Tag: assets

Lloyds Banking Group set to axe thousands more jobs

Lloyds Banking Group set to axe thousands more jobs

According to a report in the Sunday Times, banking giant Lloyds is set to axe a further 15,000 jobs, as part of a cost-cutting exercise. The job losses are expected to be revealed at the end of this month by chief executive, Antonio Horta-Osorio, who assumed the role earlier this year after being poached from [...]

June 13, 2011 | 0 Comments More
RBS offloads Priory Group for £925m

RBS offloads Priory Group for £925m

The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has today announced it has agreed to sell the Priory Group - the care home and clinic renowned for treating celebrities. The bank has offloaded the business to private equity firm, Advent International, in a deal worth £925 million. RBS has been [...]

January 18, 2011 | 0 Comments More
Royal Bank of Scotland dives back into the red

Royal Bank of Scotland dives back into the red

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 [...]

November 5, 2010 | 0 Comments More
Lloyds provides upbeat statement

Lloyds provides upbeat statement

Lloyds Banking Group, which is 41% owned by the taxpayer, has today provided an upbeat statement as it continues its recovery from the global financial crisis. The bank, which had to be bailed out in autumn 2008, said it remains on track to deliver a “good financial performance” for 2010 as it continues with its [...]

November 2, 2010 | 0 Comments More
RBS looking to sell Spanish commercial property portfolio

RBS looking to sell Spanish commercial property portfolio

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 [...]

October 18, 2010 | 1 Comment More
RBS axes further 500 jobs

RBS axes further 500 jobs

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 [...]

September 27, 2010 | 0 Comments More
RBS offloads Sempra Commodities in $1.6bn deal

RBS offloads Sempra Commodities in $1.6bn deal

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 [...]

July 2, 2010 | 0 Comments More
Lloyds sells non-core business to Rathbone

Lloyds sells non-core business to Rathbone

Following a review of its investment management business, banking giant Lloyds has sold some of its private client funds to Rathbone Brothers after concluding that they were “no longer core” for the bank. The bank said approximately 6,000 customers with funds totalling £1.27 billion will transfer to Rathbone Brothers. If all of the funds are [...]

October 20, 2009 | 0 Comments More
RBS confirms biggest loss in UK corporate history

RBS confirms biggest loss in UK corporate history

Royal Bank of Scotland (RBS), which is 68% owned by the taxpayer, has today reported a full 2008 year loss of £24.1 billion - the largest annual loss in UK corporate history. The loss was attributed to the “unprecedented turbulence” in financial markets according to the bank’s chairman, Philip Hampton. Mr Hampton warned that 2009 [...]

February 26, 2009 | 0 Comments More
RBS to sell off £300bn worth of assets

RBS to sell off £300bn worth of assets

Royal Bank of Scotland (RBS) is set to embark on a major restructure which will see it sell off at least 20% of its business worth around £300 billion. The bank is due to announce its full-year results on Thursday and is expected to report a £28 billion loss - setting a record in UK [...]

February 22, 2009 | 0 Comments More
Frosty relations between Iceland and UK

Frosty relations between Iceland and UK

Prime Minister Gordon Brown said yesterday that the UK may freeze the assets of Icelandic companies after he branded Iceland’s failure to guarantee British savings in its failed banks as ’unacceptable and illegal‘. The two countries are battling over who should compensate British savers whose money is in Icelandic amid the collapse of the country’s [...]

October 10, 2008 | 0 Comments More
Washington Mutual closed by regulators

Washington Mutual closed by regulators

Washington Mutual (WaMu) has been closed making it the largest failure of a US bank. WaMu’s assets have been sold to banking giant, JPMorgan Chase, for $1.9bn (£1 billion). WaMu was closed by the Federal Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corp (FDIC) has been appointed receiver. $16.7 billion of deposits [...]

September 26, 2008 | 0 Comments More
Barclays announces fundraising plans for Lehman assets

Barclays announces fundraising plans for Lehman assets

Barclays, Britain’s third largest bank, has revealed plans for a £701 million share issue in a bid to finalise the acquisition of Lehman Brothers’ core assets. It is also planning to raise £600 million from existing shareholders. The combined £1.3 billion will allow Barclays to finalise the deal and boost the bank’s capital strength, which [...]

September 19, 2008 | 0 Comments More
Barclays buys core Lehman assets for £1bn

Barclays buys core Lehman assets for £1bn

British bank Barclays has paid $1.7 billion (£952 million) for Lehman Brothers’ US investment banking and capital markets businesses. On Monday, Wall Street giant, Lehman Brothers was forced to file for bankruptcy after announcing it had failed to find a solution to its problems after a weekend of rescue talks with Barclays and Bank of [...]

September 17, 2008 | 0 Comments More
Barclays confirms interest in possible acquisition of Lehman Brothers assets

Barclays confirms interest in possible acquisition of Lehman Brothers assets

Yesterday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy after announcing it had failed to find a solution to its problems after a weekend of rescue talks with Barclays and Bank of America. However, Barclays has confirmed it could now be interest in buying parts of the [...]

September 16, 2008 | 0 Comments More
Home ownership no longer a pension option

Home ownership no longer a pension option

Friends Provident is urging homeowners to review their plans for financing retirement, if they have been banking on raising cash from property to provide a nest egg at the end of their working lives. The firm’s head of pensions, Jeremy Ward, warns that if house prices continue to fall, people could find themselves in serious [...]

July 22, 2008 | 0 Comments More