UK Banking News – From Bad to Worse
Amidst all the controversy over UK banks for the part they played in mis-selling payment protection insurance to the tune of billions of pounds, the news for many of those lenders just got worse....
View ArticleUK Lenders the target of Moody’s latest rating cuts
In an ongoing review which began in May, Moody’s Investors Service has finally reached a verdict on whether or not to downgrade certain leading UK banks and lenders. Some of the largest lenders have...
View ArticleChancellor backs Vickers’ report
It has come as no surprise to financial experts that Chancellor George Osborne has given his backing to parts of both the Vickers’ banking report as well as to suggestions in the Independent Commission...
View ArticleMortgage rates on the rise
On top of already declining numbers of home sales, two of the UK’s leading mortgage lenders are announcing a rise in the cap on their Standard Variable Rates which may make homeownership even more...
View ArticleRBS Cuts 1,400 Jobs, HSBC Considering Bigger Job Cuts
Edinburgh-based Royal Bank of Scotland plans to axe over 1,400 jobs during its next round of layoffs. The troubled financial services firm is currently 81 percent owned by taxpayers after it was bailed...
View ArticleRBS Faces Libor Scrutiny From Canadian Competition Bureau
The Royal Bank of Scotland faces intensified scrutiny from Canada’s Competition Bureau over its involvement in the Libor scandal. The bank is one of several that may have been involved in a scandal to...
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Royal Bank of Scotland Shares Decline as Chief Executive Leaves
The departure of Royal Bank of Scotland boss Stephen Hester caused the company’s share price to drop in Thursday morning trading. Hester, who joined RBS in 2008 at the peak of the financial crisis,...
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Thomas Hayes Faces Court Over Role in Libor Rigging Scandal
Controversial former UBS trader Thomas Hayes was the first in a series of bankers to be prosecuted for their involvement in the Libor scandal. The former investment banker appeared in court on June...
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Libor Scandal: Tom Hayes Charged With Conspiracy to Defraud
33-year-old former UBS and Citigroup trader Tom Hayes has been charged with a variety of conspiracy offenses regarding his involvement in the Libor interest rate scandal. The derivatives trader has...
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Lloyds Sale to Begin Soon, RBS Could Soon Follow
George Osborne indicated that the 39 percent of Lloyds current owned by taxpayers could be sold ‘within months.’ The Chancellor announced the impending sale during a Mansion House speech, which he...
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Business Secretary: Selling RBS Could Take Years
Both the Royal Bank of Scotland’s chairman and the Prime Minster have a very clear stance on public RBS ownership: it should be sold as soon as possible. But Business Secretary Vince Cable has a...
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Former RBS Boss ‘Obsessed With Minutiae’
Infamous former Royal Bank of Scotland CEO Fred Goodwin has been blasted for his obsession with cleaning and minutiae in a new book documenting his leadership of Britain’s most notorious bank. The...
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RBS Set Back by Fines, Credit Rating Adjustment
More bad news for Royal Bank of Scotland. The bank, which has been in and out of the headlines for the past five years over its controversial conduct and government bailout during the financial crisis,...
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RBS Chief Executive: ‘Smarter Solutions’ for RBS Customers on the Way
New Royal Bank of Scotland chief executive Ross McEwan promises changes to the way the bank does business. The new chief executive claims that RBS will switch to a customer service-focused model in...
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European Commission Fines Eight EU Banks for Rate Rigging
Eight banks, including UK-based RBS, have been fined for taking part in illegal cartel action to fix interest rates. The banks fixed rates for financial derivatives, causing an increase in pricing for...
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‘Huge’ RBS Cost Cuts on the Way
Thousands of Royal Bank of Scotland staff could lose their jobs as the Edinburgh-based bank plans another round of cuts. Approximately 40,000 RBS workers have already been made redundant as the bank,...
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RBS at Risk of Credit Rating Downgrade
Royal Bank of Scotland could face a ratings downgrade from one of the world’s top credit ratings agencies, according to a new report in The Telegraph. The bank faces the possibility of a ratings...
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Barclays Bonuses Needed to Prevent ‘Death Spiral’
Barclays has defended its lucrative executive bonuses as a necessary part of running a global investment bank. The bank’s chief executive, Antony Jenkins, is preparing to explain to critics the...
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