European banking correspondent
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Dec 6, 2013

UK banks pay out 81 mln stg on swaps mis-selling

LONDON, Dec 6 (Reuters) – Britain’s banks continue to make
slow progress compensating small firms for mis-sold risky
interest rate products and have paid out only 81 million pounds
($132 million) from more than 3 billion set aside, official data
showed.

Britain’s Financial Conduct Authority (FCA) said on Friday
the country’s top four banks expect to complete assessments of
redress by June.

Dec 5, 2013

UK raises bank tax for sixth time as proceeds fall short

LONDON, Dec 5 (Reuters) – Britain increased the rate of a
tax on banks for the sixth time in three years on Thursday as
official data showed this has repeatedly failed to raise as much
as the government expected.

Finance Minister George Osborne said in his Autumn Statement
he would raise the levy rate imposed on banks from next year and
widen its scope to address the shortfall.

Dec 4, 2013

StanChart set to end 10-year boom with 2013 profit drop

LONDON, Dec 4 (Reuters) – Standard Chartered warned
that 10 years of record earnings are likely to end this year,
with profit set to fall because of losses in Korea, a slowdown
in its key Asian markets and tougher regulations.

Shares in the bank, which makes more than 90 percent of its
profit in Asia, Africa and the Middle East, tumbled more than 7
percent to their lowest level for 16 months.

Dec 3, 2013

RBS Cyber Monday outage revives bank technology fears

LONDON (Reuters) – Royal Bank of Scotland’s systems crash that left more than 1 million British and Irish customers unable to withdraw cash or pay for goods on Monday has revived concerns about the resilience of the state-backed bank’s technology.

The three-hour outage on one of the busiest shopping nights of the year could cost RBS millions of pounds in compensation and comes as Britain’s regulator is threatening to fine the bank for the collapse of its payment systems last year.

Nov 29, 2013

London leads 11 pct jump in bankers earning 1 million euros

LONDON, Nov 29 (Reuters) – More than 3,500 bankers in Europe
earned 1 million euros ($1.4 million) or more last year after a
big jump across the continent and in Britain, which had 12 times
as many high earners as any other country.

Figures from the bloc’s banking regulator on Friday showed
that London-based bankers would have easily bust the European
Union bonus cap rule coming into effect next year. Bonuses for
the highest earners were almost four times fixed pay.

Nov 29, 2013

London spearheads 11 pct jump in bankers earning 1 million euros

LONDON, Nov 29 (Reuters) – More than 3,500 bankers in Europe
earned 1 million euros ($1.4 million) or more last year after a
big jump across the continent and in Britain, which had 12 times
as many high earners as any other country.

Figures from the bloc’s banking regulator on Friday showed
that London-based bankers would have easily bust the European
Union bonus cap rule coming into effect next year. Bonuses for
the highest earners were almost four times fixed pay.

Nov 28, 2013

Co-op Bank loses customers after ex-chairman scandal

LONDON (Reuters) – Britain’s Co-operative Bank (CPBB_p.L: Quote, Profile, Research, Stock Buzz) said it has lost current account customers as a result of a scandal involving its former chairman and a scheme that makes it easier for people to switch bank accounts.

The bank, which acknowledged the damage to its reputation, said its retail deposits and liquidity remained stable and it was too early to identify any significant trends.

Nov 28, 2013

No gold bars but higher salaries for London bankers with bonus cap

LONDON, Nov 28 (Reuters) – In the 1990s, London-based
investment banks rewarded top employees with gold bars, fine
wine and oriental carpets to dent the impact of higher payroll
taxes.

Now, with public anger at banking excess near all time
highs, they are looking at less flashy ways to cope with curbs
on bonuses, including a new monthly allowance.

Nov 25, 2013

UK to cap payday lenders’ interest charges

LONDON, Nov 25 (Reuters) – Britain is to cap the cost of
payday loans, stepping up its controls over the industry just a
month after the regulator said imposing price controls would be
“a very intrusive proposition”.

George Osborne, finance minister, on Monday said capping
charges was “the next logical step” to take.

Nov 22, 2013

Barclays rejigs pay to counter EU bonus clampdown

LONDON, Nov 22 (Reuters) – Britain’s Barclays is to
give senior bankers an additional monthly payments next year to
counter the industry cap being introduced by the EU to curb the
excessive risk-taking it says helped to trigger the 2008-09
financial crisis.

Under the plan, Barclays will introduce a “role-based pay”
element – on top of base salary and variable bonuses – for
employees occupying specific risk-taking roles.

    • 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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