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Apr 29, 2015

Barclays takes extra 1 billion pound hit for potential forex settlements

LONDON (Reuters) – Barclays (BARC.L: Quote, Profile, Research) set aside another 800 million pounds ($1.2 billion) on Wednesday to cover potential settlements for alleged foreign exchange manipulation, hitting profits and reflecting its struggle to put past problems behind it.

Barclays said it had now set aside 2.05 billion pounds ($3.2 billion) to cover any settlement, after the extra provision to reflect “developments with certain authorities” since it last reported in March.

Apr 29, 2015

Barclays takes extra $1.2 bln hit for potential forex settlements

LONDON, April 29 (Reuters) – Barclays set aside
another 800 million pounds ($1.2 billion) on Wednesday to cover
potential settlements for alleged foreign exchange manipulation,
hitting profits and reflecting its struggle to put past problems
behind it.

Barclays said it had now set aside 2.05 billion pounds
($3.2 billion) to cover any settlement, after the extra
provision to reflect “developments with certain authorities”
since it last reported in March.

Apr 28, 2015

‘We’re looking’ at headquarters issues, Standard Chartered says

LONDON (Reuters) – Asia-focused bank Standard Chartered (STAN.L: Quote, Profile, Research) said the location of its headquarters was under constant review and a sharp increase in a tax on banks in Britain meant it was watching the situation closely.

“At the moment it’s something we’re watching, we’re looking at, we’re thinking about, but at this point in time there’s no change in our position,” Andy Halford, Standard Chartered’s finance director, said.

Apr 28, 2015

“We’re looking” at HQ issues, Standard Chartered says

LONDON, April 28 (Reuters) – Asia-focused bank Standard
Chartered said the location of its headquarters was
under constant review and a sharp increase in a tax on banks in
Britain meant it was watching the situation closely.

“At the moment it’s something we’re watching, we’re looking
at, we’re thinking about, but at this point in time there’s no
change in our position,” Andy Halford, Standard Chartered’s
finance director, said.

Apr 24, 2015

‘Smaller and simpler’ mantra rings through banking boardrooms

LONDON (Reuters) – Deutsche Bank’s expected move to sell much of its retail banking business will see it join a growing list of banks choosing to shrink and simplify to survive.

The benefits of size and reach, for years considered the holy grail of global banking, are now seen as being outweighed by the cost and complexity of running businesses across dozens of countries.

Apr 24, 2015

HSBC says looking into moving headquarters from Britain

LONDON (Reuters) – HSBC Holdings (HSBA.L: Quote, Profile, Research, Stock Buzz), Europe’s biggest bank, will review whether to move its headquarters out of Britain, potentially dealing a blow to a country trying to balance tighter regulation with the importance of the financial industry to its economy.

The announcement comes less than two weeks before UK elections on May 7 and poses challenges for both the Conservatives seeking to return to government and their main rival, the Labour party.

Apr 23, 2015

New Barclays chairman says recovery not yet complete

LONDON (Reuters) – New Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) Chairman John McFarlane said the British bank still faced formidable challenges and signaled his intention to accelerate its turnaround plan within an hour of taking charge.

McFarlane took the helm after the bank’s annual shareholder meeting on Thursday and set out his priorities in a letter to shareholders. He has the job of overseeing the bank’s efforts to stamp out wrongdoing and improve performance.

Apr 19, 2015

Britain’s bank tax jump threatens to push HSBC, StanChart to new home

LONDON (Reuters) – HSBC and Standard Chartered are looking at the viability of quitting London for a new home in Asia because a big jump in a tax on UK banks makes staying in Britain increasingly painful.

Several investors told Reuters they want the two banks to do a thorough analysis on whether it makes sense to move after Britain raised the bank tax by a third last month.

Apr 19, 2015

Insight – Britain’s bank tax jump threatens to push HSBC, StanChart to new home

LONDON (Reuters) – HSBC and Standard Chartered are looking at the viability of quitting London for a new home in Asia because a big jump in a tax on UK banks makes staying in Britain increasingly painful.

Several investors told Reuters they want the two banks to do a thorough analysis on whether it makes sense to move after Britain raised the bank tax by a third last month.

Apr 1, 2015

Bishop, lawmaker and equality campaigner recruited to raise UK bank standards

LONDON (Reuters) – A bishop, a senior lawmaker and a human rights campaigner have been picked for a 14-strong board aiming to push Britain’s banks to improve standards after a series of scandals.

The Banking Standards Board (BSB) on Thursday unveiled a panel including five bankers and nine people from outside the industry to review practices after confidence in banks has been rocked by mis-selling and rate-rigging problems.

    • 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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