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Royal Bank of Scotland Group PLC (RBS)

RBS on New York Consolidated

22 Jul 2016
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Latest Key Developments (Source: Significant Developments)

RBS sees 150 mln stg pretax gain from VocaLink sale
Thursday, 21 Jul 2016 08:15am EDT 

Royal Bank Of Scotland Group Plc :RBS expects to report an initial pre-tax gain of approximately 150 mln stg on completion of VocaLink deal.  Full Article

Royal Bank of Scotland names Frank Dangeard as non-exec director
Monday, 16 May 2016 05:00am EDT 

Royal Bank Of Scotland Group Plc :Announces today that Frank Dangeard has been appointed as a non-executive director of RBS with immediate effect..  Full Article

Royal Bank of Scotland Group PLC -UK watchdog asks banks to check for ties to Panama Papers - Reuters News
Thursday, 7 Apr 2016 06:24am EDT 

Royal Bank of Scotland Group PLC:Britain's Financial Conduct Authority has asked 20 banks and other financial firms to check if they have any ties to Panama law firm Mossack Fonseca, the regulator said on Thursday. - RTRS.A massive leak of documents from the firm released this week detailed how the world's rich skipped through loopholes to park cash in low-tax jurisdictions.Recipients of the letter have been given until April 15 to respond to the disclosure request. More than 500 banks, their subsidiaries and branches registered nearly 15,600 shell companies with Mossack Fonseca, according to the International Consortium of Investigative Journalists (ICIJ).HSBC, and its affiliates created more than 2,300 in total, the ICIJ says.HSBC has dismissed suggestions it actively used offshore structures to help clients cheat on their taxes.The bank has said the documents from Panama pre-dated a thorough reform of its business model.Spokespeople for HSBC and Barclays BARC.L declined to comment on the FCA correspondence. RBS and Standard Chartered both said they were reviewing their operations and co-operating fully with regulators on the issue.News of the FCA's letter follows calls from Conservative lawmaker and chairman of Britain's Treasury Select Committee, Andrew Tyrie, for a thorough investigation of the trove and prosecutions "wherever possible".  Full Article

Royal Bank of Scotland Group PLC to cut almost 450 investment banking jobs in UK RBS.L - theguardian
Thursday, 17 Mar 2016 11:18am EDT 

Royal Bank of Scotland Group PLC:Royal Bank of Scotland is cutting 448 investment banking jobs in the UK, moving two-thirds of them to India - theguardian.The bank, 73% of which is owned by the taxpayer, said it would cut back- and middle-office roles in its investment bank, including a small number of technology jobs.Under its chief executive, Ross McEwan, RBS has been shrinking the division to focus on its personal and small business operations in the UK and Ireland.About 300 jobs will go offshore, to an existing RBS operation based in Gurgaon, near Delhi, and Chennai in southern India.London and Newcastle-under-Lyme will bear the brunt of the cuts, along with Manchester. The layoffs will happen by the end of next year.The move comes just days after RBS announced it would lay off 550 investment advisers , replacing them with an automated system that will offer advice based on customers responses to a series of questions.The bank, which was bailed out during the financial crisis, reported a £2bn loss for 2015, its eighth annual loss in a row.  Full Article

Royal Bank of Scotland Group PLC cuts 550 jobs - FT - Reuters News
Sunday, 13 Mar 2016 10:55am EDT 

Royal Bank of Scotland Group PLC:Royal Bank of Scotland is cutting its face-to-face advice service and slashing 550 jobs in another move to reduce costs, as more customers turn to digital “robo-advisers” - FT.The state-backed bank is cutting 220 investment advice positions and scaling back its service to only those customers with at least £250,000 to invest, more than double the current £100,000 threshold. RBS is also removing 200 protection advice jobs.The move soon comes after RBS, which is 73 per cent owned by government, posted its eighth successive net annual loss, dealing a blow to government plans to sell off the bank.  Full Article

Royal Bank of Scotland Group PLC - UBS, others reach $103 million muni bond rigging settlements - Reuters
Wednesday, 24 Feb 2016 10:38pm EST 

Royal Bank of Scotland Group PLC:UBS AG and five other banks and brokerages agreed to pay roughly $103 million to settle claims that they conspired to rig prices for U.S. municipal securities.Wednesday's accords include payments of $100.5 million to investors. Two of the defendants, France's Natixis SA and Societe Generale, also agreed to pay $2.8 million to resolve related claims by 21 U.S. states and Washington, D.C.If approved by a federal judge, the private settlements would end nearly eight years of class action litigation, and result in more than $226 million of payouts from 11 defendants, led by $44.6 million from JPMorgan Chase & Co.Several banks have during that time also agreed to pay more than $740 million, led by JPMorgan's $228 million, to resolve related probes by the U.S. Department of Justice and state regulators. At least 17 people were convicted or pleaded guilty, the Justice Department has said.Wednesday's private settlements included $32 mln with UBS, $28.45 mln with Natixis, $25.41 mln with Societe Generale, $9.75 mln with Piper Jaffray Cos, $3.5 mln with Royal Bank of Scotland Group Plc's National Westminster Bank, and $1.4 mln with George K. Baum & Co, court papers show.Other defendants that have settled with investors and regulators are Wells Fargo & Co WFC.N, Bank of America Corp BAC.N and General Electric Co GE.N, UBS has also settled with regulators, and Morgan Stanley MS.N with investors.  Full Article

