European banking correspondent
Steve's Feed
Nov 10, 2014

StanChart to give update on turnaround plans as problems pile up

LONDON, Nov 10 (Reuters) – Standard Chartered boss
Peter Sands has his work cut out to convince investors he can
turn around the Asia-focused bank after three profit warnings,
new troubles in the United States and a 30 percent share price
drop.

Sands, who begins a three-day road show for investors in
Hong Kong starting on Tuesday, is under pressure to show a
restructuring plan he unveiled a year ago is still relevant and
goes far enough.

Nov 7, 2014

UK prepares forex fines for six banks on Wednesday -sources

LONDON, Nov 7 (Reuters) – British regulators investigating
allegations of collusion and manipulation in the foreign
exchange market could fine a group of six banks as early as next
Wednesday, people familiar with the matter said.

The six banks are Switzerland’s UBS, U.S. banks JP
Morgan and Citigroup and Britain’s HSBC,
Barclays and Royal Bank of Scotland, sources
said. They are expected to be fined a total of about 1.5 billion
pounds (2.37 billion US dollar).

Nov 7, 2014

Watchdog cuts extra capital requirements for UBS, Credit Agricole

LONDON (Reuters) – Switzerland’s UBS and France’s Credit Agricole have been deemed by regulators as less important to the global financial system than a year ago and will not have to hold as much extra capital as previously forecast.

In contrast, Agricultural Bank of China has been added to the list of world’s “systemically important” banks and will need to hold extra capital from 2016.

Nov 6, 2014

Watchdog cuts extra capital requirements for UBS, C.Agricole

LONDON, Nov 6 (Reuters) – Switzerland’s UBS and
France’s Credit Agricole have been deemed by
regulators as less important to the global financial system than
a year ago and will not have to hold as much extra capital as
previously forecast.

In contrast, Agricultural Bank of China has been
added to the list of world’s “systemically important” banks and
will need to hold extra capital from 2016.

Nov 6, 2014

UK banks face break-up threat as competition probe launched

LONDON (Reuters) – Britain’s big banks could be broken up after the country’s competition watchdog launched a full-blown investigation into services for small business customers and personal accounts because of a lack of competition.

It marks the latest step by authorities to break the dominance of the country’s big four lenders and is likely to keep the industry in the political spotlight ahead of next year’s election and beyond.

Nov 5, 2014

Wells Fargo sticks to what it knows in overseas push

LONDON, Nov 5 (Reuters) – Wells Fargo & Co, the
world’s biggest bank by stock market value, remains on the
lookout to buy loan portfolios in Europe but is in no hurry to
snap up an ailing bank to speed up its international growth, a
senior executive told Reuters.

San Francisco-based Wells Fargo emerged from the financial
crisis of 2008-2009 better placed than many rivals and is often
touted as a possible buyer of banks around the world.

Nov 5, 2014

Biggest banks brace for poisoned chalice of a place at the top table

LONDON, Nov 5 (Reuters) – About 30 banks will be formally
anointed as the industry’s most important players this week; a
rather dubious honour costing them billions of dollars each in
additional reserves and placing them under increased regulatory
scrutiny.

Policymakers have leaned on the world’s biggest banks to
raise their capital reserves by retaining earnings, selling
shares or curbing dividend payouts to avoid a repeat of the past
financial crisis and large-scale taxpayer-funded bailouts.

Nov 3, 2014

HSBC sets aside $1.8 bln for forex probe, misconduct

LONDON (Reuters) – HSBC’s profits fell short of expectations in the third quarter after the bank set aside $1.8 billion for misconduct settlements and compensation for customers, including a potential fine for rigging currency markets.

The provision and a jump in HSBC’s everyday compliance costs show the impact of regulators’ increasing efforts to clamp down on bad behaviour in the global banking industry that contributed to the financial crisis.

Nov 3, 2014

HSBC sets aside $378 million for forex probe

LONDON (Reuters) – HSBC Holdings (HSBA.L: Quote, Profile, Research, Stock Buzz) has set aside $378 million for a potential settlement with Britain’s financial watchdog for alleged manipulation of currency markets as the bank reported a 12 percent fall in underlying profit in the third quarter.

Europe’s largest bank by market value provided $1.8 billion in total in the quarter for fines, settlements and compensation costs related to mis-selling loan insurance.

Oct 31, 2014

Bank of England increases lenders’ risk buffers, but less than expected

LONDON (Reuters) – The Bank of England told British banks on Friday they will be required to hold more capital to guard against the risks of bad loans, but the new measures were less stringent than many had expected.

Shares in Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) — one of the banks which analysts had feared might be hit hardest by the new rules — rose a hefty 7 percent on the news, and shares in Lloyds Banking Group (LLOY.L: Quote, Profile, Research, Stock Buzz) also gained.

    • 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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