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LON100:RBS, Jul 14, 01:41 UTC

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Friday, July 03


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RBS chairman calls on Bank of England to lift dividend curbs by autumn

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Visit our Privacy Policy to learn more or manage your personal preferences in our Cookie Consent Tool. FILE PHOTO: Royal Bank of Scotland signs are seen at a branch of the bank, in London, Britain December 1, 2017. LONDON (Reuters) - The chairman of majority state-backed lender Royal Bank of Scotland (RBS.L) has called on the Bank of England to lift curbs on dividends by the autumn to make lenders attractive to investors again. Howard Davies said banks - which were forced in March to ditch dividends and buybacks until the end of 2020 to bolster their finances against an expected steep economic downturn - could not suspend payouts indefinitely. "It's probably fair to say the banking sector is not investible because when people try to do the models about what banks are worth they can't plug in any numbers for cash out," Davies told a City & Financial webinar on Friday.

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RBS chairman calls on BoE to lift dividend curbs by autumn

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U.S. RBS chairman calls on BoE to lift dividend curbs by autumn. LONDON (Reuters) - The chairman of majority state-backed lender Royal Bank of Scotland (RBS.L) has called on the Bank of England to lift curbs on dividends by the autumn to make lenders attractive to investors again. Howard Davies said banks - which were forced in March to ditch dividends and buybacks until the end of 2020 to bolster their finances against an expected steep economic downturn - could not suspend payouts indefinitely. "It's probably fair to say the banking sector is not investible because when people try to do the models about what banks are worth they can't plug in any numbers for cash out," Davies told a City & Financial webinar on Friday. Anne Boden, CEO of digital bank Starling, meanwhile, said banks would need government support in handling unpaid state-backed business loans in the coming months.

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RBS Chairman says banks 'not investible' after dividends scrapped

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U.S. RBS Chairman says banks 'not investible' after dividends scrapped. (Reuters) - British banks are not investible after lenders were forced to scrap dividends by regulators to see them through the coronavirus crisis, Royal Bank of Scotland Chairman Howard Davies said. Davies told a City & Financial webinar on Friday that regulators needed to rethink their capital framework for lenders by the autumn, adding that banks could not suspend payouts to investors indefinitely. "It's probably fair to say the banking sector is not investible because when people try to do the models about what banks are worth they can't plug in any numbers for cash out."

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Thursday, June 25


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Royal Bank of Scotland to Cut U.S. Jobs Amid Broader Reform

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Per Reuters, citing sources with knowledge of the matter, the bank seeks to reduce almost 80-90 of its full-time staff in its head office in Stamford, CT.According to one of the sources, the bank took the decision after consulting with various employee unions and representatives. The jobs likely to be affected include that of economists, rates traders and credit traders.Notably, the lender employs nearly 400 people in the United States. Notably, the company is also considering cutting jobs across Asia.A spokeswoman for NatWest Markets stated, “In line with the multi-year process announced in February, we continue to progress our plan to refocus NatWest Markets on activities which directly support the bank's core customers and on areas where we will have a more stable and consistent revenue stream.”She added, “These are always difficult decisions, but we intend to make NWM a more sustainable business and will be supporting our colleagues through this process.”The performance of Royal Bank of Scotland’s investment banking division has not been great. Hence, the bank needs to take the necessary action to be able to revive its investment banking operations.Shares of Royal Bank of Scotland have lost 6.5% over the past three months against the industry’s rally of 4.5%.

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Tuesday, June 23


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RBS extends account switching incentives due to COVID-19 slowdown

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U.S. RBS extends account switching incentives due to COVID-19 slowdown. (Reuters) - Royal Bank of Scotland said on Tuesday it would give business customers another six months to take advantage of incentives to switch their accounts to other banks, under terms of the bank's crisis-era state aid package. "As a result of the on-going COVID-19 pandemic, fewer customers have been switching under the Incentivised Switching Scheme and these changes are being announced by the Banking Competition Remedies to preserve momentum and aims of the ISS," RBS said. Some 200,000 additional RBS and NatWest plc business banking customers with turnover of up to 1 million pounds will have the opportunity to participate from August 25. Customers will be able apply to switch their account until February 28 2021 and will have until June 30 2021 to complete the switch.