Royal Bank of Scotland Group PLC - Six banks caught in the Libor-rigging scandal are in settlement talks with Swiss competition regulator Comco-Bloomberg - Reuters
Friday, 22 Jan 2016 04:14am EST 

Royal Bank of Scotland Group PLC:At least six banks targeted in Switzerland’s investigation into Libor-rigging are in settlement talks with the country’s competition regulator, according to two people familiar with the negotiations, as the four-year probe moves closer to wrapping up -Bloomberg.Comco, as the Swiss Competition Commission is known locally, is trying to reach a so-called “accord amiable” with the banks as it aims to complete the probe by July, one of the people said. They asked not to be identified because the negotiations are continuing -Bloomberg.A settlement in Switzerland would mean nearly all global investigations into rate-rigging are drawing to a close, about four years after the first fines were levied by U.S. and U.K. regulators.-Bloomberg.While banks face a smaller European Union probe, they have already been forced to pay about $9 billion for manipulating benchmark interest rates. -Bloomberg.Comco is moving into the final phase of an investigation opened in 2012 into “potential unlawful agreements” among a dozen banks, including Credit Suisse Group AG, UBS Group AG, Royal Bank of Scotland Group Plc, HSBC Holdings Plc and Deutsche Bank AG. -Bloomberg.  Full Article

Royal Bank of Scotland Group PLC said to plan cost cuts at Coutts U.K. in first half of 2016 - bloomberg, citing source - Reuters
Monday, 7 Dec 2015 04:29am EST 

Royal Bank of Scotland Group PLC:Said to plan cost cuts at coutts U.K. in first half of 2016 - bloomberg, citing source - RTRS.Alongside cost reductions at investment bank and Irish ulster bank division, CEO ross mcewan wants to lower expenses at coutts UK - bloomberg - RTRS.  Full Article

Royal Bank of Scotland Group PLC - British judge delays trial of RBS shareholder lawsuit to 2017 - Reuters
Thursday, 26 Nov 2015 06:34am EST 

Royal Bank of Scotland Group PLC:A High Court judge on Thursday delayed the trial in a drawn-out battle between Royal Bank of Scotland RBS.L and shareholders, criticising the lender and its legal advisers for being "unfocused" and swamped by 25 million documents - RTRS.Thousands of shareholders are claiming around 4 billion pounds in compensation and alleging that RBS's 12 billion pound ($18 bln) investor cash call in 2008 - launched just before the bank's near collapse - contained misstatements and omissions - RTRS.Judge Robert Hildyard adjourned the date for the high-profile trial by three months to March 6, 2017, saying he wanted to ensure fair and orderly legal proceedings in the case - RTRS.The judge, who only delayed the planned trial reluctantly, said there appeared to be an “unfocused disclosure process”, which had “fanned out exponentially and extravagantly without sufficient control and direction.” - RTRS.He urged both sides to take tighter control of the group action, which has been years in preparation, and told them to start by disclosing the identities of proposed witnesses - RTRS.  Full Article

Royal Bank of Scotland Group PLC denies allegations it manipulated swaps compensation review - Reuters
Wednesday, 4 Nov 2015 02:46am EST 

Royal Bank of Scotland Group PLC:Royal Bank of Scotland has denied allegations it manipulated evidence in order to pay lower compensation to small firms mis-sold complex interest rate hedging products - RTRS.A report in The Times newspaper said RBS had been accused of providing flawed documents to independent reviewers who oversaw compensation payouts to victims, including a record of a sales call that never took place - RTRS.RBS was one of several British banks found by the country's financial regulator to have mis-sold the products, which were supposed to protect small firms against rising interest rates, but left them facing hefty charges when rates fell - RTRS.The Financial Conduct Authority (FCA) ordered banks to compensate affected customers and set up a scheme to compensate them overseen by independent assessors, often large accountancy firms - RTRS.RBS faced more claims than any other bank and set aside 1.5 billion pounds ($2.31 billion) for compensation, more than any other lender - RTRS.The Times said it had discovered documents that indicate the bank supplied erroneous customer records to assessors during the review process - RTRS.RBS said there had been "minor and non-consequential discrepancies" in historical records but the issues raised did not determine the findings of the review -RTRS.  Full Article

BRIEF-Safe bulkers to amend loan pact with Royal Bank of Scotland

* Safe Bulkers Inc. agrees with the Royal Bank of Scotland Plc to amend a term loan facility Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)