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Sir George Mathewson one of the two Scottish bankers campaigning to derail HBOS's takeover by Lloyds TSB is still being paid by Royal Bank of Scotland more than two years after stepping down as its chairman.
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Johnny Cameron may be the least well-known of the three Royal Bank of Scotland heads on the block – but as the man who runs the institution’s fast-growing corporate and investment banking arm, he perhaps exemplifies best the kind of culture the Financial Services Authority (FSA) seems determined to outlaw.
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Royal Bank of Scotland (RBS) climbed in pre-market trading, up nearly 12%. The advance came after reports of private-equity firm CVC teaming up with Swiss Re to bid for Royal Bank of Scotland's insurance unit.
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People trying to use their debit cards at Royal Bank machines across Canada were temporarily unable to do so for about two hours on Tuesday, the bank confirmed.
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Bavarian Finance Minister Erwin Huber resigned Wednesday after state bank BayernLB announced big losses. Meanwhile prosecutors searched the offices of development bank KfW in a probe relating to its transfer of 319 million to Lehman Brothers after the company had filed for insolvency.
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Shares in Royal Bank of Scotland fell almost 14% yesterday after an influential broker slashed its price target in the expectation of further writedowns and falling profits from its investment banking business.
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Kuwait's Central Bank stepped in Sunday to prop up one of the country's biggest banks and said it was considering guaranteeing deposits in domestic banks -- in one of the first concrete signs that the global financial crisis may next hit the oil-rich Gulf.
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Losses incurred by the world's major financial institutions on "toxic" assets hoovered up in the final boom years have hit 2800bn £1800bn according to the Bank of England.
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The Bank of England is taking no chances with its latest Financial Stability report, with its highest estimate yet for toxic debt
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French police have detained a trader from the Caisse d'Epargne bank for questioning over huge losses in derivatives trading, officials said.
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The District government filed a $105 million lawsuit against Bank of America yesterday, seeking damages and penalties from the institution that cashed fraudulent checks through accounts controlled by Harriette Walters and others in the D.C. tax scam.
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Royal Bank of Scotland today reported more credit crunch pain and an 8% drop in underlying earnings so far this year as it outlined plans for its £20 billion Government-backed rescue.
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Royal Bank of Scotland new chief executive Stephen Hester faces a difficult task after turning to Gordon Brown for fresh capital.
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Royal Bank of Scotland (RBS) fell in pre-market trading, down about 13%. The drop came after the company announced plans to raise capital and reported its 9-month underlying profit before impairments up by 7%.
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UBS reported a profit for the third quarter, but said the rest of the year was gloomy, while RBS said loan defaults had increased.
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Royal Bank of Scotland’s incoming chief executive yesterday raised hopes it would prevail as an independent by declaring it “unlikely” the institution would be sold to a third party when the Government’s stake was unwound.
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The Royal Bank of Scotland is facing the first annual loss in its history with its new chief executive yesterday warning of a "thorough" review that could cost jobs as costs are targeted and divisions sold off.
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Key Royal Bank of Scotland joint ventures in Asia and the US could be scuppered if the take-up on a £15bn share offer comes up short and the government is forced to step into the breach to take a majority stake in the beleaguered bank, the shareholder prospectus revealed yesterday.
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DETROIT (Reuters) - Bank of America Corp Chief Executive Kenneth Lewis said on Tuesday the U.S. economy will get worse before it improves, and forecast record losses for the U.S. credit card industry.
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LONDON (Reuters) - World economic misery spread on Thursday with forecasts of a global recession running well into 2009, Japan's exports to Asia falling for the first time in six years and job losses mountin.
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The UK Government could be nursing paper losses of as much as 2.7bn on its holding in Royal Bank of Scotland shares after they closed almost 12p below the fundraising price hours after it finished.
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The British government bought control of the country's second-largest bank Friday after current stockholders refused to take up billions of shares offered by the Royal Bank of Scotland Group PLC.
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Private investors shunned the lender's share sale, paving the way for a larger government role in Britain's banking sector.
