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Feb 20, 2015

Exclusive – RBS poised to take 4 bln stg hit on value of U.S. bank Citizens – sources

LONDON (Reuters) – Royal Bank of Scotland is likely to write down the value of its U.S. bank Citizens by about 4 billion pounds ($6.2 billion) next week, industry sources said, potentially wiping out much of the state-backed bank’s annual profit.

The writedown of goodwill would be because the U.S. bank is not worth as much as RBS paid for it, and serves as another reminder of the hefty price paid for past acquisitions by former chief executive Fred Goodwin.

Feb 20, 2015

RBS poised to take 4 billion pound hit on value of U.S. bank Citizens – sources

LONDON (Reuters) – Royal Bank of Scotland (RBS.L: Quote, Profile, Research) is likely to write down the value of its U.S. bank Citizens by about 4 billion pounds ($6.2 billion) next week, industry sources said, potentially wiping out much of the state-backed bank’s annual profit.

The writedown of goodwill would be because the U.S. bank is not worth as much as RBS paid for it, and serves as another reminder of the hefty price paid for past acquisitions by former chief executive Fred Goodwin.

Feb 20, 2015

RBS poised to take four billion pounds hit on value of U.S. bank Citizens: sources

LONDON (Reuters) – Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) is likely to write down the value of its U.S. bank Citizens by about 4 billion pounds ($6.2 billion) next week, industry sources said, potentially wiping out much of the state-backed bank’s annual profit.

The writedown of goodwill would be because the U.S. bank is not worth as much as RBS paid for it, and serves as another reminder of the hefty price paid for past acquisitions by former chief executive Fred Goodwin.

Feb 20, 2015

RBS poised to take 4 bln stg hit on value of U.S. bank Citizens -sources

LONDON, Feb 20 (Reuters) – Royal Bank of Scotland is
likely to write down the value of its U.S. bank Citizens by
about 4 billion pounds ($6.2 billion) next week, industry
sources said, potentially wiping out much of the state-backed
bank’s annual profit.

The writedown of goodwill would be because the U.S. bank is
not worth as much as RBS paid for it, and serves as another
reminder of the hefty price paid for past acquisitions by former
chief executive Fred Goodwin.

Feb 15, 2015

HSBC says sorry over past standards at Swiss bank

LONDON (Reuters) – HSBC apologised to customers and investors on Sunday for past practices at its Swiss private bank after allegations that it helped hundreds of clients to dodge taxes.

Europe’s largest bank said in full-page advertisements in British newspapers that recent media coverage that focused on the Swiss operation and financial affairs of some of its clients had been a painful experience and that standards in place today “were not universally in place” in the past.

Feb 15, 2015

Britain’s HSBC says sorry over past standards at Swiss bank

LONDON, Feb 15 (Reuters) – HSBC apologised to
customers and investors on Sunday for past practices at its
Swiss private bank after allegations that it helped hundreds of
clients to dodge taxes.

Europe’s largest bank said in full-page advertisements in
British newspapers that recent media coverage that focused on
the Swiss operation and financial affairs of some of its clients
had been a painful experience and that standards in place today
“were not universally in place” in the past.

Feb 13, 2015

HSBC chief says bank sometimes fell short of standards

LONDON, Feb 13 (Reuters) – The boss of HSBC said
the bank had sometimes failed to live up to the standards
expected of it, in his first response to allegations of helping
hundreds of people dodge taxes.

HSBC this week admitted failings in compliance and controls
in its Swiss private bank after media allegations it may have
enabled clients to avoid paying tax, but Chief Executive Stuart
Gulliver said many people alleged to have been clients had long
since left and some never were clients.

Feb 12, 2015

UK lawmakers to haul up HSBC, tax chiefs over Swiss bank allegations

LONDON, Feb 12 (Reuters) – British lawmakers plan to call up
the bosses of HSBC and the tax authority, HMRC, to quiz
them over allegations some clients of HSBC’s Swiss private bank
evaded tax.

HSBC Chairman Douglas Flint and HMRC Chief Executive Lin
Homer are expected to appear on Feb. 25 before the Treasury
Committee of lawmakers, who watch over the financial industry.
The Committee said on Thursday details of the hearing had not
been finalised.

Feb 12, 2015

UK lawmakers release details of swaps redress scheme

LONDON, Feb 12 (Reuters) – British lawmakers have published
an agreement between banks and the financial regulator over how
banks should compensate small firms mis-sold hedging products,
potentially making it easier for businesses to pursue claims.

The Financial Conduct Authority (FCA) agreed the terms of a
scheme to compensate thousands of small companies that were
mis-sold complex products known as interest rate swaps in 2012
with nine banks including Royal Bank of Scotland, Lloyds
Banking Group, Barclays and HSBC.

Feb 11, 2015

HSBC’s reforms at Swiss bank eat into profits

LONDON, Feb 11 (Reuters) – HSBC’s Swiss private
bank has seen a steep drop in profits since 2008 and even fell
to a loss in 2013, showing how problems in the business have hit
the British bank’s bottom line as well as its reputation.

Its Swiss private bank lost $291 million in 2013, the last
set of published full-year results, and only scraped a $14
million profit in the first-half of 2014. HSBC is due to release
2014 full-year results on Feb. 23.

    • 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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