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The Royal Bank of Scotland Group plc (RBS)

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  • Jul. 5, 2013, 11:44 AM
    Royal Bank of Scotland (RBS -0.7%) is put on review to have its A3 rating downgraded by Moody's. The move is triggered by the U.K.'s exploration into a breakup of the bank. While the risk of creditor loss remains low, says Moody's, there is a chance of capital impairment, and the government has made clear it's through putting taxpayer capital into the bank.
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  • Jul. 1, 2013, 7:14 AM
    The EU logs antitrust charges against Markit, the ISDA and 13 banks for blocking exchanges in the credit derivatives business. "The banks acted collectively to shut out exchanges from the market because they feared that exchange trading would have reduced their revenues." Banks charged: BAC, BCS, C, MS, CS, DB, GS, HBC, JPM, RBS, UBS, BNPQY.PK.
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  • Jun. 28, 2013, 8:49 AM
    The U.K. government's sale of its stakes in Lloyds (LYG) and RBS inches closer as it solicits investment banks to put together pitches to help sell the banks. Lloyds is likely to be first in line as its current price would allow the state to sell at a profit. The government owns 39% of it and 82% of RBS.
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  • Jun. 24, 2013, 2:56 AM
    Lloyds (LYG) has reportedly asked the EU for a two-year extension, until the end of 2015, to divest 631 branches. The sale is a condition of state-aid the bank received in 2008. The request comes after the collapse of a deal to offload the outlets to Co-operative Banking Group last month. RBS (RBS) is also expected to ask for extra time to sell 316 branches, with the deadline for this requirement also the end of the year.
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  • Jun. 20, 2013, 5:01 AM
    The British government "will urgently investigate" the case for splitting RBS (RBS) into "good" and "bad" banks, Finance Minister George Osborne said yesterday. The decision will depend on whether the move would support the economy, if it were in the interests of taxpayers, and if it were to speed up RBS's return to private ownership, which is some way off. However, Lloyds (LYG) is in good enough shape for the government to start selling its 39% stake in the bank within months.
  • Jun. 20, 2013, 4:47 AM
    The British banking sector needs to formulate plans to raise a combined £13.4B in order to meet Basel III capital requirements, the Bank of England's Prudential Regulation Authority said today. Banks had a total shortfall of £27.1B at the end of 2012 and have already drawn up programs to raise £13.7B, although some of the proposals need regulatory approval. RBS's (RBS) shortfall was £13.6B, Lloyds' (LYG) was £8.6B and Barclays (BCS) was £3B. However, the U.K. units of Banco Santander (SAN), HSBC (HBC) and Standard Chartered (SCBFF.PK) were in surplus. (PR)
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  • Jun. 13, 2013, 6:54 AM
    Royal Bank of Scotland (RBS) is downgraded to Sell by Deutsche Bank, citing valuation and the departure of Stephen Hester as CEO. Shares -2% premarket.
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  • Jun. 13, 2013, 4:31 AM
    RBS (RBS) shares drop 6.5% in London following the surprise news yesterday of the departure of CEO Stephen Hester, who this morning denied that he was forced out. The bank confirmed it will cut further jobs as part of a restructuring of its investment bank, with reports putting the number at around 2,000. Meanwhile, a parliamentary study that is to be released soon will reportedly say that there is good case for breaking up RBS into a "good" and "bad" bank but will stop short of saying that it should be done.
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  • Jun. 12, 2013, 3:10 PM
    Royal Bank of Scotland (RBS -3.7%) will cut up to 2K jobs in its investment bank tomorrow, reports Sky News, one day after CEO Stephen Hester surprisingly announced he is stepping down. The move will bring to nearly 40K the number of jobs the state-owned bank has slashed since its financial crisis bailout.
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  • Jun. 12, 2013, 12:24 PM
    Royal Bank of Scotland (RBS -0.8%) CEO Stephen Hester will step down later this year and a succession search will commence immediately, reports CNBC.
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  • Jun. 9, 2013, 6:05 AM
    The U.K.'s Parliamentary Commission on Banking Standards will reportedly debate a 600-page report that it has put  together tomorrow and on Tuesday, with probable topics of discussion including splitting RBS (RBS) up into "good" and "bad" banks, a lack of competition, excessive pay and inadequate regulation. One of the problems, says an official, is that the banks are too big and complex for effective governance.
  • Jun. 4, 2013, 5:09 AM
    A British parliamentary report could raise the idea of splitting RBS (RBS) into a good bank that can be privatized and a state-run bad bank that would hold the company's toxic assets. However, the report is unlikely to wholeheartedly endorse the idea. One problem is that Chancellor George Osborne says that splitting RBS would require the government to totally nationalize it first at a cost of up to £10B.
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  • May 31, 2013, 11:42 AM
    RBS trims the list of bidders for 315 branches, notifying Chris Flowers and partner Apollo Global (APO) their bid will not be a winner. This leaves 3 other P-E consortiums in the race, with bids estimated to be in the £800M-£1B range. The sale of the branches - known as "Project Rainbow" - is being demanded by regulators as part of the bank bailout (now 82% state-owned).
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  • May 28, 2013, 8:01 AM
    The U.K.'s biggest four banks (RBS, HBC, LYG, BCS) will have eliminated about 189K jobs by the end of 2013 from peak staffing levels, according to Bloomberg. At about 606K people worldwide, staffing levels will be the least since 2004. "The big bulky mass layoffs ... are probably gone," says an analyst, but expect employment numbers to drift lower as the lenders continue to struggle to find growth. Meanwhile, U.S. banks are happily picking off top talent from RBS.
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  • May 28, 2013, 7:23 AM
    RBS is cut to Sell from Hold at Citigroup. Shares are up 2.2% in London trade today and ahead 60% Y/Y.
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  • May 28, 2013, 4:02 AM
    Bloomberg gets out its calculator and works out that Britain's top four banks will have cut their combined headcount by 189,000 by the end of this year from peak staffing levels of 795,000 in 2008. RBS (RBS) will have cut 78,000 jobs and Lloyds 31,000 through lay-offs and asset sales, while HSBC (HBC) and Barclays (BCS) have also been making sizable reductions. The moves come as U.K. banks streamline their operations and boost their capital ratios under much regulatory pressure.
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Company Description
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.
Sector: Financial