European banking correspondent
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Jul 23, 2015

UK spared 260 mln pound bill after ‘bad bank’ wins appeal

LONDON, July 23 (Reuters) – The UK government will not have
to pay more than 260 million pounds ($405 million) in
compensation to former customers of bailed-out bank Northern
Rock after winning a UK court appeal over the wording of 43,000
past loans.

NRAM Plc — which is part of a state-run ‘bad bank’ running
down the old loans of Northern Rock — said the UK Court of
Appeal ruled in its favour on Thursday, overturning a High Court
decision in December.

Jul 16, 2015

Where Apple leads, payment wristbands ready to tap ‘wearables’ boom

LONDON, July 16 (Reuters) – New payment technologies such as
Apple Pay and FC Barcelona wristbands carrying a digital wallet
will increasingly mean bank customers ditch cards and cash for
wearable technology, experts predict.

Watches, wristbands, jewellery, key fobs and other so-called
wearables, as well as mobile phones, are expected to follow a
surge in tap-and-go payments in countries where card issuers,
banks, retailers and consumers have embraced the technology.

Jul 15, 2015

Worldpay heads for listing after picking Barclays’ Rake as chairman -sources

LONDON, July 15 (Reuters) – British payments processing firm
Worldpay is set to take a step nearer a stock market listing by
appointing Barclays’ deputy chairman Michael Rake as
its new chairman on Wednesday, people familiar with the matter
said.

Worldpay is owned by Advent International and Bain Capital,
who are looking to list it on the London stock market with a
valuation of about 6 billion pounds ($9.4 billion), possibly
later this year, sources said.

Jul 14, 2015

Barclays investment bank in firing line despite change at top

LONDON, July 14 (Reuters) – Any investment bankers hoping
for an easier ride at British bank Barclays after Chief
Executive Antony Jenkins was ousted last week may be in for a
surprise.

Retail banker Jenkins spent three years cutting trading
desks in a bid to boost profitability and curb what politicians
dubbed a casino culture after a series of scandals, alienating
many Barclays dealmakers and traders.

Jul 10, 2015

Barclays may not pick new CEO until spring 2016

LONDON/NEW YORK (Reuters) – British bank Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) may not pick its next chief executive until early next year, potentially leaving new Chairman John McFarlane in charge for at least eight months.

McFarlane fired CEO Antony Jenkins on Wednesday and said he was in no rush to name a successor and will conduct a global search of internal and external candidates.

Jul 9, 2015

Simplify, shrink, motivate, the mission for Europe’s new bank bosses

LONDON, July 9 (Reuters) – Barclays has joined
three other European banks in ousting its chief executive, a
top-level clear out that has raised expectations of big changes
at the banks and triggered an $8 billion jump in their market
value.

Barclays and others banks have struggled to revive their
fortunes and provide attractive returns for investors after the
financial crisis because of tougher regulations and high costs.

Jul 6, 2015

Barclays spends $150 million on U.S. ‘living will,’ sees costs rising

LONDON (Reuters) – British bank Barclays Plc (BARC.L: Quote, Profile, Research, Stock Buzz) said it has spent more than $150 million to develop a resolution plan for its U.S. operations that would allow it to be wound down if it hits trouble, and warned of further extra compliance costs ahead.

In a submission to the U.S. Federal Reserve outlining plans for its so-called “living will” released on Monday, Barclays said it expects to incur further costs from the need to set up an intermediate holding company for its U.S. business by July 2016.

Jul 6, 2015

Barclays spends $150 mln on U.S. “living will”, sees costs rising

LONDON, July 6 (Reuters) – British bank Barclays Plc
said it has spent more than $150 million to develop a
resolution plan for its U.S. operations that would allow it to
be wound down if it hits trouble, and warned of further extra
compliance costs ahead.

In a submission to the U.S. Federal Reserve outlining plans
for its so-called “living will” released on Monday, Barclays
said it expects to incur further costs from the need to set up
an intermediate holding company for its U.S. business by July
2016.

Jul 3, 2015

Barclays eyes narrow new UK bank as rivals take different path

LONDON, July 3 (Reuters) – Barclays is planning to
set up a smaller separate UK bank than rivals as British lenders
finalise how to restructure to meet new rules designed to give
greater protection to savers and taxpayers.

Britain’s big lenders must set up so-called ‘ring-fenced
banks’ by 2019. The new businesses must include UK retail
banking and small business customers and most simple activities.
Big global corporate customers and most investment banking
products have to sit outside in a separate entity.

Jun 29, 2015

Greece may find it is easier to close banks than re-open them

ATHENS/LONDON (Reuters) – Capital controls imposed in Greece are likely to stay in place for months and its banks may need billions of euros of new capital or even face nationalization under a lengthy financial rebuilding, industry sources said.

The decision to close the banks and impose capital controls from Monday was difficult, yet re-opening them and finding a way to lift the measures could prove even tougher, experts warned.

    • 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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