Royal Bank of Scotland http://www.globalpost.com/taxonomy/term/25357/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 RBS renews Six Nations rugby sponsorship http://www.globalpost.com/dispatch/news/thomson-reuters/130118/rbs-renews-six-nations-rugby-sponsorship <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 18 (Reuters) - Royal Bank of Scotland has extended its sponsorship of the Six Nations rugby union tournament until 2017, deciding that the partnership represented good value for the part state-owned British bank.</p> <p>The new four-year deal is worth around 43 million pounds ($68.7 million) and runs from 2014, an increase from the current figure of around 30 million.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130118/rbs-renews-six-nations-rugby-sponsorship" target="_blank">read more</a></p> Royal Bank of Scotland Six Nations Championship Thomson Reuters Fri, 18 Jan 2013 17:15:41 +0000 5736245 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 TIMELINE-RBS fined $612 million over Libor rigging http://www.globalpost.com/dispatch/news/thomson-reuters/130206/timeline-rbs-fined-615-million-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>Feb 6 (Reuters) - Britain's Royal Bank of Scotland will pay U.S. and British authorities $612 million and plead guilty to wire fraud in Japan to settle allegations it manipulated global benchmark interest rates.</p> <p>RBS grew from a Scottish bank to become one of the world's largest after a series of takeovers, including the purchase of NatWest in 2000, but it was subsequently hit by a series of problems. Here is a look at its troubles since 2007:</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130206/timeline-rbs-fined-615-million-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 Wed, 06 Feb 2013 14:15:33 +0000 5747572 at http://www.globalpost.com Cavalier RBS traders move "the entire fixing, hahaha" http://www.globalpost.com/dispatch/news/thomson-reuters/130206/cavalier-rbs-traders-move-the-entire-fixing-hahaha <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, Feb 6 (Reuters) - Royal Bank of Scotland traders laughed as they manipulated Libor interest rates and dubbed the market a cartel, according to emails published by regulators on Wednesday.</p> <p>"Our 6m fixing move the entire fixing, hahaha," a Japanese yen derivatives trader boasted to another trader, according to documents released by British and U.S. regulators on Wednesday.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130206/cavalier-rbs-traders-move-the-entire-fixing-hahaha" target="_blank">read more</a></p> Banking Finance Interest rates Law Royal Bank of Scotland Thomson Reuters Wed, 06 Feb 2013 14:30:30 +0000 5747589 at http://www.globalpost.com U.S. fine for RBS should be met from wage bill, bonuses -Britain http://www.globalpost.com/dispatch/news/thomson-reuters/130206/us-fine-rbs-should-be-met-wage-bill-bonuses-britain <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, Feb 6 (Reuters) - The fine that Britain's Royal Bank of Scotland must pay U.S. authorities over allegations it manipulated global benchmark interest rates must come from the pay and bonuses of RBS staff, the British government said on Wednesday.</p> <p>"In the case of the U.S. authorities' fines, I am insistent that the taxpayer should not foot the bill. That is why these fines must be met in full from past, present and future reductions in the bonuses and pay of RBS," Greg Clark, Financial Secretary to the Treasury, told parliament.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130206/us-fine-rbs-should-be-met-wage-bill-bonuses-britain" target="_blank">read more</a></p> Banking Interest rates Royal Bank of Scotland Royal Bank of Scotland Group Thomson Reuters Wed, 06 Feb 2013 14:45:43 +0000 5747604 at http://www.globalpost.com EH-UPDATE 1-Cavalier RBS traders move "the entire fixing, hahaha" http://www.globalpost.com/dispatch/news/thomson-reuters/130206/refile-update-1-cavalier-rbs-traders-move-the-entire-fixing-hah <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>By Steve Slater and Kirstin Ridley</p> <p>LONDON, Feb 6 (Reuters) - Royal Bank of Scotland traders laughed and counted their profits as they rigged Libor interest rates and dubbed the London market a cartel, according to conversations published by regulators on Wednesday.</p> <p>"Our 6m fixing move the entire fixing, hahaha," a Japanese yen derivatives trader boasted to another trader, according to documents released by British and U.S. regulators on Wednesday.