European banking correspondent
Steve's Feed
Dec 3, 2014

UK banks to pay extra 4 billion pounds tax in next five years

LONDON (Reuters) – Britain’s banks will pay an extra 4 billion pounds in taxes over the next five years due to changes announced by Chancellor George Osborne in his autumn statement.

Osborne said he would change rules which enable banks to offset losses from the financial crisis of 2007 to 2009 against tax on profits for years to come, which meant some banks wouldn’t be paying tax for 15 or 20 years.

Dec 3, 2014

UK banks to pay extra $6.3 bln tax in next five years

LONDON, Dec 3 (Reuters) – Britain’s banks will pay an extra
4 billion pounds ($6.3 billion) in taxes over the next five
years due to changes announced by Finance Minister George
Osborne in his autumn statement.

Osborne said he would change rules which enable banks to
offset losses from the financial crisis of 2007 to 2009 against
tax on profits for years to come, which meant some banks
wouldn’t be paying tax for 15 or 20 years.

Dec 2, 2014

Standard Chartered may appoint new banking advisers

LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) said it is considering replacing its banking advisers, UBS and JPMorgan, and has invited rival investment banks to pitch for the potentially lucrative business.

The Asia-focused bank, which is battling to turn around its business after a trio of profit warnings and a slump in its share price this year, has engaged UBS (UBSG.VX: Quote, Profile, Research, Stock Buzz) and JPMorgan (JPM.N: Quote, Profile, Research, Stock Buzz) as its corporate brokers for several years.

Nov 26, 2014

Ex-Barclays boss Diamond says ready to grab banking bargains

LONDON, Nov 26 (Reuters) – Former Barclays boss Bob
Diamond said he intends to snap up banking assets to take
advantage of the best opportunities in the industry for decades,
as banks shrink and valuations remain depressed.

Diamond is one of the world’s best-known bankers after
building Barclays’ investment bank over a decade and becoming
chief executive. He was forced out in 2012 by UK regulators
after the lender was fined for attempted rigging of Libor
interest rates.

Nov 19, 2014

Hackers to probe cyber crime defenses at British banks

LONDON (Reuters) – In the next few months hackers will try to penetrate the cyber defenses of Britain’s major banks and steal information about millions of customers. But for once they’ll be welcome.

Banks are on red alert after cyber criminals obtained details of 83 million clients from JPMorgan Chase this year and Britain’s leading lenders have signed up for tests that let teams of certified hackers attack at will.

Nov 13, 2014

Standard Chartered bad debts seen near third-quarter level in near-term

LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research) expects its losses from bad debts to remain near to the higher level it reported in its third quarter for the next few quarters, its finance chief said.

“For the moment the level of overall impairment we saw in the third quarter is probably what we would expect directionally for the next few quarters. It’s not entirely predictable, but in that sort of space,” Andy Halford, finance director, told reporters on a conference call on Thursday.

Nov 13, 2014

Standard Chartered bad debts seen near Q3 level in near-term

LONDON, Nov 13 (Reuters) – Standard Chartered
expects its losses from bad debts to remain near to the higher
level it reported in its third quarter for the next few
quarters, its finance chief said.

“For the moment the level of overall impairment we saw in
the third quarter is probably what we would expect directionally
for the next few quarters. It’s not entirely predictable, but in
that sort of space,” Andy Halford, finance director, told
reporters on a conference call on Thursday.

Nov 12, 2014

UK’s Operation Dovercourt forex probe comes in on time

LONDON, Nov 12 (Reuters) – A year ago Tracey McDermott
marked mid-November 2014 in her diary for when British
regulators and their U.S. counterparts should aim to bring big
banks to a co-ordinated settlement over allegations that they
had manipulated currency markets.

But even her boss expected that timetable to slip.

Martin Wheatley, the chief executive of Britain’s Financial
Conduct Authority (FCA), told Reuters on Wednesday that nailing
the landmark settlement had been “touch and go” and therefore
had “managed expectations” by publicly stating that he only
expected a conclusion in 2015.

Nov 12, 2014

Barclays did not join FX settlement due to NY regulator -sources

LONDON/NEW YORK, Nov 12 (Reuters) – Barclays did
not join a $3.4 billion settlement over alleged manipulation of
foreign exchange rates because of issues with its New York
regulator, people familiar with the matter said.

Barclays is overseen in New York by the Department of
Financial Services (DFS), unlike five other banks which settled
with British, U.S. and Swiss regulators.

Nov 12, 2014

Barclays pulled out of FX settlement due to NY regulator: sources

LONDON (Reuters) – Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) did not join a group settlement over the alleged manipulation of foreign exchange rates because of complications with its regulator in New York, people familiar with the matter said.

London-based Barclays is regulated by the New York State Department of Financial Services (DFS), unlike any of the other five banks who agreed a $3.4 billion settlement with British, U.S. and Swiss regulators on Wednesday.

    • 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."
    • Follow Steve