of uncertainty swirling
around the former stock market darling.

The departure of two top lieutenants and a surprise
reorganisation have deepened concern about the Asia-focused
lender’s ability to restore its double-digit growth rates and
avoid tapping investors for more capital.

Jan 9, 2014

Standard Chartered reshuffle sees wholesale chief as new CEO apparent

LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research) has named Mike Rees deputy to chief executive Peter Sands, making the wholesale banking chief the new heir-apparent at the Asia-focused lender after its highly-regarded finance director announced he was leaving.

The shock departure of Richard Meddings sent StanChart shares to an 18-month low. Meddings had been seen as frontrunner to succeed Sands and his decision to go as part of a reorganisation deprives the group of a key executive as it enters a new era of weaker growth.

Jan 9, 2014

StanChart CFO Meddings to exit after restructuring

LONDON, Jan 9 (Reuters) – Standard Chartered has
announced the surprise departure of its finance director Richard
Meddings, saying he would leave the Asia-focused bank as part of
a restructuring.

Meddings, who will step down from the board by the end of
June, had been seen as the front-runner to succeed Chief
Executive Peter Sands and his departure helped send StanChart’s
London-listed shares down more than 3 percent in early trade.

Jan 7, 2014

Goldman, JPMorgan and peers must rethink pay to meet EU cap

LONDON (Reuters) – Investment bankers working in London for many top U.S. and European groups face a major overhaul of their pay structure, as their recent bonuses have far exceeded new EU rules which will curb payouts to be made this time next year.

JPMorgan (JPM.N: Quote, Profile, Research, Stock Buzz), Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz), Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz), Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) and Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz) paid bonuses to leading staff which ranged from 3.3 to 5.4 times their fixed pay for 2012, according to data disclosed by the banks and Reuters calculations.

Dec 24, 2013

Banks pay for past sins as U.S., Europe levy record fines

LONDON (Reuters) – U.S. and European regulators fined banks record amounts this year, imposing penalties and settlements of more than $43 billion as authorities work more closely across borders to clean up the financial sector.

Banks in the United States and Europe are paying for misconduct that includes mis-selling U.S. mortgage bonds, rigging interest rates, and risky transactions such as JPMorgan’s (JPM.N: Quote, Profile, Research, Stock Buzz) “London Whale” trades.

Dec 19, 2013

RBS’s Williams & Glyn: shorter name as split takes shape

LONDON, Dec 19 (Reuters) – The new British bank being spun
out from Royal Bank of Scotland will shorten its name to
Williams & Glyn as it steps up plans from January for its
independent future.

RBS is reviving an old banking name for the business it has
been forced to sell by European authorities as a cost of being
bailed out by UK taxpayers in 2008.

Dec 13, 2013

RBS says did not mislead investors in $6.5 billion lawsuit defense

LONDON (Reuters) – Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) said it and its former bosses might have made bad business decisions in the past but that did not mean they misled investors or acted illegally, as the bank defended itself against a 4 billion pound (US$6.5 billion) lawsuit from shareholders.

RBS’s defense document, lodged in London’s High Court late on Friday, said “it was clear to the market” that the bank’s core Tier 1 capital ratio — a key measure of financial strength — was “significantly below 4 percent” at the time of a rights issue in 2008, even though it did not publish a figure.

Dec 11, 2013

Bostock switches to Santander as UK flotation looms

LONDON, Dec 11 (Reuters) – Nathan Bostock has proved himself
an expert in shrinking bloated banks, yet his retail banking
skills are likely to hold the key to whether he lands the top
job at Santander’s British arm.

Bostock, 52, shocked Royal Bank of Scotland’s board
late on Tuesday when he announced he was quitting as finance
director just 10 weeks into the job.

    • 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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