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130206/refile-update-1-cavalier-rbs-traders-move-the-entire-fixing-hah" target="_blank">read more</a></p> Business Economics Investment Royal Bank of Scotland Thomson Reuters Wed, 06 Feb 2013 17:45:45 +0000 5747873 at http://www.globalpost.com Royal Bank of Scotland fined $610 mn, settles Libor probe http://www.globalpost.com/dispatch/news/afp/130206/royal-bank-scotland-fined-610-mn-settles-libor-probe <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>State-rescued Royal Bank of Scotland will pay fines totalling $612 million (453 million euros) to US and British regulators to settle allegations of Libor interest rate rigging, it announced on Wednesday.</p> <p>RBS, which is 81-percent owned by the government, said it has agreed to pay the equivalent of £391 million to regulators, becoming the third bank to admit its part in the Libor affair after British rival Barclays and Swiss lender UBS.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130206/royal-bank-scotland-fined-610-mn-settles-libor-probe" target="_blank">read more</a></p> Banking Business Financial economics Interest rates Labor Law Politics Royal Bank of Scotland AFP Wed, 06 Feb 2013 17:46:26 +0000 5747884 at http://www.globalpost.com Royal Bank of Scotland fined $610 mn, settles Libor probe http://www.globalpost.com/dispatch/news/afp/130206/royal-bank-scotland-fined-610-mn-settles-libor-probe-0 <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>State-rescued Royal Bank of Scotland will pay fines totalling $612 million (453 million euros) to US and British regulators to settle allegations of Libor interest rate rigging, it announced on Wednesday.</p> <p>RBS, which is 81-percent owned by the government, said it has agreed to pay the equivalent of £391 million to regulators, becoming the third bank to admit its part in the Libor affair after British rival Barclays and Swiss lender UBS.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130206/royal-bank-scotland-fined-610-mn-settles-libor-probe-0" target="_blank">read more</a></p> Banking Business Financial economics Interest rates Labor Law Politics Royal Bank of Scotland AFP Wed, 06 Feb 2013 17:46:36 +0000 5747886 at http://www.globalpost.com Royal Bank of Scotland fined $610 mn, settles Libor probe http://www.globalpost.com/dispatch/news/afp/130206/royal-bank-scotland-fined-610-mn-settles-libor-probe-1 <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>State-rescued Royal Bank of Scotland said it will pay fines totalling $612 million (453 million euros) to US and British regulators to settle allegations of Libor interest rate rigging.</p> <p>RBS, which is 81-percent owned by the British government, said it has agreed to pay the equivalent of £391 million to regulators, becoming the third bank to admit its part in the Libor affair after Barclays and UBS.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130206/royal-bank-scotland-fined-610-mn-settles-libor-probe-1" target="_blank">read more</a></p> Banking Business Financial economics Investment Labor Law Politics Royal Bank of Scotland AFP Thu, 07 Feb 2013 03:16:23 +0000 5748415 at http://www.globalpost.com Britain considers RBS share give-away: reports http://www.globalpost.com/dispatch/news/afp/130215/britain-considers-rbs-share-give-away-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>Britain's finance ministry insisted Saturday it would dispose of its majority stake in the Royal Bank of Scotland "at the appropriate moment" amid reports ministers were considering a share giveaway.</p> <p>RBS could be ready to return to the private sector later this year, but at present prices that would represent a huge loss to British taxpayers.</p> <p>They own 81 percent of the Edinburgh-based bank after it was bailed out to the tune of £45.5 billion ($70.5 billion, 52.8 billion euros) at the height of the global financial crisis in 2008.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130215/britain-considers-rbs-share-give-away-reports" target="_blank">read more</a></p> Economy of the United Kingdom Royal Bank of Scotland Royal Bank of Scotland Group United Kingdom AFP Sat, 16 Feb 2013 04:45:24 +0000 5757352 at http://www.globalpost.com RBS plans IPO for U.S. arm Citizens in next two years http://www.globalpost.com/dispatch/news/thomson-reuters/130224/rbs-plans-ipo-us-arm-citizens-next-two-years <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>By Steve Slater</p> <p>LONDON, Feb 24 (Reuters) - British state-backed lender Royal Bank of Scotland is set to signal this week that it plans a partial sale of its U.S. bank Citizens this year or next, a source close to the matter said.</p> <p>RBS will say at its annual results on Thursday that its preferred option for Citizens is an initial public offering (IPO) in New York to sell about 20-25 percent of the bank, the source said.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130224/rbs-plans-ipo-us-arm-citizens-next-two-years" target="_blank">read more</a></p> Business Economy of the United Kingdom Royal Bank of Scotland Royal Bank of Scotland Group United Kingdom Thomson Reuters Sun, 24 Feb 2013 14:30:21 +0000 5764945 at http://www.globalpost.com