Royal Bank of Scotland Group http://www.globalpost.com/taxonomy/term/25355/all en RBS to slash bonuses to pay Libor fines - source http://www.globalpost.com/dispatch/news/thomson-reuters/130111/rbs-slash-bonuses-pay-libor-fines-source <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON, Jan 11 (Reuters) - Royal Bank of Scotland is preparing to slash bonuses for its investment bankers this year to help pay fines for its role in an interest rate rigging scandal, a source familiar with the situation said.</p> <p>The part state-owned bank is expected to face a worse punishment than the $450 million paid by rival Barclays following an investigation into the alleged manipulation of the London interbank offered rate (Libor) and other benchmark rates, said the source, who declined to be named.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130111/rbs-slash-bonuses-pay-libor-fines-source" target="_blank">read more</a></p> Banking Interest rates Royal Bank of Scotland Royal Bank of Scotland Group Thomson Reuters Fri, 11 Jan 2013 12:00:37 +0000 5733097 at http://www.globalpost.com TIMELINE-RBS set to pay heavy fines over Libor rigging http://www.globalpost.com/dispatch/news/thomson-reuters/130111/timeline-rbs-set-pay-heavy-fines-over-libor-rigging <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>Jan 11 (Reuters) - Royal Bank of Scotland is set to pay large fines for its role in rigging the Libor interest rate. Here is a look at RBS's troubles since 2007:</p> <p>April 3, 2007 - RBS leads a consortium along with Fortis and Spain's Santander to buy Dutch bank ABN AMRO. In October, the consortium wins a bidding war against Barclays for ABN AMRO with a 70-billion-euro offer, making it the biggest banking takeover in history. The takeover comes just before markets slump as the subprime credit crisis takes hold.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130111/timeline-rbs-set-pay-heavy-fines-over-libor-rigging" target="_blank">read more</a></p> Economy of the United Kingdom Human Interest Royal Bank of Scotland Royal Bank of Scotland Group United Kingdom Thomson Reuters Fri, 11 Jan 2013 13:15:28 +0000 5733130 at http://www.globalpost.com RBS braced for up to $800 mln Libor fines - sources http://www.globalpost.com/dispatch/news/thomson-reuters/130115/rbs-braced-800-mln-libor-fines-sources <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON, Jan 15 (Reuters) - Royal Bank of Scotland is braced for fines of between 400 million pounds and 500 million pounds ($803 million) for its role in an interest rate rigging scandal, sources familiar with the matter said.</p> <p>The partly state-owned bank is expected to agree a settlement with authorities in Britain and the United States next week and will be hit with a worse punishment than rival Barclays, which was fined $450 million last June.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130115/rbs-braced-800-mln-libor-fines-sources" target="_blank">read more</a></p> Banking Finance Royal Bank of Scotland Royal Bank of Scotland Group Thomson Reuters Tue, 15 Jan 2013 13:30:28 +0000 5734703 at http://www.globalpost.com Libor probe may further shrink RBS investment bank http://www.globalpost.com/dispatch/news/thomson-reuters/130118/libor-probe-may-further-shrink-rbs-investment-bank <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Bank braced for fine between 400-500 mln stg -sources</p> <p>* CEO Hester expected to remain in place, others to go</p> <p>* Libor revelations to put future of investment bank in question</p> <p>* Investment bank already cut to 20 pct of operating profit</p> <p>* Private shareholders would resist further shrinkage</p> <p>By Matt Scuffham</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130118/libor-probe-may-further-shrink-rbs-investment-bank" target="_blank">read more</a></p> Business Economy of the United Kingdom Human Interest Investment Labor Royal Bank of Scotland Royal Bank of Scotland Group War Thomson Reuters Fri, 18 Jan 2013 15:00:43 +0000 5736162 at http://www.globalpost.com Broken-up RBS bank may be easier to sell - Posen http://www.globalpost.com/dispatch/news/thomson-reuters/130121/broken-rbs-bank-may-be-easier-sell-posen <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON, Jan 21 (Reuters) - Breaking up Royal Bank of Scotland could make it easier to sell the part state-owned British lender, a former Bank of England monetary policy committee member said on Monday.</p> <p>Adam Posen told lawmakers such a step would also boost competition in a market dominated by RBS and three other big lenders - Barclays, HSBC and Lloyds.</p> <p>Britain owns 82 percent of RBS and has a 40 percent stake in Lloyds. The government wants to return both to full private ownership and make a profit for taxpayers.