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.
Standard Chartered Plc named Mike Rees deputy to Chief Executive Officer Peter Sands as the U.K. bank struggling with writedowns in South Korea combines its corporate and consumer-banking units to cut costs.
Lloyds Banking Group Plc, Britain’s biggest mortgage lender, posted its fourth consecutive annual loss after earmarking 3.5 billion pounds ($5.8 billion) to compensate clients mis-sold products including loan insurance.
HSBC Holdings Plc, Europe’s largest bank, posted a bigger-than-estimated increase in first-quarter profit after provisions for bad loans shrank, stirring speculation the lender may step up its cost-reduction targets.
The threat by a New York regulator to suspend Standard Chartered Plc’s banking license is stoking investor and analyst concern the business model that produced eight straight years of record profit is in jeopardy.
Standard Chartered Plc, which generates more than three quarters of operating profit in Asia, will tap rising demand for wealth management products in Southeast Asia to bolster growth, Chief Executive Officer Peter Sands said.