European banking correspondent
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Jun 6, 2014

Looming BNP fine unnerves bankers hoping for calmer times

LONDON (Reuters) – A prized collection of French paintings and furniture at a London museum provided a fitting backdrop this week for a dinner attended by 40 big bank bosses, where the conversation buzz was the huge fine potentially facing France’s biggest bank.

BNP Paribas (BNPP.PA: Quote, Profile, Research, Stock Buzz) may have to pay a fine of about $10 billion for allegedly evading U.S. sanctions, sources say, a penalty that executives from banks in Europe and the United States fear marks a step-change in the scale of punishments on offenders in the financial services industry.

Jun 4, 2014

Bank regulation issues seen settled in six months – Osborne

LONDON (Reuters) – Chancellor George Osborne voiced confidence on Tuesday that politicians and regulators from major economies will achieve a framework for sorting out problems with bank regulation within six months.

The Financial Stability Board, the regulatory arm of the Group of 20 leading economies (G20) that is chaired by Bank of England Governor Mark Carney, is targeting a G20 meeting on Nov. 15-16 in Brisbane, Australia, for resolving questions such as how to handle big, multinational banks if they hit trouble.

Jun 4, 2014

Bank regulation issues seen settled in six months: UK finance minister

LONDON (Reuters) – Britain’s finance minister George Osborne voiced confidence on Tuesday that politicians and regulators from major economies will achieve a framework for sorting out problems with bank regulation within six months.

The Financial Stability Board, the regulatory arm of the Group of 20 leading economies (G20) that is chaired by Bank of England Governor Mark Carney, is targeting a G20 meeting on Nov. 15-16 in Brisbane, Australia, for resolving questions such as how to handle big, multinational banks if they hit trouble.

Jun 3, 2014

Risk, regulation and rehabilitation: bankers meet to gauge progress

LONDON, June 4 (Reuters) – How far banks are along the path
to rehabilitation will be thrown into sharp focus this week when
politicians, central bankers and bank bosses gather in London -
Europe’s finance capital and also the site of many of the
industry’s ills.

Bank bosses say risk-taking has been cut and banking culture
is on the mend but critics say more needs to be done to restore
trust in an industry blamed by many people for the financial
crisis, and to avoid the need for taxpayer bailouts.

May 30, 2014

UK Treasury red-faced over Lloyds sale release error

LONDON (Reuters) – Britain’s finance ministry mistakenly released potentially market-moving information on Friday and blamed a website error for erroneously saying it planned to sell 4 billion pounds ($6.7 billion) of shares in Lloyds Banking Group.

The government is not planning to sell the shares, and the release was “completely erroneous”, a Treasury spokesman said. “The Treasury is urgently looking into why this happened,” he said.

May 29, 2014

Shareholder anger simmers worldwide over bankers’ pay

LONDON (Reuters) – Investors owning almost 6 billion shares rejected the pay plans of 10 of the world’s biggest banks in recent weeks as anger over excessive bonuses reached record levels in Britain and jumped sharply from a year ago in the United States.

Hefty bankers’ bonuses have been blamed for contributing to the 2008/09 financial crisis and banks have since changed pay structures, but many politicians, shareholders and members of the general public say the industry has not gone far enough.

May 23, 2014

HSBC says 21 percent of investors at annual meeting oppose pay policy

LONDON (Reuters) – More than a fifth of HSBC’s HSBA.L shareholders opposed the bank’s pay policy on Friday in the latest show of anger that banks have not reined in bonuses enough in the wake of the financial crisis.

About 21 percent of investors who voted opposed HSBC’s vote on its pay policy for the next three years, not enough to block its plans but representing significant opposition.

May 23, 2014

HSBC comes under investor fire on bankers’ pay

LONDON (Reuters) – More than a fifth of HSBC’s shareholders opposed the bank’s pay policy on Friday in the latest show of anger that banks have not reined in bonuses enough in the wake of the financial crisis.

About 21 percent of investors who voted opposed HSBC’s vote on its pay policy for the next three years, not enough to block its plans but representing significant opposition.

May 23, 2014

HSBC’s CEO rules out major changes to investment bank

LONDON, May 23 (Reuters) – HSBC’s Chief Executive
Stuart Gulliver told shareholders on Friday that Europe’s
biggest bank had no plans to follow rivals by dramatically
reshaping its investment bank.

Since the 2008 financial crisis, several European banks have
overhauled their investment banking divisions faced with more
intense scrutiny from regulators and dwindling revenue. Barclays
announced plans this month to shrink its investment
bank earlier while Deutsche Bank asked shareholders
for billions of euros to grow its investment bank in the United
States.

May 23, 2014

Barclays slapped with $44 mln fine over gold price fix

LONDON, May 23 (Reuters) – Barclays Plc has been
fined 26 million pounds ($43.8 million) for failures in internal
controls that allowed a trader to manipulate the setting of gold
prices, just a day after the bank was fined for rigging Libor
interest rates in 2012.

Britain’s Barclays is the first bank to be fined over
attempted manipulation of the 95-year-old London gold market
daily “fix”, although a source familiar with the fine said it
was a one-off and not part of a wider investigation into gold
price rigging.

    • 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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