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130121/broken-rbs-bank-may-be-easier-sell-posen" target="_blank">read more</a></p> Early Modern Scotland Economy of the United Kingdom Royal Bank of Scotland Group Thomson Reuters Mon, 21 Jan 2013 18:45:04 +0000 5737396 at http://www.globalpost.com Britain may refuse to produce RBS Libor documents, Canada argues http://www.globalpost.com/dispatch/news/thomson-reuters/130125/britain-may-refuse-produce-rbs-libor-documents-canada-argues <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Canada, RBS locked in battle over Libor documents</p> <p>* RBS suggests Canada use UK treaty to get documents</p> <p>* Legal expert says Britain might not cooperate</p> <p>By Randall Palmer</p> <p>OTTAWA, Jan 25 (Reuters) - Britain cannot be relied on to force Royal Bank of Scotland Group Plc to give Canadian authorities documents on alleged interest rate rigging, because the British government is RBS's majority shareholder, Canada's Competition Bureau argued this month.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130125/britain-may-refuse-produce-rbs-libor-documents-canada-argues" target="_blank">read more</a></p> Business Economy of the United Kingdom RBS Royal Bank of Scotland Group Social Issues United Kingdom Thomson Reuters Fri, 25 Jan 2013 22:45:51 +0000 5739680 at http://www.globalpost.com UPDATE 1-RBS hit by report of possible criminal charges over Libor http://www.globalpost.com/dispatch/news/thomson-reuters/130129/update-1-rbs-hit-report-possible-criminal-charges-over-libor <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>Jan 29 (Reuters) - Royal Bank of Scotland Group saw 1.3 billion pounds ($2.1 billion) wiped off its value on Tuesday following a report that it could face criminal charges as part of an impending settlement over its role in a global interest rate rigging scandal.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130129/update-1-rbs-hit-report-possible-criminal-charges-over-libor" target="_blank">read more</a></p> Business Economy of the United Kingdom Investment Royal Bank of Scotland Group Thomson Reuters Tue, 29 Jan 2013 19:31:14 +0000 5741187 at http://www.globalpost.com RBS pulls plug on M&A unit as no white knight emerges -sources http://www.globalpost.com/dispatch/news/thomson-reuters/130130/rbs-pulls-plug-ma-unit-no-white-knight-emerges-sources <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Talks with a European investor failed</p> <p>* RBS unwilling to retain stake in M&amp;A unit</p> <p>* Bankers eager to take time off amid gloom outlook</p> <p>By Sophie Sassard</p> <p>LONDON, Jan 30 (Reuters) - Royal Bank of Scotland is finally pulling the plug on its mergers and acquisitions unit after no white knight investor emerged to keep it afloat, two people familiar with the plan said.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130130/rbs-pulls-plug-ma-unit-no-white-knight-emerges-sources" target="_blank">read more</a></p> Disaster Economy of the United Kingdom Investment RBS Royal Bank of Scotland Group Thomson Reuters Wed, 30 Jan 2013 14:30:45 +0000 5741524 at http://www.globalpost.com UPDATE 1-UK's RBS to get Libor punishment next week - sources http://www.globalpost.com/dispatch/news/thomson-reuters/130201/update-1-uks-rbs-get-libor-punishment-next-week-sources <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Settlement expected on Tuesday or Wednesday - sources</p> <p>* RBS expected to agree combined deal with U.S., UK</p> <p>By Matt Scuffham and Huw Jones</p> <p>LONDON, Feb 1 (Reuters) - Royal Bank of Scotland will next week agree a settlement with U.S. and British authorities for its part in a global rate rigging scandal, sources familiar with the situation told Reuters.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130201/update-1-uks-rbs-get-libor-punishment-next-week-sources" target="_blank">read more</a></p> Banking Finance RBS Royal Bank of Scotland Group Thomson Reuters Fri, 01 Feb 2013 17:31:13 +0000 5743323 at http://www.globalpost.com UPDATE 5-UK prepares new law to break up errant banks http://www.globalpost.com/dispatch/news/thomson-reuters/130204/update-1-uk-sets-out-new-law-break-errant-banks <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* New laws will make banks ring-fence retail operations</p> <p>* Break-up threat in place if banks try to flout new laws</p> <p>* Government would make final decision over break-ups</p> <p>* Berlin considering jail for reckless bankers</p> <p>* Will stick to Basel III rules on leverage ratios</p> <p>By Laura Noonan and Matt Scuffham</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130204/update-1-uk-sets-out-new-law-break-errant-banks" target="_blank">read more</a></p> Bank Central bank Early Modern Scotland Economy of the United Kingdom George Osborne Politics Royal Bank of Scotland Group The Royal Bank of Scotland United Kingdom Thomson Reuters Mon, 04 Feb 2013 11:31:07 +0000 5745182 at http://www.globalpost.com RBS investment banking chief to quit over Libor: reports http://www.globalpost.com/dispatch/news/afp/130205/rbs-investment-banking-chief-quit-over-libor-reports <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The head of the Royal Bank of Scotland's investment banking arm is to step down over the Libor rate-rigging scandal, British media reported on Tuesday.