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Dec 11, 2013

RBS finance chief’s exit gives CEO another headache

LONDON (Reuters) – Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) chief Ross McEwan faced a fresh management headache on Wednesday as the surprise departure of Finance Director Nathan Bostock created a senior vacancy as the group attempts to navigate through a period of upheaval.

Bostock, 52, has quit to rejoin Spain’s Santander (SAN.MC: Quote, Profile, Research, Stock Buzz) after just 10 weeks in the job, dealing a blow to McEwan’s efforts to turn around the state-owned lender and adding the appointment of a new CFO to his lengthy “to do” list.

Dec 11, 2013

RBS’s finance chief Bostock quits to join Santander UK

Dec 10 (Reuters) – Royal Bank of Scotland said its
finance director, Nathan Bostock, had resigned to join Spanish
bank Santander after just 10 weeks in the job, dealing
a major blow to the state-backed lender’s turnaround efforts.

RBS said in a brief statement Bostock had on Tuesday evening
told the board his intention to resign and would formally resign
soon.

Dec 10, 2013

RBS’s Finance Director Bostock resigns to join Santander

Dec 10 (Reuters) – Royal Bank of Scotland said its
finance director, Nathan Bostock, had resigned after just 10
weeks in the job, dealing a major blow to the state-backed
bank’s turnaround efforts.

RBS said in a brief statement Bostock had on Tuesday evening
told the board his intention to resign and would formally resign
soon.

Dec 9, 2013

HSBC plays down prospect of listing UK banking arm

LONDON, Dec 9 (Reuters) – HSBC played down a report
on Monday that it was considering listing a third of its British
retail and commercial banking arm in order to meet UK regulation
and unlock value for shareholders.

The Financial Times on Monday said HSBC was considering
selling 30 percent of its UK arm. It said the plan was at an
early stage but the matter had been discussed with investors and
informally at board level, citing three people familiar with the
project.

Dec 6, 2013

Banks pay out 81 million pound on swaps mis-selling

LONDON (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 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.

    • 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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