Latest Banking News
The latest news from the banking sector:
November 21, 2008
Chancellor Alistair Darling is bracing himself to battle with the banks after the £37 billion bailout package for three UK banks has failed to kick-start lending.
Mr Darling is considering tough new laws to force banks to lend to small businesses, in particular those who are still feeling the effects of the banking crisis and the economic slowdown.
Meanwhile, pressure ...
Alistair Darling on a mission to kick-start lending
by Kay Murchie
Citigroup in sell-off and merger rumours
by Kay Murchie
November 20, 2008
Sir Tom McKillop, the departing chairman of the Royal Bank of Scotland (RBS), has apologised for the bank’s difficulties.
The apology came ahead of the shareholder vote for the £20 billion Government bailout, of which shareholders voted by 99% in favour.
Earlier this month, the bank said it expected to report its first full-year loss since it was established almost 300 years ago.
Sir ...
RBS apologises for financial difficulties
by Kay Murchie
November 19, 2008
Lloyds TSB shareholders voted today on the proposed takeover of Halifax Bank of Scotland (HBOS) with 95.98% voting in favour of the deal.
Shareholders also approved proposals to raise £5.5 billion by issuing new shares and special preference shares.
The takeover will create a new banking giant called Lloyds Banking Group, which will comprise almost 150,000 staff and ...
Lloyds TSB shareholders vote in favour of HBOS takeover
by Kay Murchie
Lloyds TSB shareholders vote for HBOS takeover today
by Kay Murchie
November 18, 2008
Last month, Barclays declined financial assistance from the UK Government and instead announced it was to raise £7.3 billion, primarily from Middle East investors.
However, Barclays’ shareholders were believed to be infuriated at the generous terms offered to overseas investors and, as a result, the Association of British Insurers (ABI) was asked to get involved in order ...
Barclays puts board up for re-election but still faces shareholder revolt
by Kay Murchie
uSwitch.com: Banks quick to cut savings rate
by Kay Murchie
Which? asks the Government where is consumer bailout?
by Kay Murchie
November 17, 2008
US banking giant Citigroup is to slash 52,000 jobs, far more than analysts had predicted.
The job losses are in addition to the 23,000 staff cut already this year and the total 75,000 job losses represent a reduction of approximately 20% of its workforce, leaving it with 300,000 jobs globally.
The bank, which is one of the largest banks in the US, has ...
Citigroup slashes a further 50,000 jobs
by Kay Murchie
November 14, 2008
Royal Bank of Scotland (RBS) adds to the thousands of job losses in the UK this week by announcing that it is to axe 3,000 staff from its global banking and markets division.
The news of the job losses follows a week of cuts after JCB, one of the largest construction equipment manufacturers in the world, is set to axe almost 400 jobs.
Leyland, ...
RBS to axe 3,000 jobs
by Kay Murchie
November 11, 2008
Spanish bank, Santander, has raised eyebrows today by announcing a €7.2 billion (£5.9 billion) rights issue.
The bank, which recently acquired Alliance & Leicester, said the heavily discounted rights issue will allow it to strengthen its capital and provide an investment opportunity for its shareholders.
However, just last week the bank insisted it had no need to raise capital and the u-turn has, therefore, ...
Santander announces €7.2bn rights issue
by Kay Murchie
November 10, 2008
Banking giant HSBC has revealed that losses have soared by $700 million to $4.3 billion (£2.7 billion) in the third quarter due to bad debt charges relating to the US sub-prime mortgage market crisis.
This takes its total impairment since the US housing market crisis first emerged in late 2006 to approximately $23 billion.
Furthermore, the bank added that the turmoil in the ...
HSBC hit by further bad debts
by Kay Murchie
Former bank chiefs move in on Lloyds TSB / HBOS merger
by Kay Murchie
November 7, 2008
Following yesterday’s interest rate cut from 4.5% to 3%, there were concerns that lenders would not pass on the rate cut to customers.
However, earlier today the chief executives of Britain’s top banks were summoned to Downing Street to meet with Chancellor Alistair Darling, where he demanded that they pass on the rate cut to customers ...
Bank bosses summoned to Downing Street to ensure rate cut passed on
by Kay Murchie
November 4, 2008
Last month, in a co-ordinated move with other banks, the Bank of England’s Monetary Policy Committee (MPC) slashed UK interest rates from 5% to 4.5%.
Central banks in the US, Japan and China have all cut interest rates in the last week in a bid to fight off a recession.
Many analysts believe that the Bank of England and ...
MPs urges banks to pass on interest rate cuts
by Kay Murchie
RBS hit by further write-downs
by Kay Murchie
November 3, 2008
As a result of challenging trading conditions, North Yorkshire-based building societies, Skipton and Scarborough have agreed to merge.
The deal, which is expected to be completed early next year, will see Scarborough Building Society become part of Skipton Building Society and will be known as the latter.
The two building societies said the merger will create a stronger society which will ...
Skipton and Scarborough building societies announce merger
by Kay Murchie
30,000 jobs at risk in Lloyds TSB / HBOS merger
by Kay Murchie
Lloyds TSB/HBOS merger details unveiled
by Kay Murchie
