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Mar 24, 2015

HSBC to put headquarters for UK ring-fenced bank in Birmingham – memo

LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research) is to base its “ring-fenced” British retail and commercial banking business in Birmingham in central England, shifting about 1,000 staff there from its London headquarters.

Britain’s big banks must separate such operations from riskier activities from 2019. The aim is to give savers greater protection and prevent taxpayers from having to bail out banks if there are problems in areas like investment banking.

Mar 24, 2015

HSBC to put HQ for UK ring-fenced bank in Birmingham -memo

LONDON, March 24 (Reuters) – HSBC is to base its
“ring-fenced” British retail and commercial banking business in
Birmingham in central England, shifting about 1,000 staff there
from its London headquarters.

Britain’s big banks must separate such operations from
riskier activities from 2019. The aim is to give savers greater
protection and prevent taxpayers from having to bail out banks
if there are problems in areas like investment banking.

Mar 23, 2015

RBS to sell $3 billion more Citizens shares to cut stake to less than half

LONDON (Reuters) – Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) is to sell up to $3.3 billion more shares in its U.S. bank Citizens (CFG.N: Quote, Profile, Research, Stock Buzz) to cut its stake to less than half and accelerate its retreat to its home UK market.

RBS said on Monday it will sell 115 million shares of Citizens’ common stock and up to another 17.25 million shares in an over-allotment option, equivalent to 24 percent of Citizen’s issued shares.

Mar 20, 2015

Bank tax rise stokes pressure for Standard Chartered, HSBC to quit UK

LONDON (Reuters) – Asia-focused banks Standard Chartered (STAN.L: Quote, Profile, Research) and HSBC (HSBA.L: Quote, Profile, Research) could be tempted to abandon their London headquarters to avoid a jump in the UK bank tax set to cost them a combined $2 billion (1.36 billion pounds) a year, investors and analysts said.

Investors in both banks, but particularly Standard Chartered, have in the past encouraged their boards to consider leaving Britain, and this week’s jump in the UK bank levy is building pressure.

Mar 20, 2015

Bank tax rise stokes pressure for StanChart, HSBC to quit UK

LONDON, March 20 (Reuters) – Asia-focused banks Standard
Chartered and HSBC could be tempted to abandon
their London headquarters to avoid a jump in the UK bank tax set
to cost them a combined $2 billion a year, investors and
analysts said.

Investors in both banks, but particularly Standard
Chartered, have in the past encouraged their boards to consider
leaving Britain, and this week’s jump in the UK bank levy is
building pressure.

Mar 18, 2015

UK to raise 9 billion pounds through Lloyds sales in coming year

LONDON (Reuters) – Britain will raise at least 9 billion pounds ($13 billion) selling shares in Lloyds Banking Group (LLOY.L: Quote, Profile, Research) in the coming year as it looks to recover 66 billion pounds of taxpayers’ money spent bailing out banks in the financial crisis.

The government also said it would sell 13 billion pounds worth of home loans held by bailed out Northern Rock and Bradford and Bingley.

Mar 18, 2015

UK to raise $13 billion through Lloyds sales in coming year

LONDON (Reuters) – Britain will raise at least 9 billion pounds ($13 billion) selling shares in Lloyds Banking Group (LLOY.L: Quote, Profile, Research, Stock Buzz) in the coming year as it looks to recover 66 billion pounds of taxpayers’ money spent bailing out banks in the financial crisis.

The government also said it would sell 13 billion pounds worth of home loans held by bailed out Northern Rock and Bradford and Bingley.

Mar 17, 2015

Money, scouts and speed dating: banks fight for technology edge

LONDON, March 17 (Reuters) – Hoping to link with tech
entrepreneurs and get ahead of a wave of digital innovation,
Europe’s top banks are setting up multi-million dollar
investment funds, hiring scouts in Silicon Valley and hosting
“speed dating” sessions.

Financial technology, or fintech, is shaking up the sector,
allowing savers and borrowers to bypass traditional banks with
smartphone apps and websites for loans, payments and all areas
of financial services.

Mar 12, 2015

New Credit Suisse boss faces stiff challenge in Asia

HONG KONG/LONDON (Reuters) – Incoming Credit Suisse boss Tidjane Thiam is expected to focus on private banking in Asia while aggressively cutting jobs at its investment bank, as he aims to repeat the success in the region of his old employer, Prudential.

Thiam could slash 3,000 jobs from Credit Suisse’s investment bank, or 15 percent of staff globally, and cut 150 billion Swiss francs ($149 billion) of assets from the bank’s fixed income, commodities and currencies business as part of that shift, analysts at JPMorgan said.

Mar 9, 2015

I’m the right person to fix HSBC, says CEO Gulliver

LONDON (Reuters) – HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) Chief Executive Stuart Gulliver said he was the right person to run Europe’s biggest bank and fix problems of the past after British lawmakers berated it for allowing “industrial-scale tax avoidance” at its Swiss arm.

Gulliver faced more than two hours of hostile questioning from the lawmakers on Monday, along with a former head of HSBC’s private banking and one of its non-executive directors, over a tax evasion scandal that has rocked the bank.

    • 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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