Bruce Packard News
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Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, has injected as much 770 million pounds ($1.24 billion) into its Ulster Bank unit to absorb losses from the collapse of Ireland’s real estate bubble.
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Barclays Plc was hit by an investor protest over pay as 27 percent of shareholders voted against Chief Executive Officer Robert Diamond’s 12 million-pound ($19.5 million) compensation package.
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Barclays Plc’s management is “99 percent to blame” for poor relationships with British politicians and regulators, said Bruce Packard, an analyst at Seymour Pierce Ltd. in London.
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Lloyds Banking Group Plc , Britain’s biggest mortgage lender, named Antonio Horta-Osorio as chief executive officer, depriving Banco Santander SA of the executive preparing its U.K. division for an initial public offering.
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Barclays Plc, which says banks need to become better citizens, will comply with the government’s decision to close two tax loopholes it exploited and which the U.K. Treasury called “highly abusive.”
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Lloyds Banking Group Plc, Britain’s largest mortgage lender, posted a wider-than-estimated full-year loss on a weaker U.K. economy and said income will drop in 2012.
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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.
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HSBC Holdings Plc and Standard Chartered Plc, Britain’s two best-performing bank stocks last year, may say full-year profit rose as growth in Asia eclipsed the stagnating U.K. economy.
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Lloyds Banking Group Plc said it may miss financial targets even as Britain’s biggest mortgage lender posted smaller-than-expected provisions for bad loans in the third quarter.
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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.
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