Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, fell in London trading after Chief Executive Officer Stephen Hester quit and the company started to cut 2,000 investment-banking jobs.
German officials seeking to bolster confidence in the financial system by releasing the results of banking stress tests may heed calls to shine a light into the accounts of Germany’s state-owned lenders.
Chancellor of the Exchequer George Osborne said lenders need to share the pain of tax increases as he announced a levy on lenders’ balance sheets. Investors and analysts say banks have dodged a bullet.
Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, led European bank shares higher as it prepared to sell a stake in its Citizens Financial Group Inc. unit through an initial public offering.
European stocks dropped for the first week in seven as U.S. regulators sued Goldman Sachs Group Inc. for fraud and consumer confidence unexpectedly declined, overshadowing a European Union-led agreement to rescue Greece.