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Feb. 16, 2015, 8:36 AM
- Royal Bank of Scotland (NYSE:RBS) may have to set aside £10B ($15.4B) in additional conduct costs, following recent probes into the bank's dealings, Bloomberg reports quoting analysts at Keefe Bruyette & Woods.
- The £10.1B total includes settlements for toxic mortgage securities, foreign-exchange manipulation and benchmark rigging.
- RBS is scheduled to report full-year earnings on Feb. 26.
- Previously: Trouble still brewing in the forex market (Feb. 10 2015)
- Previously: RBS falls on report of hefty fine (Jan. 02 2015)
- Previously: Global banks fined $3.4B in forex probe (Nov. 12 2014)
Feb. 10, 2015, 2:56 AM
- In the final stages of a long-running investigation, the U.S. Department of Justice has recently informed Barclays (NYSE:BCS), JPMorgan (NYSE:JPM), the Royal Bank of Scotland (NYSE:RBS) and Citigroup (NYSE:C) that they must plead guilty to criminal charges that they manipulated the prices of foreign currencies, NYT reports.
- Last November, regulators fined five major banks a total of $3.4B for failing to stop traders from trying to manipulate the foreign exchange market, following a year-long global investigation.
- In a separate forex probe disclosed today, the NY Department of Financial Services sent subpoenas to several other banks, expanding its investigation of whether the banks' electronic trading platforms allowed them to front-run clients in the forex market.
- Previously: FT: Forex trading probe widens (Feb. 09 2015)
Feb. 3, 2015, 1:20 PM
- The EU last year put into place a new bank-resolution law which would force losses on bondholders - 8% of a failing bank's liabilities would have to be wiped out before a bailout could be discussed.
- Without the systemic support, S&P cuts ratings on Credit Suisse (CS +1.9%), HSBC (HSBC +1.5%), Barclays (BCS +6.2%), Lloyds (LYG +3.6%), RBS (RBS +3.6%), and Standard Chartered (OTCPK:SCBFF +2.4%).
- Among those on watch for a cut, says S&P, is Deutshce Bank (DB +3.5%).
Jan. 14, 2015, 5:57 AM
- Royal Bank of Scotland (NYSE:RBS) has been granted a waiver by the U.S. Federal Reserve from new overseas bank laws that go into effect next year.
- The rules will require all overseas banks with over $50B of U.S. assets to set up a separate American holding company with strict capital and reporting requirements.
Jan. 12, 2015, 2:55 AM
- Just a month after it announced plans to wind down its fixed-income trading business in Japan, Royal Bank of Scotland (NYSE:RBS) is now discussing a potential retreat from Asia, where the bank currently employs about 2K people.
- The latest move is part of a drastic restructuring launched by CEO Ross McEwan last year, which is aimed at reducing the bank's non-U.K. activities to less than a quarter of its assets.
Jan. 9, 2015, 7:33 AM
- U.K. Financial Investments - the group managing the country's stakes in bailed out banks - is discussing a possible £2B capital raise with Royal Bank of Scotland (NYSE:RBS), reports Sky News.
- The U.K. holds an 80% stake in the bank.
- Talks are being complicated by a clause in the bailout agreement which prevents the government's stake from being diluted by a share sale.
- The stock's lower by 2% in London action.
Jan. 2, 2015, 4:45 AM
- Shares of Royal Bank of Scotland (NYSE:RBS) are down 2.4% in London following a report from The Times stating that the lender could face fines of more than £5B over its involvement in the sale of toxic mortgage-backed debt in the U.S.
- The figure is way above the £1.9B set aside by the bank to cover the potential fines.
Dec. 16, 2014, 4:19 AM
- Royal Bank of Scotland (NYSE:RBS) has agreed to sell £4.8B ($7.5B) of Irish property loans to an entity controlled by Cerberus for as much £1.1B ($1.7B).
- The sale is expected to be completed in the first quarter of 2015.
- U.K. banks are selling real estate loan books as they repair balance sheets damaged during the financial crisis after property prices crashed and loans soured.
Dec. 10, 2014, 6:49 AM
- Following the announcement for the sale of Coutts International, RBS (NYSE:RBS) is pulling the plug on its fixed-income trading business in Japan, slashing staff by more than 200 to about 30. The bank will retain only enough people to service remaining clients.
