Royal Bank Of Scotland Is Making Progress Slowly
The Royal Bank Of Scotland: Undervalued As Restructuring Moves Forward
Helix Investment Research • 17 Comments
Helix Investment Research • 17 Comments
Fri, Jun. 24, 9:11 AM
- Gainers: AAU +20%. VGZ +18%. MUX +13%. AKG +12%. GPL +13%. GORO +12%. GFI +12%. EMES +12%. GOLD +12%. AU +12%. SBGL +11%. EXK +11%. KGC +10%. HMY +11%. SAND +10%. ABX +10%. EGO +9%. SA +7%. IAG +9%. AUY +9%. CDE 9%. NGD 9%. AEM 8%. NEM 8%. GG 8%. NG 8%. FSM 7%.
- Losers: LYG -27%. BCS -26%. SAN -24%. RBS -23%. AV -23%. BBVA -22%. DB -18%. ING -18%. BT -18%. VNR -11%. TEF -17%. CS -16%. PUK -15%. MT -15%. AEG -14%. RYAAY -13%. UBS -12%. FCAU -12%. GNCA -12%. NOK -12%. BBL -11%. IPI -11%. TOT -11%. ANFI -11%. MNKD -10%. BCEI -8%. VMEM -10%.
Fri, Jun. 24, 5:22 AM
- Banks across the globe are taking a serious beating post-Brexit.
- Much of the regulations that govern the financial services industry and allow for cross-border transactions are at the EU level, meaning regulatory changes will need to be negotiated and altered from their current financial infrastructure.
- Banking stocks premarket: BCS -25%, RBS -24%, LYG -27%, HSBC -10%, DB -16%, UBS -10%, C -7.5%, BAC -7%, JPM -6%, WFC -5%, GS -5%, MS -5%.
- ETFs: XLF, FAS, FAZ, KRE, UYG, VFH, KBE, IYF, BTO, IAT, IYG, SEF, FNCL, FXO, KBWB, QABA, RYF, FINU, KBWR, KRU, RWW, FINZ, KRS, XLFS
Tue, Jun. 21, 7:53 AM
- These 900 combined with other recent cuts will take the total number of layoffs in the last four months to about 5% of the bank's U.K. workforce. At year-end 2015, RBS had 64K staff in Britain.
- This particular round focuses on information technology and back office positions that support the commercial, retail, and private bank, according to the Reuters report.
- RBS is up another 1.75% in London action after yesterday's 7%-plus gain as Brexit fears continue to recede.
Mon, Jun. 20, 1:00 PM
Mon, Jun. 20, 11:02 AM
- Punished worse than most in the run-up to the Brexit referendum have been the British banks as London's financial center status is seen as highly vulnerable in the event the "leave" camp prevails.
- A weekend poll showing a sizable shift back to the "remain" camp has the FTSE 100 higher by 4.15%, with Barclays (BCS +7.9%), RBS (RBS +8%), and Lloyds (LYG +9.3%) leading the way. HSBC's (HSBC +3.5%) gain in more inline with the major average.
Mon, Jun. 20, 9:16 AM
Tue, Jun. 14, 7:42 AM
- The Bank of England is offering the country's lenders extra liquidity to help them get through any volatility surrounding next week's Brexit vote. Banks today tapped the central bank for £2.46 of that cash.
- While that amount at repo auctions isn't unusual (they're held every month), the BoE is offering an extra three auctions in June - two before the vote and one after.
- The stock prices of British banks have been under heavy pressure ahead of the vote, and most are lower again today. In London trade: Barclays (NYSE:BCS) -2.9%, RBS -1.7%, Lloyds (NYSE:LYG) -1.9%, HSBC -1.15%.
- The FTSE 100 is down 1.2%, and the pound (NYSEARCA:FXB) is off 1% vs. the dollar.
- ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
Fri, Jun. 10, 5:36 PM
Mon, May 30, 5:59 AM
- Royal Bank of Scotland (NYSE:RBS) is cutting another 450 jobs, taking the total roles axed at the institution in the past few months to more than 2,600 as it retrenches its operations in the U.K.
- "As RBS becomes a smaller UK-focused bank, we are restructuring our support services to better align with the business we are becoming," the lender said in a statement.
- According to people familiar with the situation, more job losses at RBS are expected in the coming weeks.
Mon, May 23, 3:10 PM
- The ruling from the Court of Appeals for the Second Circuit reinstates previously thrown out private antirust lawsuits against 16 banks for allegedly rigging Libor.
- There are a number of groups of plaintiffs, including Baltimore, Houston, and San Diego.
- For now, the case goes back to lower court for further proceedings. If the suits are successful, the bill to banks could be several billion dollars.
- Roughly a dozen financial companies have already settled official charges of rate manipulation, with some pleading guilty to criminal charges.
- The defendants in line from today's ruling include: Bank of America (NYSE:BAC), Barclays (NYSE:BCS), Credit Suisse (NYSE:CS), Deutsche Bank (NYSE:DB), HSBC, JPMorgan (NYSE:JPM), Lloyds (NYSE:LYG), Royal Bank of Canada (NYSE:RY), SocGen (OTCPK:SCGLY), UBS, and Royal Bank of Scotland (NYSE:RBS).
Wed, May 18, 5:38 PM
Wed, May 18, 10:31 AM
- A new poll shows the "remain" camp gaining strength, with an 18 percentage point lead roughly one month ahead of the Brexit referendum.
- The pound's higher by 0.9%, and the FTSE lower by 0.15%. Outperforming by a mile are the banks: Barclays (BCS +5.3%), RBS (RBS +6%), HSBC (HSBC +1.6%), Lloyds (LYG +4.6%).
Wed, May 4, 2:49 AM
- Seven of the world's largest banks have agreed to pay $324M to settle a U.S. lawsuit accusing them of rigging the "ISDAfix" benchmark for their own gain from 2009 to 2012.
- The illegal deals included the execution of rapid trades just before the rate was set each day, called "banging the close," to delay transactions and post rates that did not reflect market activity.
- The settlement resolves claims against BofA (NYSE:BAC), Barclays (NYSE:BCS), Citigroup (NYSE:C), Credit Suisse (NYSE:CS), Deutsche Bank (NYSE:DB), JPMorgan (NYSE:JPM) and the Royal Bank of Scotland (NYSE:RBS).
Tue, May 3, 9:15 AM
Fri, Apr. 29, 9:09 AM
- “It looked like a headline miss but it’s all overshadowed by yesterday’s Williams & Glyn uncertainty, which hurts, or at least postpones, the overriding investment case,” says Investec's Ian Gordon, who rates the stock a Buy.
- Yesterday, the bank cast doubt on its ability to sell Williams & Glyn by the December 2017 deadline, which would delay any return of capital to shareholders even further (there's been zero since being bailed out in 2008).
- Royal Bank of Scotland (RBS -3.8%) this quarter paid €1.2B to the government as part of its bailout repayment.
- Turning to operations, revenue fell 13% Y/Y, driven by a 36% decline in the shrinking investment bank. Operating expenses fell 33% thanks to lower legal and restructuring costs. Pretax profit excluding those charges was €440M, down from €1.4B a year ago.
- The bank's capital ratio slipped to 14.6% from 15.5%, but remains higher than the 13% target.
- Shares are lower by 4.5% in London action.
- Previously: The Royal Bank of Scotland reports Q1 results (April 29)
Fri, Apr. 29, 7:26 AM
Royal Bank of Scotland Group Plc operates as an international banking and financial services company that provides a wide range of products and services to personal, commercial, and large corporate and institutional customers through its two principal subsidiaries: The Royal Bank of Scotland Plc... More
Industry: Money Center Banks
Country: United Kingdom
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