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Wednesday, June 03


News

'Different techniques needed' to detect fingermarks on new banknotes

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They discovered that the use of superglue fuming, followed by black magnetic powder, was found to be the most effective process for enhancement of fingermarks on all of the note types tested. Dr. Penny Haddrill, a Teaching Fellow in the Centre for Forensic Science, is a co-author of the study. She said: "The techniques used in this research are not new but different combinations of existing techniques were examined to find out which ones, and the order in which they were used, would be most effective for recovering fingermarks from polymer notes. "This is a good example of Strathclyde research being put into practice, as the methods in the study are now being used operationally. It's also part of our ongoing collaboration with the Scottish Police Authority Forensic Services, where many of our MSc Forensic Science students have carried out research work over the years." The UK's Home Office carried out a fingermark detection study in 2016 on Bank of England notes but Scottish banknotes appear to have more textured areas and a less smooth finish.

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Monday, June 01


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Have UK bank stocks like Lloyds and RBS become uninvestable?

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The world changed for UK banks after the great financial crisis (GFC) of 2008–09. The taxpayer bailouts of Lloyds (LSE: LLOY) and Royal Bank of Scotland (LSE: RBS), and regulatory changes to guard against it happening again, meant investors had to reassess the prospects and future returns of UK bank stocks. Here, I’ll discuss these views, and what they might mean for investors in Lloyds and RBS today. Lloyds and RBS last year had financial leverage of 17.5 times and 16.6 times. For the UK’s three biggest utilities, National Grid, SSE, and United Utilities, leverage was 3.3, 4.3, and 4.2 times.

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Thursday, May 21


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'Significant majority' of RBS staff home-workers to remain in place until September - memo

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'Significant majority' of RBS staff home-workers to remain in place until September - memo. LONDON (Reuters) - Royal Bank of Scotland <RBS.L> Chief Executive Alison Rose said on Thursday a "significant majority" of more than 50,000 staff working from home since the coronavirus lockdown would continue to do so until September, according to a memo seen by Reuters. The state-backed bank said around 400 staff unable to work from home will be asked to return to offices and call centres next month, the memo said. RBS has also temporarily banned hot-desking and said it would place at least one empty desk in between people to ensure social distancing. Since lockdown started, around 10,000 staff have continued to work in branches and some offices.

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Tuesday, May 19


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FOCUS-British backing gives some RBS investors comfort in crisis

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LONDON, May 19 (Reuters) - Best known as Britain's biggest financial crisis failure, some investors and analysts view majority state-owned Royal Bank of Scotland as the lender likely to emerge strongest from the coronavirus downturn. RBS had built the largest capital surplus of any major British bank before the pandemic struck, some 14 billion pounds ($17 billion) above the regulatory minimum, and had hoped to use much of this to buy back the government's 62% stake. By contrast, Lloyds Banking Group's first-quarter lending rose 1% in the first quarter, after the loan book of Britain's largest domestic bank had shrunk by 1% in 2019. Although RBS Chief Executive Alison Rose has said it is only lending to existing customers via the government's relief schemes, analysts say any expansion risks greater losses as many of the loans are 80% not 100% state guaranteed. "It may take some time to get to their target, back to last year's earnings level, but when they do, then the 2019 distribution equates to a 20% return per annum to investors based on today's share price," Teahan said. While majority state ownership, the result of a 45 billion pound government bailout during the 2007-2008 financial crisis, may have made it more solid facing the coronavirus pandemic and its aftermath, RBS may also now take longer to emerge from it.

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Tuesday, May 12


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U.S. federal court to consider payout suit brought by RBS whistleblower

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WASHINGTON D.C./LONDON, May 12 (Reuters) - The U.S. Second Circuit Appeals Court will on Tuesday consider arguments by an ex-Royal Bank of Scotland employee who is suing the U.S. Justice Department and Securities and Exchange Commission for a bounty he says he is owed under a whistleblower program. The suit brought by former RBS risk manager Victor Hong could result in a landmark ruling if the court finds the agencies broke the law, or force them to reconsider his case or produce documents that may shed light on how they handled it. In February, Hong filed a petition with the court alleging the agencies flouted the law "in bad faith" when assessing whether he was due a payout for helping federal probes into the British bank's mis-selling of mortgage bonds in the run-up to the 2007-08 financial crisis. In August 2018, RBS agreed to pay $4.9 billion to end the probes, which were led by the Justice Department.

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