Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc are set to post losses for 2011 this week before returning to profit as the state-controlled U.K. banks cut thousands of jobs and finish a series of writedowns.
By Thursday lunchtime in London, the 18,900 employees in Royal Bank of Scotland Group Plc’s investment banking division will know whether they still have jobs at Britain’s biggest government-owned lender.
Standard Chartered Plc, the British bank that generates the majority of its earnings in Asia, said it posted “very strong” profit and revenue in the first quarter on an improved performance from consumer and corporate banking.
European stocks rose, with the Stoxx Europe 600 Index rebounding from two days of losses, as Italy’s Prime Minister Silvio Berlusconi won a parliamentary vote on the budget yet still lost his absolute majority.
Lloyds Banking Group Plc, Britain’s largest mortgage lender, reported a profit for the first time since its acquisition of HBOS Plc forced the bank to seek a government bailout. Bad-loan charges fell by half.