Simon Maughan News
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HSBC Holdings Plc, Europe’s largest bank, will eliminate as many as 14,000 more jobs as Chief Executive Officer Stuart Gulliver set out plans to cut an additional $3 billion of costs as he tries to revive profitability.
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Co-Operative Bank Plc, which began in Britain’s 19th-century industrial north, said it doesn’t need a government bailout after Moody’s Investors Service cut the lender’s rating to junk status, citing a capital shortfall.
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UBS AG, Deutsche Bank AG and Lloyds Banking Group Plc posted profit that topped analysts’ estimates in a sign Europe’s largest lenders are rebounding from the financial crisis after years of job cuts, loan losses and capital raising.
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Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, may tomorrow post its first quarterly profit since 2011 as bad loans and the cost of redress for past missteps fell.
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Lloyds Banking Group Plc, the U.K.’s biggest mortgage lender, plans to sell 632 branches in an initial public offering after Co-Operative Bank Plc pulled out of an agreement to buy the assets.
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European banks pledged last year to cut more than $1.2 trillion of assets to help them weather the sovereign-debt crisis. Since then they’ve grown only fatter.
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A surge in Spanish banks shows investors are betting the nation’s 3.4 trillion-euro ($4.5 trillion) financial industry is beginning to heal.
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The European Union may target banks with fines as high as 10 percent of their annual revenue if they fail to combat money laundering and terrorist financing.
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U.K. banks including Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc may avoid the need to sell new shares to bolster their balance sheets after the Bank of England used more lenient rules than those advocated by European regulators.
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Standard Chartered Plc Chairman John Peace was forced by U.S. regulators to apologize for claiming breaches of sanctions on Iran that led to a $667 million fine were unintentional.
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