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Royal Bank of Scotland names Van Saun CEO of US business Citizens

The Canadian PressMay 11, 2013 20:31
LONDON - The Royal Bank of Scotland says it has named Bruce Van Saun chief executive of Citizens Bank, its U.S. business, ahead of its expected partial stock market flotation. Van Saun, currently RBS's finance director, will replace Ellen Alemany, who is retiring after more than six years. Nathan Bostock, currently RBS's chief risk officer, will replace Van Saun. RBS CEO Stephen Hester says 55-year-old Van Saun, who is originally from New Jersey, will lead Citizens in the run-up to the anticipated flotation.

Britain's Co-op loses CEO, takes ratings hit

Agence France-PresseMay 10, 2013 15:09
Britain's Co-operative Bank said Friday that its chief executive has quit following an aborted deal to buy 632 new branches, as a ratings downgrade sparked fears it might need a government bailout. "Barry Tootell, CEO, The Co-operative Banking Group, has chosen to step down from the business and from the board of The Co-operative Bank plc," a statement said. Tootell was appointed in 2011 to lead the acquisition by Britain's largest consumer co-operative of 632 stores from the state-rescued Lloyds Banking Group.

Moody's downgrades U.K.'s Co-operative bank amid concerns about credit quality

The Canadian PressMay 10, 2013 08:30
LONDON - The Co-operative Bank on Friday sought to reassure its customers that it didn't need a government bailout after Moody's Investors Service downgraded the U.K. lender's debt ratings to "junk" status. Concerns about the bank's credit status had been rising since it pulled out of a deal to buy some 630 branches from another U.K. lender, Lloyds Bank.

UK's Lloyds to cut 850 jobs in plan to reduce costs

May 9, 2013 19:46
LONDON (Reuters) - State-backed Lloyds Banking Group <LLOY.L> said on Thursday it would cut 850 jobs in commercial banking, retail, and other operations as part of plans to reduce costs. Lloyds, 39 percent owned by the British taxpayer, said the cutbacks were part of a strategic plan announced in 2011 to let 15,000 staff go and save 1.5 billion pounds a year ($2.3 billion). ($1 = 0.6425 British pounds) (Reporting by Matt Scuffham; Editing by Steve Slater)

Royal Bank of Scotland returns to profit in Q1

Agence France-PresseMay 3, 2013 19:00
Royal Bank of Scotland returned to profit in the first quarter with net earnings of £393 million ($610 million, 467 million euros) after a hefty loss a year earlier, the state-rescued lender said Friday. RBS said its profit after tax for the January-March period compared with a net loss of £1.545 billion in the first quarter of 2012 -- when the value of the bank's outstanding debt had significantly increased. "These results show pleasing progress in delivering a strong and valuable RBS for all our stakeholders," the bank's chief executive Stephen Hester said in a statement.

Taxpayer-owned RBS says UK government should be able to sell stake in bank within a year

The Canadian PressMay 3, 2013 06:00
LONDON - Royal Bank of Scotland predicted Friday that the government should be able to start selling its stake within a year, as it reported a first-quarter profit of 393 million pounds ($611 million), up from a loss of 1.5 billion a year earlier.

British bank Lloyds sells Spanish retail activities

Agence France-PresseApril 29, 2013 06:00
Britain's state-rescued Lloyds bank said on Monday that it has sold its loss-making Spanish retail banking activities to Spain's Banco Sabadell in a deal worth up to 100 million euros ($131 million). LBG said in a statement that it would receive a 1.8-percent stake in Sabadell, worth about 84 million euros, plus an additional sum of up to 20 million euros over the next five years.

Marks & Spencer CEO faces crucial tests

April 26, 2013 08:30
By James Davey LONDON (Reuters) - Next month Marks & Spencer will come under intense scrutiny as it prepares to reveal new fashion ranges, a strategy update and annual results, events that could shape the future of the British retailer and its chief executive. Marc Bolland, CEO since May 2010, is under pressure to revive the firm's clothing business, which has been losing market share to firms like Primark and Debenhams.

Taylor Wimpey sales jump after government schemes

April 25, 2013 03:30
LONDON (Reuters) - British housebuilder Taylor Wimpey <TW.L> said its sales since the start of the year were at the upper end of the firm's expectations, driven by an surge in interest after the government unveiled schemes to help struggling housebuyers.

Lloyds bank reveals collapse of deal to sell branches

Agence France-PresseApril 24, 2013 13:31
Britain's part-nationalised Lloyds Banking Group on Wednesday said a deal agreed last year to sell 632 branches at a loss to The Co-operative Group had collapsed, adding that it would now float the so-called Project Verde division on the stock market.
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