Stephen Hester News
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Britain’s five biggest banks are poised to plug their part of a 25 billion-pound ($38 billion) capital shortfall identified by regulators without turning to shareholders for money.
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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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Golden parachute pay packages to departing company executives may face greater scrutiny from shareholders as part of European Union proposals to stem excessive awards.
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Prime Minister David Cameron refused to rule out selling the British government’s stake in Royal Bank of Scotland Group Plc at a loss as the lender’s management eyes a sale by late 2014.
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Royal Bank of Scotland Group Plc, the recipient of the biggest banking bailout in the world, will eliminate more jobs and close additional branches before its restructuring is complete, Chairman Philip Hampton said.
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Royal Bank of Scotland Group Plc executives said the government may start reducing its 81 percent stake as soon as next year even as the bank posted a bigger- than-estimated decline in first-quarter operating profit.
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Royal Bank of Scotland Group Plc, the recipient of the biggest bank bailout in history, dropped by the most in 11 months after operating profit fell by more than analysts estimated.
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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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Rory Cullinan runs the world’s worst bank from a fifth-floor office overlooking Liverpool Street station in London. His 400-person outfit doesn’t lend money or trade securities. Instead, it sells blown-out mortgages, busted loans and entire companies amassed by Royal Bank of Scotland Group Plc before it collapsed in the global financial crash of 2008. On a Friday afternoon in February, Cullinan is savoring a new feeling in his life as a toxic-asset disposal specialist: hope that the worst is finally over.
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London Mayor Boris Johnson called for Royal Bank of Scotland Group Plc, Britain’s largest state-owned lender, to be broken up and sold as soon as the share price recovers.
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