|Bid||223.90 x 0|
|Ask||223.90 x 0|
|Day's range||220.70 - 224.90|
|52-week range||2.23 - 274.20|
|Beta (3Y monthly)||1.11|
|PE ratio (TTM)||13.63|
|Earnings date||14 Feb 2020|
|Forward dividend & yield||0.04 (1.81%)|
|1y target est||301.06|
UK shares fell on Thursday on concerns about U.S.-China relations and the opposition Labour Party's election manifesto plans to raise taxes on companies and renationalise infrastructure groups. The FTSE 250 dipped 0.5%, hit by a 14.2% fall in Royal Mail after it said its turnaround plan has fallen behind schedule.
(Bloomberg) -- A former JPMorgan Chase & Co. banker was convicted of conspiring with traders at other banks to rig bids and fix prices in currency markets -- a victory for prosecutors in their campaign against collusion in foreign exchange.A federal jury in New York on Wednesday took less than four hours to find Akshay Aiyer guilty of a single count of conspiracy to violate antitrust laws, following a trial that lasted more than two weeks.He’s the second person to be convicted in a crackdown on dubious practices used by currency traders and faces as long as a decade in prison and a $1 million fine when he is sentenced on April 3.Prosecutors had relied on testimony from two alleged conspirators, former Citigroup trader Christopher Cummins and ex-Barclays banker Jason Katz, who pleaded guilty and agreed to cooperate with prosecutors. Cummins and Katz testified that the traders plotted in chat rooms, on the phone and at social gatherings to rig trades while leading customers to believe that they were actually competing with each other.Conviction a Reminder“This conviction serves as a reminder of our commitment to hold individuals responsible for their involvement in complex financial schemes which violate the integrity of the global financial markets,” Assistant Attorney General Makan Delrahim of the Justice Department’s Antitrust Division said in a statement. Aiyer and his lawyers declined to comment after the verdict.The conviction shows that antitrust prosecutors can successfully pursue currency-market cases despite previous acquittals, said Philip A. Giordano, a partner with Hughes Hubbard & Reed LLP and a former prosecutor in the Justice Department’s Antitrust Division.The verdict also underscores the importance of the role that victims play in these types of trials, as the government called representatives of asset management firms who testified that they were harmed by the traders’ collusion, he said.“That helps to put the other evidence, the evidence from the co-conspirators, in perspective,” Giordano said. “It shows that the alleged conduct did not occur in a vacuum. The conduct is less susceptible to interpretation when it is connected to a negative impact on a customer. It makes it easier for the jurors to accept the prosecutors’ assessment of the facts.”Read more on judge throwing out a related caseDefense lawyers argued that all three of the traders made their decisions independently. They argued that Cummins and Katz had been colluding with other foreign-exchange traders for years before they even met Aiyer and were simply trying to save themselves by implicating him to avoid prison.Aiyer is a native of India who came to the U.S. in 2002 to attend college. He joined JPMorgan in 2006 and worked there until 2015, first as a foreign-exchange analyst and later as a trader.The first person charged in the crackdown, Mark Johnson, a former global head of foreign exchange at HSBC Holdings Plc, was found guilty in 2017 of front-running a $3.5 billion client order. But a U.K. court refused to extradite Johnson’s underling, Stuart Scott, and three British traders accused of similar conduct were acquitted by a jury in New York last year. U.K. investigators dropped a criminal probe into individual traders, finding there wasn’t enough evidence to prosecute.Banks around the world have paid more than $10 billion in penalties for misconduct in the currency markets since the crackdown began. Citigroup Inc., Barclays Plc, Royal Bank of Scotland Group Plc and JPMorgan Chase pleaded guilty in 2015 to rigging currency rates and agreed to pay about $2.5 billion to the Justice Department as part of an overall $5.8 billion settlement with multiple regulators.The case is U.S. v. Aiyer, 18-cr-333, U.S. District Court, Southern District of New York (Manhattan).(Updates with sentencing date in third paragraph)To contact the reporter on this story: Chris Dolmetsch in Federal Court in Manhattan at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, Joe Schneider, Steve StrothFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
There is some evidence that buying progressive dividend payers with solid balance sheets is a strategy well-rewarded by the market. After all, who doesn’t like8230;
Andy Ross explains that the Royal Bank of Scotland Group plc (LON:RBS) share price might be worth keeping an eye on for future gains as the bank gets stronger.
British banking heavyweights HSBC and RBS are launching new digital banking platforms, as competition for digitally savvy customers steps up in the face of a wave of online startups. HSBC rolled out a new app-based business banking service - previously known internally as 'Project Iceberg' and now named 'HSBC Kinetic' - in beta testing mode on Monday, while RBS is putting the finishing touches to its new digital bank Bo ahead of a public roll-out later this month. HSBC Kinetic will offer small businesses mobile-managed current accounts, overdrafts and spending and cashflow insights generated by the app crunching data on a company's spending habits.
Demand for defensive stocks helped European shares recover from early losses on Monday as investors grappled with issues ranging from violent Hong Kong protests to an inconclusive Spanish election and weak data from China. After falling nearly 0.5% at one point, the pan-European STOXX 600 index closed flat, helped by a turnaround in bank shares and gains for sectors considered safer bets during times of economic uncertainty, such as food and beverage and real estate. London's FTSE 100 led declines among the major regional indexes with a 0.4% drop, while stocks in Frankfurt fell 0.2% and Paris rose 0.1%.
We note that the The Royal Bank of Scotland Group plc (LON:RBS) Chief Operating Officer, Mark Bailie, recently sold...
