Edward Evans News
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Updated 2 hours, 41 minutes ago
Nationwide Building Society, the U.K.’s largest customer-owned lender, said full-year pretax profit rose 3.4 percent as higher impairments in its property finance business offset growth at its consumer unit.
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Societe Generale SA’s Russian consumer-banking unit, OAO Rosbank, is cutting hundreds of back office jobs as it continues cost-reduction efforts, two people with knowledge of the matter said.
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Irish Public Expenditure Minister Brendan Howlin said the government and leaders of the main labor unions “virtually ended” talks on a revised plan to shave 1 billion euros ($1.3 billion) from public-sector pay by 2015.
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A review of asset quality by euro zone’s banking regulators of the region’s banks may show a capital shortfall of 300 billion euros ($386 billion) to 400 billion euros led by France and Germany, according to analysts at Berenberg Bank.
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U.S. billionaire Wilbur Ross said he will consider investing in Spanish banks amid signs the country is following Ireland in starting “to come to grips” with its financial crisis.
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The European Banking Authority approved a plan that will “significantly increase” the number of bankers whose bonuses are capped under European Union rules, accounting firm PricewaterhouseCoopers said.
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The 10 largest U.S. prime money market funds’ holdings of Deutsche Bank AG securities declined to the lowest in almost two years as Germany’s biggest bank cut its reliance on short-term financing.
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Lloyds Banking Group Plc advanced in London trading, exceeding the price at which the government says it will break even on its holding after providing a 20 billion- pound ($30.5 billion) rescue almost five years ago.
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Royal Bank of Scotland Group Plc, the recipient of the world’s biggest banking bailout, will cut 1,400 head-office jobs in the next two years as part of an overhaul of its consumer unit in the U.K.
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Lloyds Banking Group Plc will return to profitability in 2013, allowing the government to start selling its stake in the lender, Chief Executive Officer Antonio Horta-Osorio said.
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