Banks

Barclays (LSE:BARC) confirmed they are the bank involved in the crackdown of HM Revenue & Customs for tax avoidance schemes, which was announced the day before. Exchequer Secretary David Gauke, announced on Monday, 27th February they had stopped two schemes of an unnamed bank, which could have generated £500 million in taxes, in a rare act of “retrospective […]

Lloyds Banking Group (LSE:LLOY) reported an annual loss of £3.542 billion in 2011, a very steep downfall from the £281 million profit it made in 2010, citing the £3.2 billion Payment Protection Insurance (PPI) provision as the single biggest factor behind the loss. Still, Chief Executive António Horta-Osório said the Group delivered “a resilient performance […]

Barclays (LSE:BARC) saw its adjusted profits before tax in the UK retail and business banking operation to rise sharply at 60% to £1.42 billion compared with £889 million it posted in 2010, figures shown in the last reported fiscal year. Barclays were able to increase profits in the retail and business banking division by 48% from £2.235 […]

Royal Bank of Scotland Group (LSE:RBS) Chief Executive Officer Stephen Hester will no longer receive his £970,000 worth of RBS shares bonus. The decision came after the Labour Party leader Ed Miliband declared they will rouse the House of Commons to a vote over the controversial remuneration package. The news first broke out on Thursday, […]

Royal Bank of Scotland (LSE:RBS) CEO, Stephen Hester bonus of £963,000 in shares has come under scrutiny from various parties. To the anger of many Britons, the board of directors of the state-owned bank awarded Mr. Hester with the annual bonus which a majority of ordinary workers struggle to earn in a lifetime. The move […]

HSBC (LSE:HSBA) has confirmed an investigation has been launched by the US regulators on possible breaches in the Anti-Money Laundering and Bank Secrecy Acts. Spokersperson for HSBC, Robert Shermann, stated the US division of the UK-based bank is having ongoing discussions with officials on a number of regulatory and compliance matters. “The nature of these […]

According to Stocks & Shares TV, the board of Lloyds Banking Group will be making a decision soon as to approving the return of CEO; António Horta-Osório, who has been on medical leave since November, due to extreme fatigue.  UK Financial Investments has already indicated it is in favor of Horta-Osório’s return. UK Financial Investments […]

Tim Tookey, the man who was named interim CEO of Lloyds on Wednesday has announced today his plans to leave the bank by March 2012 for insurance company Resolution. Tookey replaced the full time CEO António Horta-Osório, who was forced to take a leave of absence this week after being hospitalised for stress and exhaustion. […]