Banks

Investors responded fairly well to Lloyds Banking Group’s (LSE:LLOY) first half report, even though the company reported a net loss of £676 million.  Share price was up 0.32 pence to 29.60 by 1:00 pm, having peaked at 29.86 at the noon hour. No Magic Wands With the problems facing the banking sector in general and […]

Was Robby Burns thinking of the Royal Bank of Scotland (LSE:RBS) when he wrote that “the best-laid schemes o’ mice an’ men Gang aft agley?”  RBS is continuing to try to regain its footing after its £45 billion government bailout.  The bailout was not without obligations.  As it strategises to meet some of those obligations, […]

Morgan Stanley (NYSE:MS) today reported its second-quarter financial results. The New York City-based company reported a sharp decline in second-quarter profit. MS’s revenue for the quarter also fell sharply, sending the stock down sharply in trading today.

Lloyds Banking Group plc (LSE:LLOY) has agreed to sell 632 of its branches, including the TSB and Cheltenham & Gloucester brands, to the Co-operative Group plc for £350 million.  The deal will make The Co-operative Group a major competitor in British banking, as it will represent 7% of the UK banking network with about 4.8 […]

U.S. Bancorp (NYSE:USB), one of the largest regional banks in the U.S., reported an 18% increase in its second quarter profit. The bank lowered its credit costs and posted robust revenue growth in the second quarter of 2012.

Wall Street giant Goldman Sachs Group Inc. (NYSE:GS) today reported an 11% decline in its second-quarter profit as investment banking revenue fell due to a slowdown in M&A activity.

Bank stocks rose sharply in trading on Friday after JP Morgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co. (NYSE:WFC) reported solid second-quarter financial results.

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 […]