U.K. lender to accelerate its cost-cutting plan to help offset a likely drop in demand for credit caused by the vote to quit the EU. » Read More
European shares suffered steep falls on Monday as mounting political uncertainty in the peripheral euro zone prompted investors to lock in profits on indexes trading close to multi-year highs.
U.K. Chancellor George Osborne said on Monday that banks in Britain will have to separate retail banking from riskier investment banking activities.
British banks that fail to guard their day-to-day banking from risky investment activities will face being dismantled, finance minister George Osborne is set to say later on Monday.
Credit Suisse Group Inc faces a potential $2 billion of exposure over fraud that occurred a decade ago at National Century Financial Enterprises, a result of a federal judge's determination on how to apportion responsibility.
Banks in Spain, Italy, Ireland and Britain need to set aside much more money to cover potentially bad loans, credit ratings agency Moody's said on Thursday, meaning European taxpayers may again be tapped for cash.
Rallying telecom stocks and a bullish start to the new earnings season propelled Europe's top shares to fresh 22-month closing highs.
Investment banking has been the focus of much of the recent news in the financial universe, with politicians urging banks to refocus on their traditional retail operations.
Europe's largest financial institutions, which have been readjusting since the onset of the 2008 financial crash and the sovereign debt crisis that followed, are causing pain all over the globe that will have long term implications, according to analysts. They argue that the situation will only worsen without the proposed European banking union.
European shares closed lower on Friday as U.S. politicians continued to wrangle over averting the "fiscal cliff" — a series of tax increases and spending cuts that are set to kick in at the start of next year and could threaten the U.S. economy.
Bank lending to Britain's property market is at its tightest since the collapse of U.S. investment bank Lehman Brothers, a report showed on Friday.
StanChart has agreed to pay $327 million to resolve allegations that it violated U.S. sanctions against Iran, Sudan and two other countries, capping months of legal headaches for the British bank.
Manoj Ladwa, head of trading at TJ Markets explains why he has turned bullish on Lloyds Bank.
*Citigroup, Deutsche Bank, HSBC, JPMorgan Chase top list. *G20 finance ministers meet in Mexico this weekend. Nov 1- Citigroup Inc, Deutsche Bank, HSBC and JPMorgan Chase& Co will need to hold the most extra capital of 28 banks considered so large and complex they need an extra buffer to absorb potential losses, global regulators said on Thursday.
*Citigroup, Deutsche Bank, HSBC, JPMorgan Chase top list. *G20 finance ministers meet in Mexico this weekend. Nov 1- Global regulators on Thursday said Citigroup Inc, Deutsche Bank, HSBC and JPMorgan Chase& Co will need to hold the most extra capital of 28 banks considered so large and complex they need an extra buffer to absorb potential losses.
LONDON, Nov 1- Investors set aside growth worries as European shares clawed back the previous session's losses on Thursday, buoyed by earnings from European companies and better macro economic data in China and the United States.
Exxon Mobil, the world's largest publicly traded oil company, reports a lower profit that topped expectations, as higher results from its refining arm counters a 7.5 decline in oil and gas output. (EXXON-EARNINGS/ moved, by Anna Driver, 320 words).
BEIJING/ LONDON- Big Asian economies are slowly picking up after a year spent battling against global headwinds, according to business surveys and data released that showed renewed vim from China's factory sector and a rebound in South Korean exports (GLOBAL-ECONOMY/PMIS,, moved, by Lucy Hornby and Se Young Lee, 950 words).
LONDON-- Britain's financial regulator has imposed a fine of 4.2 million pounds on a unit of Lloyds Banking Group for having inaccurate mortgage records for 250,000 customers.
LONDON-- Barclays PLC has set aside another 700 million pounds to compensate customers who bought payment protection insurance which they didn't need. The unscheduled announcement came ahead of the bank's third-quarter earnings report due on Oct. 31.
LONDON, Oct 12- Britain's main financial regulator will decide what activities the country's retail banks are able to carry out under a new reform aimed at shielding taxpayers from having to bail out the industry again.