</p> <p>John Hourican is to give up £4 million ($6.32 million, 4.65 million euros) in past share awards when he quits the state-rescued British bank, Sky News television reported.</p> <p>The BBC quoted sources who said Hourican, who has been at RBS for 17 years, was being forced out even though most of the fixing happened before he took over as head of its investment banking division in late 2008.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130205/rbs-investment-banking-chief-quit-over-libor-reports" target="_blank">read more</a></p> Business Financial economics Investment Labor Law Royal Bank of Scotland Group AFP Tue, 05 Feb 2013 20:46:15 +0000 5746868 at http://www.globalpost.com URGENT ¥¥¥ RBS banks says to pay 'significant penalties' over Libor http://www.globalpost.com/dispatch/news/afp/130206/urgent-rbs-banks-says-pay-significant-penalties-over-libor <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Royal Bank of Scotland on Wednesday said it expected to pay "significant penalties" and face other sanctions from British and US financial regulators over its role in the Libor rate-rigging scandal.</p> <p>"RBS confirms that it is in late-stage settlement discussions with these authorities," the Edinburgh-based bank said in a statement.</p> <p>"Although the settlements remain to be agreed, RBS expects they will include the payment of significant penalties as well as certain other sanctions."</p> <p>bcp/rl</p> Banking Interest rates Royal Bank of Scotland Royal Bank of Scotland Group AFP Wed, 06 Feb 2013 08:00:51 +0000 5747234 at http://www.globalpost.com RPT-Britain's RBS expects "significant" Libor penalties http://www.globalpost.com/dispatch/news/thomson-reuters/130206/rpt-britains-rbs-expects-significant-libor-penalties <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>(Repeats to additional subscribers)</p> <p>LONDON, Feb 6 (Reuters) - British lender Royal Bank of Scotland said on Wednesday it expected to pay "significant penalties" to settle regulatory probes into interest rate rigging.</p> <p>RBS, 82 percent state-owned after receiving a taxpayer-funded bailout in the 2008 crisis, said it was in "late stage settlement discussions" with regulators in the Britain and the United States, but no fines had yet been agreed.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130206/rpt-britains-rbs-expects-significant-libor-penalties" target="_blank">read more</a></p> Royal Bank of Scotland Group Thomson Reuters Wed, 06 Feb 2013 08:15:29 +0000 5747241 at http://www.globalpost.com RBS bank says to pay 'significant penalties' over Libor http://www.globalpost.com/dispatch/news/afp/130206/rbs-bank-says-pay-significant-penalties-over-libor <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Royal Bank of Scotland on Wednesday said it expected to pay "significant penalties" and face other sanctions from British and US financial regulators over its role in the Libor rate-rigging scandal.</p> <p>"RBS confirms that it is in late-stage settlement discussions with these authorities," the Edinburgh-based bank said in a statement.</p> <p>"Although the settlements remain to be agreed, RBS expects they will include the payment of significant penalties as well as certain other sanctions."</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130206/rbs-bank-says-pay-significant-penalties-over-libor" target="_blank">read more</a></p> bank Business Financial economics Investment Labor Law Royal Bank of Scotland Group AFP Wed, 06 Feb 2013 08:15:43 +0000 5747248 at http://www.globalpost.com CORRECTED-UPDATE 7-RBS fined $612 million for rate rigging http://www.globalpost.com/dispatch/news/thomson-reuters/130206/update-1-rbs-be-hit-400-mln-stg-fines-over-libor-sources <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>(In first sentence, corrects figure to $612 million, not $615 million)</p> <p>* RBS to pay fines to British and U.S. regulators</p> <p>* RBS's Japanese unit pleads guilty to wire fraud</p> <p>* Bank to cut bonuses to help pay U.S. fine</p> <p>By Matt Scuffham and Kirstin Ridley</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130206/update-1-rbs-be-hit-400-mln-stg-fines-over-libor-sources" target="_blank">read more</a></p> Banking Business Economics Economy of the United Kingdom Finance Financial economics Investment Labor Law Politics Primary dealers RBS Royal Bank of Scotland Group United Kingdom Thomson Reuters Wed, 06 Feb 2013 09:15:26 +0000 5747280 at http://www.globalpost.com