The Royal Bank of Scotland Group plcNYSE
Today, 4:29 AM
- Looking to avoid a trial in March 2017, Royal Bank of Scotland (NYSE:RBS) has reached a settlement with three out of five shareholder group claimants in a 2008 shareholder rights issue case and hopes to settle soon with the other two.
- The British bank, in which the U.K. government holds a 73% stake, has agreed to pay up to £800M to be split between all five shareholder groups.
Wed, Nov. 30, 2:28 AM
- After failing multiple hurdles in the Bank of England's toughest-ever stress test, Royal Bank of Scotland (NYSE:RBS) has bolstered its capital plan.
- Some "capital inadequacies" were revealed at two other banks, Barclays (NYSE:BCS) and Standard Chartered (OTCPK:SCBFF), though neither was required to submit a revised plan.
- The test also covered HSBC, Lloyds (NYSE:LYG), Nationwide and Banco Santander UK (NYSE:SAN).
Wed, Nov. 16, 12:16 PM
- James Leigh-Pemberton, the head of U.K. Financial Investments - which manages the State's investment in RBS - today told Parliament the fine stemming from the U.S. DoJ mortgage probe could be as high as $12B.
- Source: Caroline Beinham in the FT
- He's basing his estimate on the big numbers (as much as $14B) being floated for Deutsche Bank's fine, and admits it could just as easily be $5B.
- “The direct-drive impact of that number on book value, and particularly on surplus capital, is almost a penny-for-penny impact on the share price," he says.
- RBS is lower by 2.25% today.
Fri, Nov. 11, 8:26 AM
- "Some Democrat appointments at the DOJ have only a few weeks left before they are replaced," says Barclays, laying out a bullish case for European lenders who are likely to face smaller mortgage-related settlements.
- Chief among them is Deutsche Bank (NYSE:DB), which has been staggered by reports that Obama's DOJ wants $14B to walk away.
- Also in talks with Justice are Credit Suisse (NYSE:CS) and RBS. Under investigation, but not necessarily in settlement discussions yet are Barclays (NYSE:BCS), UBS, and HSBC.
Thu, Nov. 10, 9:17 AM
- Gainers: TUBE +82%. SODA +18%. AHT +11%. AEG +10%. ZLTQ +10%. NAT +9%. TASR +9%. MTL +9%. SHAK +8%. KSS +8%. EBIO +8%. UBS +8%. PUK +7%. FCEL +8%. ARIA +6%. FCX +6%. RBS +6%. ENDP +6%. BCS +6%. CS +5%.
- Losers: SUNW -31%. ANTH -19%. BVX -14%. NVAX -11%. WUBA -11%. BBD -8%. SEDG -7%. RRR -6%. AZN -6%. VIV -6%. SBS -5%. NGG -5%.
Wed, Nov. 9, 4:19 AM
- Donald Trump's victory throws into question the core assumption the Fed will raise interest rates soon and follow with further gradual hikes over coming years.
- Banks are struggling on the news. Fed Funds futures are now pricing in less than a 50% chance of a December move and the ECB is likely to interpret the uncertainty with stimulus and lower rates for longer.
- Premarket movement: GS -8.3%, WFC -3.5%, C -3.2%, BAC -2.4%, CS -2.3% JPM -2.2%, LYG -1.8%, HSBC -1.7%, USB -1.4%, BCS -1.5%, ING -0.6%, MS, DB, RBS, UBS
Tue, Nov. 8, 3:47 AM
- Looking to draw a line under one of its longest-running customer service battles, RBS is putting aside £400M to reimburse clients who claim they were mistreated by its small business restructuring unit.
- The funds will go towards both an "automatic refund of complex fees" paid by such firms between 2008 and 2013, as well as operational costs of the complaints process.
Thu, Nov. 3, 1:00 PM
Thu, Nov. 3, 10:35 AM
- The U.K. High Court today threw a wrench in the government's hope for a "hard Brexit," ruling Parliament must approve the invocation of Article 50. In addition, fears of earnings-crushing negative rates are brushed aside as the Bank of England shifts its focus from growth worry to the risk of too-high inflation.
- The advance for the banks today is especially notable given the 0.5% decline in the FTSE 100.
- Royal Bank of Scotland (RBS +6.5%), Barclays (BCS +4.1%), HSBC (HSBC +0.6%), Lloyds (LYG +3.8%), Standard Chartered (OTCPK:SCBFF +1.1%)
Thu, Nov. 3, 9:15 AM
Fri, Oct. 28, 9:14 AM
Fri, Oct. 28, 4:31 AM
- Novo Nordisk (NYSE:NVO) -15% premarket after cutting its profit forecast for 2016 amid difficulties in the U.S.
- Sanofi (NYSE:SNY) shares are up 7.4% before the bell, lifting its profit outlook for the year and detailing news of a big buyback.
- Risk aversion and negative rates continued to weigh on trading at UBS, but the bank recorded a Q3 beat.
- RBS swung to a third-quarter loss on legacy misconduct and restructuring charges.
- Total (NYSE:TOT) topped expectations thanks to cost cuts and an increase in output.
- AB Inbev (NYSE:BUD) -3% premarket due to sorrows in Brazil, cutting its guidance due to weakness in that market.
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. 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.
Thu, Sep. 29, 5:35 PM
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.