European banking correspondent
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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.

May 23, 2014

Barclays fined 26 million pounds over gold price fix

LONDON (Reuters) – Barclays Plc (BARC.L: Quote, Profile, Research) has been fined 26 million pounds 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 said the fine was a one-off and not part of a wider investigation into gold price rigging.

May 21, 2014

Barclays, ex-boss Diamond compete for Africa’s banking promise

LONDON/JOHANNESBURG, May 21 (Reuters) – Gaborone and Lusaka
are the unlikely settings for a battle between one of the
world’s most famous investment bankers and his former firm over
the future of African banking.

American banker Bob Diamond last week unveiled plans to
raise $400 million to double the war chest of his African
venture Atlas Mara and set him up to buy more banks.

May 16, 2014

Legal claims over RBS cash call near 4 billion pounds

LONDON (Reuters) – Hundreds more investors have joined an unprecedented group legal action against Royal Bank of Scotland, alleging they were misled during an emergency cash call in 2008, and are claiming damages of around 4 billion pounds ($6.7 billion).

RBoS Action Group, which represents the largest group of shareholders, said it had filed claims by Friday and would lodge more next week. The claims could be for at least 1.2 billion pounds.

May 16, 2014

Wells Fargo sets up in Aberdeen as part of UK expansion

LONDON, May 16 (Reuters) – Wells Fargo, the world’s
biggest bank by market value, this week opened an office in
Aberdeen to tap into oil industry business on Scotland’s east
coast as part of its UK expansion.

San Francisco-based Wells Fargo said the office has three
people and is the latest step in a steady expansion in Europe,
Middle East and Africa (EMEA), where it now has 930 people, up
from about 600 at the start of 2012.

May 15, 2014

UK’s RBS cash call claims seen near four billion pounds

LONDON (Reuters) – Hundreds more investors have jumped aboard an unprecedented group action against Royal Bank of Scotland, alleging they were misled during a record rescue cash call in 2008, and are claiming damages of roughly 4 billion pounds ($6.7 billion).

As Thursday’s deadline loomed for lawyers to coral claimants, four groups issued proceedings on behalf of both top institutions and thousands of small investors in the first American-style class action set to hit English courts.

May 15, 2014

UK’s RBS cash call claims seen near 4 bln pounds

LONDON, May 15 (Reuters) – Hundreds more investors have
jumped aboard an unprecedented group action against Royal Bank
of Scotland, alleging they were misled during a record
rescue cash call in 2008, and are claiming damages of roughly 4
billion pounds ($6.7 billion).

As Thursday’s deadline loomed for lawyers to coral
claimants, four groups issued proceedings on behalf of both top
institutions and thousands of small investors in the first
American-style class action set to hit English courts.

May 14, 2014

HSBC says bonus for chairman capped at 1 million pounds

LONDON, May 14 (Reuters) – Banking group HSBC Holdings Plc
has attempted to head off investor criticism over a new
pay plan, capping any share bonus for its Chairman Douglas Flint
this year at 1 million pounds ($1.7 million) and saying it would
be a one off.

Under new pay proposals set out in March, HSBC said it could
have awarded Flint up to 2.25 million pounds worth of shares as
an annual bonus in exceptional circumstances.

    • 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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