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  • Tue, Oct. 25, 3:14 AM
    • A series of huge DOJ fines on Barclays (NYSE:BCS), Credit Suisse (NYSE:CS) and Deutsche Bank (NYSE:DB) for mis-selling mortgage securities could be postponed until after next month's presidential election, Sky News reports.
    • The delay also means RBS will likely have to account for the majority of a fine in its 2017 results, making it virtually certain that the bank will record its tenth consecutive annual loss.
    | Tue, Oct. 25, 3:14 AM | 8 Comments
  • Tue, Oct. 11, 5:04 AM
    • Royal Bank of Scotland (NYSE:RBS) has denied trying to profit from deliberately causing the failure of SME businesses during and after the financial crisis.
    • Shares in the U.K. government owned lender fell sharply yesterday on the whistleblower allegations revealed by the BBC and Buzzfeed.
    • RBS said it should have done better for SME customers in certain areas but any issues that existed have now been resolved.
    | Tue, Oct. 11, 5:04 AM
  • Thu, Sep. 29, 5:35 PM
    | Thu, Sep. 29, 5:35 PM | 4 Comments
  • Wed, Sep. 28, 2:45 AM
    • Royal Bank of Scotland (NYSE:RBS) has agreed to pay $1.1B of penalties to U.S. authorities in order to settle claims that it mis-sold mortgage-backed securities to credit unions that later failed.
    • The settlement brings the National Credit Union Administration's recoveries against various banks to $4.3B in lawsuits over their sale of MBSs before the financial crisis.
    • RBS shares are down 42% YTD.
    | Wed, Sep. 28, 2:45 AM
  • Tue, Sep. 27, 10:25 AM
    • Banks could have and can still spare themselves a lot of pain by cooperating early and often, says Bill Baer, the DOJ's number three man.
    • Baer is speaking about the crisis-era mortgage settlements, some of which ran into the tens of billions of dollars. Banks like Deutsche Bank (NYSE:DB) and RBS have yet to settle, and his message to the lenders seems to be: Submit quickly, and we'll throttle back the fines a bit.
    • Deutsche of late has come under extreme pressure, in part, thanks to rumors the DOJ is seeking $14B to settle. Down another 3% earlier this morning, the stock has turned marginally higher.
    | Tue, Sep. 27, 10:25 AM
  • Tue, Sep. 27, 9:18 AM
    • "We are in uncharted territory if we don’t actually sell the assets through an asset sale this year," says Royal Bank of Scotland (NYSE:RBS) CEO Ross McEwan, warning the bank may not be able to unload its Williams & Glyn unit.
    • His comments come after Santander last week reportedly dropped out of talks to buy the operation over objections to the price.
    • To review, RBS must sell Williams & Glyn as a condition of its financial crisis bailout. Santander nearly purchased several years ago, but technical difficulties - the operation has 2M retail and business customers and 300 branches which needed to be separated from RBS's systems - scuttled the deal.
    • McEwan says RBS is looking at "alternative options," but doesn't give details.
    • The ADRs are lower by 2.6% premarket.
    | Tue, Sep. 27, 9:18 AM
  • Wed, Sep. 21, 9:02 AM
    • Unable to find a buyer for the unit amid a worsening downturn across the freight industry, Royal Bank of Scotland (NYSE:RBS) has started to wind down its global shipping finance business, reports Reuters.
    • Industry sources say the bank for more than a year has been trying to sell the business, but didn't have interest at its hoped-for $3B valuation. The bank thus has decided an orderly wind-down over the next few  years will bring it more value than a sale.
    | Wed, Sep. 21, 9:02 AM
  • Tue, Sep. 20, 2:41 PM
    • Price is the issue as Santander (NYSE:SAN) has pulled out of talks with Royal Bank of Scotland (NYSE:RBS) over a purchase of the British lender's Williams & Glyn unit, according to Bloomberg.
    • Santander in 2010 had agreed to buy the operation - which today has 314 branches, £24.2B in assets, and 2M customers - but walked away from the deal in 2012 after too many delays in getting the closing done.
    • The sale of Williams & Glyn is a key leg in RBS's hopes to be able to restart regular dividends, and management has indicated it's willing to accept a price less than the £1.3B in book value. RBS says there's been interest from a number of potential suitors and last month put an end to costly plans to IPO the bank.
    | Tue, Sep. 20, 2:41 PM
  • Mon, Sep. 19, 9:08 AM
    • Shares plunged late last week after word leaked the U.S. is seeking $14B over crisis-era MBS dealings, and they're extending those losses today as analysts crunch the bank's capital numbers.
    • Any settlement above $6B would suggest a capital raise would be necessary just to pay the fine, says SocGen's Andrew Lim, noting Deutsche (NYSE:DB) has only about $12B in legal reserves and is still facing other probes.
    • Macquarie's Piers Brown says the bank's capital position is "precariously thin" even without bad litigation outcomes, although a sale of Postbank could ease that pressure a bit.
    • JPMorgan says a U.S. settlement in the $3B-$3.5B range would leave Deutsche will the necessary room to settle other cases without a capital raise. For each $1B over that range, litigation costs would erode capital by 24 basis points.
    • Shares -0.8% premarket
    • Down in concert with Deutsche on Friday on the $14B number was Royal Bank of Scotland (NYSE:RBS), which has also yet to settle U.S. mortgage charges. That stock has bounced 1.25% today.
    | Mon, Sep. 19, 9:08 AM | 3 Comments
  • Fri, Sep. 16, 1:00 PM
    | Fri, Sep. 16, 1:00 PM
  • Fri, Sep. 16, 9:16 AM
    | Fri, Sep. 16, 9:16 AM | 1 Comment
  • Fri, Aug. 5, 1:00 PM
    | Fri, Aug. 5, 1:00 PM
  • Fri, Aug. 5, 9:12 AM
    | Fri, Aug. 5, 9:12 AM
  • Fri, Aug. 5, 6:31 AM
    • The Royal Bank of Scotland (NYSE:RBS): Q2 net loss of £955M.
    • Total income of £3B (-19.8% Y/Y).
    • Press Release
    | Fri, Aug. 5, 6:31 AM
  • Fri, Aug. 5, 3:30 AM
    • Royal Bank of Scotland (NYSE:RBS) racked up a more than a £2B loss in the first half after taking substantial charges for litigation and conduct.
    • Allianz's (OTCQX:AZSEY) net profit fell by half in Q2, hit by higher damage claims, the sale its South Korean business and weaker investment performance.
    • "Net outflows at Pimco have slowed, but we have not yet reached our goals," CEO Oliver Baete said in a statement.
    | Fri, Aug. 5, 3:30 AM
  • Tue, Aug. 2, 1:11 PM
    • Williams & Glyn comprises 314 Royal Bank of Scotland (NYSE:RBS) branches which the state-owned lender had promised to unload by the end of 2017 as part of its crisis-era bailout.
    • It's tougher than it sounds, and RBS earlier this year said there was significant risk it couldn't get the job done by the deadline. Santander (NYSE:SAN) has been circling for some time, and a previous deal to purchase in 2012 fell through amid concerns about the bank's technology.
    • Today, RBS has 5K staff working on the process of separating itself, and Williams & Glyn still doesn't have its own banking license.
    • Source: Max Colchester in the WSJ
    | Tue, Aug. 2, 1:11 PM | 7 Comments