Royal Bank of Scotland launched the first "social bond" by a British lender on Friday, which it said would help support lending to small businesses in some of the country's most deprived areas. RBS raised 750 million euros ($827 million), after engaging with potential investors during a roadshow this week. The bond is linked to around 2.5 billion pounds ($3.2 billion) of lending to small firms in disadvantaged areas and is the first to be issued under its new green, social and sustainability framework for bonds, the bank said.
Royal Bank of Scotland said on Friday it is launching the first "social bond" by a British lender, with the proceeds earmarked to back small businesses in some of the country's most deprived areas. RBS said it planned to announce pricing and how much it intended to raise later today, after engaging with potential investors during a roadshow this week. The lender said the bond would be linked to around 2.5 billion pounds ($3.20 billion) of lending to small firms in disadvantaged areas, adding it would be the first issued under its new green, social and sustainability framework for bonds.
Royal Bank of Scotland's new CEO Alison Rose told staff on her first day in the role that she plans to simplify the lender, suggesting further restructuring of the group may be imminent. Rose, an RBS veteran, is the first woman to lead one of Britain's big four banks. RBS's third quarter results last week highlighted the challenges Rose faces, including tackling poor trading at its minnow investment bank NatWest Markets, which shareholders are pressing to be further cut back.
A mandatory 24-hour delay on all first-time payments from one bank account to another would cut mounting fraud in finance, UK lawmakers said in a report on Friday. Parliament's Treasury Select Committee said fraudsters stole over 600 million pounds ($777 million) from consumers in the first half of 2019 and regulators must crack down harder on scammers. With money transfers between accounts taking just seconds, customers or their bank have little time to be aware that a fraud has taken place, the report said.
Lloyds Banking Group came close to suffering a shock third-quarter pretax loss on Thursday after an increase in bad loans and a fresh 1.8 billion pounds ($2.3 billion) provision for mis-sold loan insurance payouts. Pretax profit of 50 million pounds fell short of a 163 million pound average analyst forecast as Britain's most costly consumer banking scandal continued to haunt the bank. As Britain's biggest mortgage lender, due in part to its Halifax business, and a key source of finance for small companies, Lloyds is seen as a bellwether for the UK economy, and most exposed to shaky sentiment among business and household borrowers unsettled by Britain's protracted exit from the EU.
Banking in Britain paid 40 billion pounds ($52 billion) in taxes in the last financial year with half from foreign lenders, underscoring the need for a government rethink on taxes to keep London competitive after Brexit, UK Finance said on Wednesday. Banks and their employees paid a total of 39.7 billion pounds in taxes, or 5.5% of government receipts, unchanged from the prior year, UK Finance said in a review compiled by consultants PwC (see graphic). The tax raised was roughly split between those paid by employees, and the corporate tax, surcharge on profits and balance sheet levies paid by the lenders themselves.
Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story...
(Bloomberg) -- Royal Bank of Scotland Group Plc’s small-business lender is back in the spotlight 15 months after financial regulators found it systematically mistreated clients in a bid to drive profits.Emails between RBS executives referring to the banks’ relationship with property developer Oliver Morley, who’s suing over a 2006 deal for the repayment of a 75 million-pound ($97 million) loan, create a picture “of individuals who have lost their moral compass,” Morley’s lawyer Hugh Sims told a London court at the opening of the trial Monday.Morley alleges that the lender, under the influence of an arm of the U.K. government’s treasury, used unlawful threats to pressure him to transfer his assets to an RBS subsidiary. This included a warning from RBS that it would use a pre-packaged sale to the subsidiary if Morley didn’t agree to the deal, Sims said. The bank denies the claims and says it acted properly.“Morley was pushed into submission for reason of lack of any alternatives,” Sims said, pointing to e-mails between RBS executives.Morley says he suffered a loss of 34.2 million pounds in income and capital gains because of the break-up of his real-estate portfolio.A November 2009 message sent to Toni Smith, a manager at RBS’s Global Restructuring Group, to schedule a meeting to discuss Morley’s situation referred to a “room booking for the Morley massacre on Tuesday,” what Sims describes as “prescient words.”Two weeks later, Smith emailed Joss Brushfield, director of the bank’s real estate asset management unit, that if Morley “disagrees then it’s his head on a spike,” referring to a proposed deal.The messages are “graphic illustrations of what’s in reality going on the ground, which was huge pressure imposed on Morley,” Sims said.In July last year, financial regulators published a report on the GRG unit after a lengthy investigation. It found that “systematic” mistreatment of small businesses took place and the unit often prioritized revenue generation over its clients’ long-term interest in a bit to establish itself as a “profit center” for the bank.Any information provided by Smith to Morley and his team wouldn’t have been phrased as threats and were simply warnings, RBS’s lawyer Paul Sinclair said in written submissions. Even if Smith did make “threats,” the bank’s conduct “was not unlawful,” he said.(Adds timing of hearing in second paragraph)To contact the reporters on this story: Ellen Milligan in London at firstname.lastname@example.org;Eddie Spence in London at email@example.comTo contact the editors responsible for this story: Anthony Aarons at firstname.lastname@example.org, Christopher Elser, Peter ChapmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Harvey Jones warns that Royal Bank of Scotland (LON: RBS) and the big FTSE 100 (INDEXFTSE:UKX) banks are facing disruption on a massive scale.
The Bank of England is proposing cuts to capital requirements for credit unions as part of efforts to remove barriers to stronger competition in lending, Deputy Governor Sam Woods said on Thursday. Woods added that Britain's departure from the European Union would give UK regulators more room to simplify financial rules. After tackling barriers to entry for challenger banks, it was time to tackle the barriers to growth, said Woods, who is also chief executive of the Bank's Prudential Regulation Authority (PRA), which regulates lenders.