European shares enjoyed a late-stage rally after better-than-expected economic data and in spite of worries over lackluster earnings.» Read More
LONDON, Oct 4- The failure of one Britain's big banks would still wreak market havoc and leave taxpayers on the hook as more needs to be done to curb their complexity and risks, the country's top banking supervisor said on Thursday.
*UBS cuts Lloyds Banking Group PLC to neutral from buy. *UBS cuts Barclays PLC to neutral from buy. Reuters Station users, click. 1580.
Shares in Barclays, Lloyds Banking Group and Royal Bank of Scotland rise as much as 2.5 percent after Liberum Capital upgrades its rating on all three lenders in a note on the UK banking sector, citing reduced tail risks for UK banks leading to lower cost of equity.
*Liberum Capital raises Barclays PLC Lloyds Banking Group. and Royal Bank of Scotland to buy. Reuters Station users, click. 1580.
HSBC is to apologize to US lawmakers for failing to have appropriate controls in place to ensure it did not facilitate the financing of terrorism and other criminal activities, transgressions that analysts estimate may cost it up to $1 billion in fines.The FT reports.
An international response is needed to the issue of the manipulation of the Libor to ensure that cartel behavior is not possible, Sharon Bowles, Liberal Democrat MEP for South East England and chair of the European Parliament's Economic and Monetary Affairs Committee, told CNBC on Friday.
U.S. stock index futures jumped Friday after European leaders unexpectedly agreed to take action to bring down Italy and Spain’s borrowing costs and create a single banking supervisory body.
Bob Diamond, chief executive of Barclays, has “very serious questions” to answer about the growing scandal around attempts to manipulate the London Interbank Offered Rate (Libor), UK Chancellor George Osborne said Thursday.
Top U.S. and European bankers, including JPMorgan Chase’s Jamie Dimon and Citigroup’s Vikram Pandit, have enjoyed double-digit annual pay rises averaging almost 12 percent, despite widespread falls in profits and share prices, FT research shows.
As bonus season in the City of London gets underway in earnest next week the first of the UK’s major banks, Royal Bank of Scotland (RBS), announced the bonus package for its chief executive Stephen Hester on Thursday evening and immediately came in for criticism.
A break-up of the single European currency would have severe consequences on the UK economy, with unemployment pushing above 4 million, the pound appreciating sharply and major banks failing, analysts at ING wrote in a market note.
I had been wondering how on earth European banks were going to be able to raise enough capital to meet new regulatory requirements.
Investors need a strong stomach to invest in UK bank stocks. In recent years they have displayed considerable levels of volatility that cannot be wholly explained by the fundamentals of the individual banks. In fact, bank stocks are now arguably the most effective barometer available to measure risk appetite.
Moody’s downgrade of 12 British banks last week is irrelevant to the current state of the UK banking sector, analysts told CNBC.com, adding that hell has a better chance of freezing than any British bank failing.
Some of Britain’s biggest banks have begun quietly ridding themselves of billions of pounds of assets they have found difficult to sell following the financial crisis, moving them off their balance sheets and into staff pension funds, the FT reports.
UK bank Northern Rock would cease to exist under proposals submitted to the government by one of the leading contenders to take the bank back into private ownership, it emerged on Thursday.
Some time this morning, the New York Federal Reserve will buy $4 billion to $5 billion in Treasuries, completing its $600 billion purchase program.
Shares in Lloyds Banking Group jumped over seven percent to the top of the FTSE 100 Thursday after it confirmed the loss of 15,000 jobs over the next two and a half years.
Lloyds Banking Group’s exposure to the riskiest kind of mortgages is more than double that of any of its top five rivals in what is potentially a ticking time bomb for Britain’s largest high-street lender, the FT reports.
It started with Italy — Moody's said it was considering downgrading the creditworthiness of Italian banks.