The Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today announced it has plummeted back into the red with a £1.4 billion ($2.3 billion) pre-tax loss during the third quarter. This compares with a loss of £1.8 billion in the same period a year earlier but also compares unfavourably with [...]
The Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, is set to reignite its dispute over bonuses after hiring John McIntyre. Mr McIntyre, the former Lehman Brothers banker, is a renowned figure in the City after successfully suing his former employer, Dresdner Kleinwort, for a £2 million bonus. He will join [...]
The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, is understood to be looking at selling a £1 billion Spanish property loan portfolio, as it looks to offload unwanted assets. The speculation comes as the bank has been selling assets under the orders of the European Commission, as a punishment of [...]
It has been reported that the Royal Bank of Scotland (RBS) is axing approximately 500 administrative jobs at its investment banking division. The bank, which is 84% owned by the taxpayer, has axed around 26,000 jobs since the onset of the financial crisis. In a statement today, the bank said: “We continue to make efficiencies [...]
The Royal Bank of Scotland (RBS) has signed an agreement with Chinese group, Guolian Securities. The venture is part of the bank‘s expansion in the fast-growing Asian economy. RBS, which is 83% owned by the taxpayer, has recently been selling assets under the orders of the European Commission, as a punishment of the billions of [...]
The Royal Bank of Scotland (RBS) is faced with 100 activists at its headquarters, who are protesting against the bank’s role in financing oil industry developments which they believe could be harmful to the environment. The Camp for Climate Action (CCA) have set up marquees, eco-toilets and kitchens at the RBS’ Gogarburn site. Environmentalists have [...]
As part of its restructuring plan, the Royal Bank of Scotland (RBS) is preparing to sell its payment processing company, WorldPay, just days after it announced the sale of its Williams & Glyn’s branch network. Private equity firms, Advent International and Bain Capital, have been in talks to buy WorldPay since last month, according to [...]
Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, today announced a profit for the six months ended June, boosted by falling charges for bad debt. The bank posted a net profit of £9 million ($14.3 million) compared with a £1.04 billion net loss in the same period a year earlier. Meanwhile, [...]
Royal Bank of Scotland (RBS) has confirmed it will sell the 318 Williams & Glyn’s network of branches to Spanish banking giant, Santander for £1.65 billion. The majority of the branches are in the North West and will be turned into Santander banks, with the process expected to be completed by December 2011. Commenting on [...]
It has been reported that Spanish banking giant, Santander, is set to acquire the 318 Williams & Glyn’s network of branches from the Royal Bank of Scotland (RBS). According to the Financial Times and Times newspapers, RBS, which is 83% owned by the Government, is expected to confirm the deal later today. However, the deal [...]
Spanish banking giant Santander has agreed to purchase Swedish bank SEB’s German business for €555 million (£466.5 million). SEB, which is Sweden’s third-largest bank in terms of market capitalisation, acquired its German retail banking business ten years ago and had planned to sell it in 2008. However, the sale was delayed due the global financial [...]
Royal Bank of Scotland (RBS) is taking the necessary steps so the Government can start selling its 83% stake in the bank. According to reports, chief executive Stephen Hester was quoted as saying: The sale “won’t be conducted in one go….but I would be disappointed if there would not be the first steps towards privatisation [...]
Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has announced it has completed the sale of its metals, oil and European energy business, Sempra Commodities, to US investment bank, JP Morgan, in a $1.6 billion (£1.1 billion) deal. Sempra, which is based in San Diego reported 2009 revenues to be in [...]
Spanish bank giant Santander has today confirmed it has submitted an offer to buy Royal Bank of Scotland’s (RBS) Williams & Glyn’s network of branches. The deal will give Santander approximately 1,645 branches, or 12% of the market, and cement its status as the second largest mortgage loan provider. The Spanish bank already has a [...]
Social enterprises defied the recession to achieve substantial growth during the economic downturn, according to a new study published this week. Research by the Royal Bank of Scotland found the 100 highest growth firms in the sector reported an annual growth in revenue of 79% in the year to March. Of the 350 firms that [...]
Royal Bank of Scotland (RBS), which is 84% state-owned, has today announced it will axe a further 500 positions within its wealth management division, as part of its three-year restructuring plan. Since its bailout at the height of the financial crisis, the bank has shed approximately 23,100 jobs and today’s announcement comes less than a [...]
Royal Bank of Scotland (RBS), which is 84% state-owned, has today announced it has disposed of its French factoring unit to GE Capital, the financial services division of General Electric. Today’s disposal completes the sale of the bank’s factoring businesses across continental Europe, after it sold its German factoring unit to GE Capital in March. [...]
Johnny Cameron, the former chairman of Royal Bank of Scotland’s (RBS) investment banking business, has been banned from holding an executive position within the financial services industry. The ban, imposed by the Financial Services Authority (FSA), follows an investigation into systems and controls in the global markets division at the bank. Fifty-five-year-old Cameron, who was [...]
Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today announced it is reducing headcount by a further 2,600 as it continues with its cost-cutting programme. The bank has already announced more than 20,000 job cuts across its business since it was bailed out at the height of the financial crisis. [...]
Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today proved it is on the road to recovery after reporting operating profits of £713 million in the first three months of the year, compared with a £1.35 billion loss in the same period a year earlier. After one-off costs, which included [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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