The Best Laid Plans of Mice and RBS

Jul 23 2012 @ 08:18
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’s Q2 Profit Misses Estimates; Stock Tumbles (MS)

Jul 19 2012 @ 15:07
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 Sells Branches to Co-op Group

Jul 19 2012 @ 08:31
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 Q2 Earnings Rise (USB)

Jul 18 2012 @ 08:42
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.

Goldman Sachs Q2 Profit Drops 11% (GS)

Jul 17 2012 @ 09:50
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 Rise Sharply after JP Morgan and Wells Fargo Report Q2 Results (JPM, WFC)

Jul 13 2012 @ 14:20
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 CEO Bob Diamond Resigns Amidst Scandal

Jul 03 2012 @ 06:21
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 […]

FSA Finds Four Major UK Banks Guilty of Mis-selling Financial Products

Jun 29 2012 @ 04:56
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), […]

CEO Faces Resignation Calls as Rate Manipulation Scandal Drives Barclays Stocks Down

Jun 28 2012 @ 10:14
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 […]

Is Confidence in RBS Shares Being Restored?

Jun 27 2012 @ 09:29
Royal Bank of Scotland (LSE:RBS) shares were on the upswing today, 27 June 2012, after losing ground daily since 22 June when a “computer glitch” brought the bank to its operational knees along with subsidiaries, NatWest and Ulster Bank.  RBS share price plunged from 243.20 on 22 June to 227.70 on 26 June.  The Bank […]
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