- The move is the latest restructuring as RBS seeks to improve profitability after six consecutive annual losses.
Dec. 8, 2014, 5:46 AM
- Royal Bank of Scotland (NYSE:RBS) has officially launched the sale of private bank Coutts International and has invited at least 10 potential suitors, including Credit Suisse (NYSE:CS), Julius Baer (OTCPK:JBAXY) and Malayan Banking Berhad (OTCPK:MLYBY) to participate in the auction.
- First-round bids are due before Christmas, with a sale expected to fetch about $1B.
- The sale of Coutts will help RBS, which is owned by the British government, to focus on domestic lending.
- Previously: RBS looking to offload Coutts International (Aug. 11 2014)
Dec. 1, 2014, 8:05 AM
- Continuing to pare down its businesses, Royal Bank of Scotland (NYSE:RBS) is closing down most of its European debt restructuring operations outside the U.K., reports Bloomberg.
- The bank in general is paring down non-core operations to focus on being a U.K. lender, but this particular unit has been under scrutiny for allegations RBS deliberately pushed vulnerable companies into bankruptcy in order to boost activity and profits.
Nov. 21, 2014, 11:01 AM
- Without the error, the bank's full-year CET1 ratio under the EBA's stress test's adverse scenario would have been only a barely-passing 5.7% (5.5% was the passing level) instead of the initially reported 6.7%.
- The bank's currently reported (as of Sept. 30) CET1 ratio of 10.8% is not affected.
- RBS -1.3% on a strongly green day for European markets.
Nov. 20, 2014, 6:40 AM
- British regulators fined Royal Bank of Scotland (NYSE:RBS) £56M ($88M) today over a technology failure that left millions of customers unable to access their accounts in 2012.
- The Financial Conduct Authority says that the IT failure had affected more than 6.5M RBS, NatWest, and Ulster Bank customers over the course of several weeks.
Nov. 14, 2014, 2:07 AM
- Royal Bank of Scotland (NYSE:RBS) is fully exiting its U.S. mortgage trading business after originally planning to reduce it by two-thirds.
- RBS said in May it would eliminate hundreds of jobs in the U.S. due to new legislation passed by the Fed in February.
- The new laws impose foreign banks with $50B or more in U.S. assets, to set up an intermediate holding company subject to the same capital, risk management and liquidity standards as U.S. banks.
Nov. 12, 2014, 2:24 AM
- Global regulators have fined six major banks, including UBS (NYSE:UBS), HSBC (NYSE:HSBC), Citigroup (NYSE:C), Royal Bank of Scotland (NYSE:RBS), JPMorgan (NYSE:JPM) and BofA (NYSE:BAC), a total of $4.3B over allegations of price fixing and manipulating benchmarks in the $5T-a-day foreign exchange market.
- The penalties were imposed by Britain's Financial Services Authority, the U.S. Commodity Futures Trading Commission and Swiss regulator FINMA.
- Barclays (NYSE:BCS) had been expected to be part of the settlement but the FCA said its investigation into the U.K. bank was continuing.
Oct. 31, 2014, 10:38 AM
- Royal Bank of Scotland (RBS +4.8%) is the latest to do so, today announcing the setting aside of $640M for potential settlements in the currency-rigging investigations.
- In total, seven major U.S. and European banks have boosted their legal reserves by $6.5B in October. Last night, Citigroup (C +0.4%) was forced to cut its Q3 earnings by $600M amid "rapidly-evolving" probes.
- UBS has put aside the most of any single bank this month - $1.9B. Next in line is Deutsche Bank (DB +0.7%) with $1.1B, and JPMorgan (JPM +1.3%) with $1B. None of the lenders disclosed exactly how much was specifically for foreign exchange, and none have yet been formally accused of wrongdoing.
- Barclays (BCS +5.6%) reserved $800M for FX-related settlements, and Credit Suisse (CS +0.5%) $400M.
- ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, IAI, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ
Royal Bank of Scotland Group (The) PLC is an international banking and financial services company. The Company through its subsidiaries provides banking products and services to personal, commercial and large corporate and institutional customers.
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