RBS: The Royal Bank of Scotland Group plc Market Currents Page 3

Quote & Headlines Market Currents StockTalk

All
| Earnings
| Dividends
| M&A
| On the move

Friday, March 1, 9:10 AM Premarket gainers: ISRG +9%. SHS +8%. CERS +8%. DECK +8%. SQNM +7%. BBY +6%. PGH +5%.
Losers: AT -34%. FWLT -17%. OVTI -15%. RNIN -14%. IEP -12%. ENMD -12%. YOKU -11%. SD -8%. LYG -8%. CWH -6%. RBS -6%. DB -5%. Comment! [On the Move]
Thursday, February 28, 9:00 AM RBS's FY12 operating profit of £3.462B was about inline with expectations, but a miss - says Nomura - if backing out Libor-related cost adjustments and gains on government bond holdings. The Basel 3 capital ratio of 7.7% vs. company plans for 9% this year and 10% in 2014 means dividend discussions can be postponed. At 9.2x core EPS, the stock looks rich, say the analysts. Shares -5.6% premarket. Comment! [Financials, On the Move]
Thursday, February 28, 3:11 AM More on RBS (RBS) 2012: return on equity 10%; Tier 1 ratio 10.3%; loan:deposit ratio 100%; non-core assets down to £57B. Chairman Philip Hampton says the bank "is much closer now to being in the good financial health that would allow shareholders to receive a dividend and the government to start to sell its stake." CEO Stephen Hester says, "Our target is for 2013 to be the last big year of restructuring." (PR) Comment! [Financials, Top Stories]
Thursday, February 28, 3:05 AM RBS (RBS): 2012 net loss £5.97B vs £2B. Revenue -6.3% to £25.79B. Loss due to £4.6B accounting charge for changes in the value of RBS's own credit, $1.1B charge for mis-selling of products, and £381M for Libor fine. Operating profit almost doubles to £3.46B. As expected, to partially float its Citizens U.S. unit in two years and to cut 20% of risk-weighted assets of investment bank to £80B. (PR) Comment! [Financials, Top Stories]
Sunday, February 24, 2:59 AM RBS (RBS) will reportedly unveil plans on Thursday, along with its FY results, to float its Citizens U.S. retail bank. While an IPO could eventually bring in £8B, RBS will initially sell just 25%. The move is part of RBS's response to political and regulatory pressure to boost its balance sheet and increase its U.K. focus. RBS also intends to continue reducing its investment bank ops, including slashing the size of its balance sheet by £20-30B. 2 Comments [Financials, Top Stories]
Friday, February 22, 3:04 AM EU regulators are reportedly looking at reaching a settlement with banks over the rigging over inter-bank interest rates, although some firms don't want to open talks, as they believe that allegations of wrongdoing have no merit. The EU is carrying out three separate probes into at least a dozen banks and inter-dealer brokers. Comment! [Financials]
Tuesday, February 19, 4:55 AM U.K. Prime Minister David Cameron wants to return RBS (RBS +1.3% in London) to private control as soon as possible, but he first wants the bank to accelerate its restructuring, and strengthen its balance sheet and business. Cameron doesn't rule out giving the government's 82% stake away to the public. Comment! [Financials]
Monday, February 18, 4:38 AM RBS (RBS) is reportedly nearing an agreement to sell 42 Marriott-operated hotels to Abu Dhabi Investment Authority, possibly for £640M ($992M). RBS took control of the hotels when the previous owners defaulted on their debt in 2011. Comment! [M&A, Financials, Consumer]
Friday, February 8, 8:48 AM "This goes much much higher than me," says alleged Libor-fixing ringleader Tom Hayes in a text to the WSJ's David Enrich. Known as "Rain Man" for his brilliance and awkward social skills, Hayes has emerged as "the connective tissue" in banks' attempts to profit as he skipped from RBS to RBC (RY) to UBS, and finally to Citigroup (C). 10 Comments [Financials]
Wednesday, February 6, 8:18 AM More on the RBS/CFTC settlement: "The unlawful conduct continued even after RBS traders learned that a Libor investigation had been commenced by the CFTC." How charming. (full release). Update at 8:20: The U.K.'s FSA fines the bank £87.5M over Libor. RBS shares snore, they're up slightly in London trade. 1 Comment [Financials]
Wednesday, February 6, 8:13 AM The CFTC fines RBS (RBS) $325M to settle Libor charges. (PR) Comment! [Breaking News, Financials, Top Stories]
Wednesday, February 6, 4:09 AM RBS's (RBS) Libor fine will be £400M ($627M), Reuters reports, which is higher than the $500M that the WSJ speculated yesterday, with the full details due to be announced later today. All RBS says is that it will pay "significant penalties," with CEO Stephen Hester warning of a "miserable day." Meanwhile, U.K. Business Secretary Vince Cable has revived a proposal to privatize the government's 82% stake in RBS by giving its shares away free to the public. 2 Comments [Financials, Top Stories]
Wednesday, February 6, 3:45 AM RBS (RBS) expects to pay "significant penalties" and suffer "other sanctions" in a settlement with British and American authorities over its manipulation of Libor rates. The sides are in "late-state" talks, although the "settlements remain to be agreed." Media reports say RBS will have to pay $500M. Shares +1% in London. (PR) Comment! [Financials, Top Stories]
Tuesday, February 5, 1:27 PM More on the RBS libor-settlement: The bank will plead guilty to rate-rigging, but no employees are expected to be criminally charged. Separately, investment bank chief John Hourican - brought in to rescue the business in 2008 - is stepping down without any severance, and reportedly will give up £4M in past stock bonus awards. 1 Comment [Financials]
Tuesday, February 5, 1:19 PM RBS is expected to announce a £500M Libor rate-rigging settlement on Wednesday. (WSJ) Comment! [Breaking News, Financials]
Sunday, February 3, 2:59 AM RBS (RBS) is reportedly nearing an agreement with U.K. and U.S. regulators to pay £500-600M to settle allegations that it manipulated inter-bank interest rates, with an announcement possible on Tuesday. The sides are still negotiating key details, including whether RBS will admit a criminal charge. U.K. finmin George Osborne wants the bank to pay any penalties out of its bonus pool. 5 Comments [Financials, Top Stories]

RBS The Royal Bank of Scotland Group plc

RBS

The Royal Bank of Scotland Group plc