|Bid||1.0915 x 0|
|Ask||1.0925 x 0|
|Day's range||1.0860 - 1.0945|
|52-week range||0.7140 - 1.1295|
|Beta (5Y Monthly)||1.46|
|PE ratio (TTM)||7.43|
|Earnings date||30 Jan 2020 - 3 Feb 2020|
|Forward dividend & yield||0.03 (2.77%)|
|1y target est||1.85|
Britain's mid-tier banks have asked the Bank of England to ease rules introduced after the financial crisis that they say hamper their efforts to compete with bigger rivals that have a tight grip on the market. Four banking industry sources said these so-called "challengers" have stepped up lobbying in meetings with the central bank and finance ministry officials in recent months to ease requirements for holding special debt aimed at shielding taxpayers from bailing out troubled banks. Smaller banks have long-argued that rules are stacked in favour of the "big six" lenders - RBS, Lloyds, Barclays, HSBC, Santander and Nationwide.
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LONDON/MADRID, Nov 25 (Reuters) - British bank TSB said it will shut 82 branches next year, or 15% of its network, in a turnaround plan that aims to save a total of 100 million pounds ($128 million) by 2022 and which a source said could mean the loss of up to 400 jobs. The bank, whose roots go back about 200 years, was bought by Banco Sabadell for 1.7 billion pounds in 2015 as the Spanish bank sought to expand into Britain. The move backfired when IT glitches sent TSB's costs spiralling, forcing Chief Executive Paul Pester to resign amid complaints from customers and lawmakers over the fiasco.
Britain's TSB Bank was hit by a new IT failure on Friday, after systems problems overnight meant thousands of customers woke up to find wages and vital payments had not reached their accounts. Thousands of customers took to social media to complain. "What an absolute joke @TSB is, I wake up expecting my wages to be in my bank and there's nothing there," one customer said on Twitter.
An IT crash at Britain's TSB bank that locked out nearly 2 million customers and halved parent Sabadell's profits last year was caused by moving to a new banking platform before it had been properly tested, an investigation has found. The report by law firm Slaughter & May found TSB's board failed "to fully understand the scope and complexity" of the new system prior to its failure, which forced out the then CEO Paul Pester after heavy criticism from customers and politicians. The report also found Spanish bank Sabadell's IT arm Sabis had not been ready to operate the new platform and had failed to test one of two data centres it relied on prior to the launch.
British regulators should impose higher levies on banks if they need more resources to stop big IT glitches and should consider regulating cloud service providers such as Google, UK lawmakers said in a review on Monday. The review was launched after a major IT meltdown last year at TSB, part of Spain's Sabadell, which left thousands of customers locked out of their online accounts. The issue led to the resignation of TSB's CEO Paul Pester.
Spain's Banco Sabadell plans to close around 200 branches in Spain in 2020, its chief executive officer Jaime Guardiola said on Friday. As of end-September, Sabadell had 1,893 branches mostly in Spain, meaning the upcoming closures would imply a 10% reduction in offices. "Our plan is to close around 200 branches in Spain next year, which also foresees investments in ATMs and bigger branches," Guardiola said.
Spain's Banco Sabadell almost doubled its third-quarter net profit as provisions related to IT failings at its British bank TSB fell, lifting its shares close to 1% on Friday. Spanish banks have gone abroad in search of higher revenues, but Sabadell's 2015 purchase of TSB has been marred by major technology glitches, which last year led to losses of 240 million euros at the British bank. For the first nine months of 2019 TSB lost 5 million euros, after booking a restructuring charge of 15 million euros in the third quarter.
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European stocks rallied on Thursday as investors snapped up battered shares of eurozone banks after the U.S. Federal Reserve toned down expectations of further interest rate cuts. Shares of Italian and Spanish banks including Bankia SA , UBI Banca and Banco Sabadell were among the top gainers on the STOXX 600 after the Fed cut rates as expected on Wednesday, but signalled there would be a higher bar to further cut in borrowing costs. European banks, along with sectors such as miners and automakers, have gained in the recent weeks as investors rotated into cyclical sectors due to signs of easing U.S.-China trade tensions and assurances of support from major central banks.
* Credit Suisse upgrades UK equities to "overweight" in dollar terms Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. After a choppy session yesterday, banks are enjoying a nice little rally here supported by the rotation theme and ECB's stimulus measures that largely met market expectations. Euro-zone banks have surged 16.5% since mid-August and are on track for their best weekly performance in 2-1/2 years after hitting their highest since July 25.
A surge in banks, miners and automakers galvanised European stocks on Friday, as continued rotation into the cyclical sectors amid signs of progress in U.S.-China trade talks drove the STOXX 600 to its fourth straight week of gains. In a week that saw trade tensions between Washington and Beijing thaw and the European Central Bank cut rates deeper into negative territory and relaunch bond purchases with no scheduled end-date, banking shares were the star performers. Euro zone banks, which wavered after the ECB decision on Thursday, rallied 2.4%, with analysts citing the central bank's easing of the terms of its long-term loans to banks and introduction of tiered deposit rate as offsetting the pain of negative rates.
A rally in banking shares and other recently battered sectors such as oil and gas and automakers kept the mood buoyant in European stock markets on Tuesday, as investors speculated over policy measures by the European Central Bank later this week. The pan-European STOXX 600 index, after opening in the red, closed 0.1% higher as the banking index climbed for a fifth session, its best five-day rally since April 2017. Oil and gas, basic resources and automakers - among the worst-hit sectors this year on worries over the U.S.-China trade war, Brexit and a global slowdown - gained between 0.2% and 2%.
AQR of the United States and Marshall Wace of Britain are among hedge funds to have taken sizeable positions over the past month to benefit from perceptions of European banks' vulnerability to recession. AQR Capital Management, a systematic fund house held a combined 6.01% across several of the six banks, while Marshall Wace, which uses both fundamental and systematic research processes, owned 4.87%.
European shares fell on Thursday as mixed readings of business growth across major economies and uncertainty over the U.S. interest rate outlook made investors nervous, while a jump in the pound dented London stocks. The latest data showed business growth in the euro zone recovering marginally in August but factory activity shrinking in both Japan and the United States, raising questions about the health of the global economy. The pan-European STOXX 600 index ended 0.4% lower, with euro zone equities down 0.6%.
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