Banks

Barclays’ (LSE:BARC) Chief Executive Officer Bob Diamond finally gave in and tendered his resignation with immediate effect a day before a parliamentary inquiry probes into the interest rate manipulation scandal the bank was accused of last week. Calls for his resignation were heard from the top officials of the British Government, including the Prime Minister […]

Four major British banks have found themselves in the middle of another scandal as UK’s Financial Service Authority (FSA) discovered “serious failings” in the sale of hedging products designed to cover small and medium sized businesses from interest rate fluctuations. The financial watchdog named Royal Bank of Scotland (LSE:RBS), HSBC (LSE:HSBA), Lloyds Banking Group (LSE:LLOY), […]

Barclays plc (LSE:BARC) Chief Executive Officer Bob Diamond is now facing mounting pressures from shareholders and authorities following the LIBOR rate manipulation scandal that caused the British bank to pay £290 million in penalties and hurt its market value in London trading today. Strong statements were heard from British Prime Minister David Cameron and Chancellor […]

Royal Bank of Scotland (LSE:RBS) shares were on the upswing today, 27 June 2012, after losing ground daily since 22 June when a “computer glitch” brought the bank to its operational knees along with subsidiaries, NatWest and Ulster Bank.  RBS share price plunged from 243.20 on 22 June to 227.70 on 26 June.  The Bank […]

The beleaguered RBS Group (LSE:RBS) came out swinging this morning in a sharply-worded statement, criticising Moody’s latest ratings released last evening.  Although the group’s share price dropped slightly following the opening bell this morning, it quickly recovered and was at 243.00 pence by 1:00 p.m. UTC.  Given the banks woes over the past year, and […]

Fifteen major global financial institutions were downgraded by Moody’s late last night, reflecting losses the ratings agency says are likely due to the current, ongoing volatile state of capital markets. Affected lenders included British banking giants Barclays, HSBC, RBS and Lloyds as well as Credit Suisse. The Swiss institution was dealt the harshest and most unexpected blow as...

Royal Bank of Scotland Group (LSE:RBS) shares continued their bumpy ride since 2008, even after its rather healthy Interim Management Report for the first quarter was issued on Friday morning. RBS stock closed at 24.47p, down a modest 0.33% on trading of 184,525,074 shares. In a rare move during a banking holiday, RBS announced this morning […]

Standard Chartered (LSE:STAN) announced high single-digit growth in revenue in an Interim Management Report for the first quarter of the fiscal year issued this morning.  Oddly, share prices dropped over 3.5% to 1,458.50 by mid-afternoon. The Report In addition to the revenue growth, they reported the low double-digit growth in operating profit during the last […]

Goldman Sachs (NYSE:GS) , the controversial New York based investment bank, has been fined $22 million by the U.S. Securities and Exchange Commission (SEC) for reportedly tipping off top clients about stocks. The SEC alleges that between 2006 and 2011, information from weekly equity research meetings between the firm’s analysts and traders was leaked to […]

NBNK Investments (LSE:NBNK), an investment vehicle focused on domestic banking, appears to have become the leading bidder for 632 Lloyds Banking Group branches.  Lloyds is attempting to sell the branches as a condition of being bailed out by the government in 2008. NBNK is reportedly willing to bid between £1.5 million and £2 million according […]