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* JPMorgan to help devise strategy for Lloyds, RBS shares * U.S. bank will not be paid for initial work -source * Top banks on shortlists for advisor, bookrunner roles * Lloyds sale could start Aug-Sept after share price rally By Steve Slater LONDON, July 19 (Reuters
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Investec has downgraded its ratings for banking peer HSBC and RBS from 'buy' to 'hold' in separate research reports, reiterating its preference for rival Barclays. The broker pointed out that HSBC has marginally outperformed the FTSE 100 so far this year and now trades within just 4.0% of its 57-mo
Read moreInvestec has downgraded its ratings for banking peer HSBC and RBS from 'buy' to 'hold' in separate research reports, reiterating its preference for rival Barclays. HSBC Analyst Ian Gordon said that while HSBC is not overtly expensive, consensus forecasts for the dividend have "now caught up with o
Read moreAbu Dhabi's Sheikh Mansour bin Zayed Al Nahyan, who helped bailout Barclays with a 3.5bn pound investment during the worst of the financial crisis, has sold its stake in the British lender. The Sheikh's PCP Gulf Invest 3 liquidated its 758.4m Barclays shares, which represent 7.0% of the bank, as of
Read moreThe Abu Dhabi sheikh who helped bail out Barclays Bank with a 3.5bn pound investment at the height of the financial crisis, has sold his interest in the UK bank, the Financial Times reported. Martin Wheatley, Chief Executive of the Financial Conduct Authority, said he doubts the planned criminal o
Read more* Watchdog criticised for "parking ticket" fines for banks * PRA's Bailey shows no regret over Diamond departure By Huw Jones LONDON, July 18 (Reuters) - Britain's financial watchdog drew complaints on Thursday that it had failed to prosecute enough bankers and delayed too long
Read more(Andy Home is a Reuters columnist. The opinions expressed are his own) By Andy Home LONDON, July 18 (Reuters) - In the beginning there was Detroit. Looking back now on the genesis of the London Metal Exchange's (LME) warehousing woes, the original aluminium load-out queue in Mot
Read moreMortgage lending has reached a level not seen since the financial system's near-collapse triggered the global recession. Gross mortgage lending in June rose 2.0% to £15bn, the Council of Mortgage Lenders (CML) said. Lending was up 26% from a year earlier. The total is the highest since October 200
Read moreSevern Trent's stocks have plunged since rebuffing a potential bid by Long River Partners, a consortium led by Borealis Infrastructure Management, which offered £21.25 a share for the group last month. The offer was at a premium of about 28 per cent to the group's regulatory asset base (RAB), which
Read moreBy David Sheppard and Steve Slater NEW YORK/LONDON, July 17 (Reuters) - Barclays will contest a record $453 million fine imposed by a U.S. energy regulator against the British bank and four of its power traders, setting up a likely federal court battle. The fines, which were upheld by
Read more* IOSCO says benchmarks should be based on transactions * But bid, offer quotes and expert judgement can be used * Watchdog will check on compliance within 18 months * IOSCO members to make benchmark rigging a specific offence By Huw Jones LONDON, July 17 (Reuters) -
Read moreLONDON, July 17 (Reuters) - Reforms from global regulators to prevent banks rigging market benchmarks like Libor again have stopped short of heeding U.S. calls for a more radical response to cleaning up the sector. The guidance from the International Organisation of Securities Commissions (
Read moreBarclays says it will contest a fine of 453m dollars levied on the bank and its traders for manipulating energy prices in the US from 2006 to 2008. The record penalty, equal to £298m, outstrips the total of $360m Barclays was fined in the US last year for rigging the inter-bank lending rate. The F
Read moreBarclays has been hit with a record $470m penalty from US Federal Energy Regulatory Commission for manipulating power prices, the Financial Times revealed. The Bank of England's Executive Director for markets, Paul Fisher has told MPs that a quantitative easing programme may have been manipulated
Read moreJuly 16 (Reuters) - The U.S. Federal Energy Regulatory Commission (FERC) ordered Barclays and four of its power traders to pay fines totaling $453 million on Tuesday, saying the bank manipulated California's electricity markets last decade. The fine, first proposed in October 2012, must be
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