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The British government took majority control of Royal Bank of Scotland on Friday after investors shunned the bank’s share sale. The move paves the way for a larger government role in Britain’s banking sector, The New York Times’s Julia Werdigier reported. Investors only signed up for 0.24 percent of the shares, which were offered as part [...]
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LONDON, Nov. 28 -- The British government will take over Royal Bank of Scotland Group with a majority stake of almost 60 percent after the shareholders of the nation's second-largest bank shunned an emergency share issue.
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After a trip that included talks in the Middle East on the Israeli-Palestinian conflict and a farewell speech to NATO foreign ministers in Brussels, Secretary of State Condoleezza Rice stopped at Buckingham Palace for a classical musical recital with Queen Elizabeth II, above right, at which Dr. Rice herself, above left, was the main attraction, The Associated Press reported. Accompanied by Louise Miliband, the wife of the British foreign secretary, on violin and three members of the London Symphony Orchestra, she performed Brahms’s piano quintet, Op. 34, and received a recording of the performance as a gift from the queen. A classically trained pianist, Dr. Rice performed with the Denver Symphony Orchestra at the age of 15 and accompanied the cellist Yo-Yo Ma in 2002 when Mr. Ma was awarded the National Medal of the Arts.
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Fourth-quarter profit at the Royal Bank fell 15 per cent, the bank said Friday.
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Royal Bank of Canada on Friday reported a 15% decline in profit for the fourth quarter, hurt by trading losses as well as higher write-downs and an increase in provisions for credit losses mainly related to U.S. operations. The quarterly loss was the fourth consecutive loss recorded by the company. In addition, the company announced a quarterly dividend.
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Gala Coral the private equityowned gambling group has reported a sharp rise in fullyear losses but played down fears that it could require further cash injections to ride out the recession.
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Royal Bank of Canada has signed a deal to raise up to $2.3 billion in new capital through an offering of common shares.
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Royal Bank of Canada (RY) slumped in pre-market trading, after agreeing with its underwriters for the sale of 56.75 million common shares for gross proceeds of $2 billion.
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German group is expected to report losses of €800m for the fourth quarter as a result of losses in its credit trading unit, people familiar with the matter said
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The Royal Bank of Scotland was among the banks that lined up today to reveal billions in potential losses as a result of alleged fraud by Wall Street investment manager Bernard Madoff.
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GENEVA -- Swiss bank Union Bancaire Privee indicated Monday it had hundreds of millions of dollars in client assets invested under the management of Bernard Madoff, who has been accused by U.S. authorities of investment fraud of at least $50 billion.
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Banks and investment funds worldwide are stepping forward to admit that they have lost billions in the massive fraud allegedly masterminded by…
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Banks lined up yesterday to reveal billions in potential losses as a result of alleged fraud by Wall Street investment manager Bernard Madoff.
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PARIS -- Shares of BNP Paribas plunged Wednesday after the French bank said extreme market volatility triggered steep losses in its investment banking operations over the last two months.
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The losses and writedowns racked up by banks since the credit crisis first erupted last year has hit 1000bn 650bn.
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The odds on Royal Bank of Scotland selling its stake in Bank of China soon lengthened after the Chinese lender said it had not been told that the Edinburgh-based giant had any plans to sell up.
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Royal Bank of Scotland (RBS) has climbed steadily throughout most of today's trading. The stock is adding onto this week's gains and is at its highest level since mid-December, up 76 cents at $15.93.
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Britain's banks may need another injection of capital from the taxpayer, the prime minister acknowledged, but he insisted the matter was not being addressed as a matter of urgency
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A major private Scottish company has taken a 1.1m hit from a supposedly bedrock investment in Royal Bank of Scotland.
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Loan losses for U.S. commercial banks are expected to rise to 3 percent by the end of 2010, from 1.5 percent in the third quarter of 2008, hurt by an increased percentage of bad loans, greater consumer leverage and faster problem recognition by banks, a Deutsche Bank analyst wrote in a research note.
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Royal Bank of Scotland yesterday refuted claims that it is "squeezing" money from embattled small businesses, in spite of its pledge to freeze overdraft charges for 12 months.
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