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Foreign-owned bank branches - as opposed to subsidiaries - in Britain made the country's financial crisis worse, as they moved to shrink their loan books by almost half at the height of the credit crunch, according to Bank of England research, The FT Weekend reports. The other factors which explain
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By William James and Matt Scuffham LONDON, June 16 (Reuters) - Andrew Tyrie is a Conservative lawmaker, but this week fellow party member and finance minister George Osborne will be taking a deep breath as Tyrie's cross-party committee on British banking reform unveils its final report.
Read morePaul Tucker has resigned as Deputy Governor of the Bank of England, leading to suggestions the Bank's Monetary Policy Committee (MPC) could move in favour of a more activist monetary policy. Tucker, who joined the Bank of England in 1989 as Principal Private Secretary to Governor Leigh-Pemberton,
Read moreLONDON, June 14 (Reuters) - Bank of England Governor Mervyn King has vented his frustration at the length of time it is taking to restructure banks that were bailed out with taxpayers' money. In a valedictory interview, to be published in this weekend's Financial Times, King expresses few r
Read moreBy IFR Editor-at-large Keith Mullin LONDON, June 14 (IFR) - When one door closes, another one opens. Last Wednesday, UK Chancellor George Osborne had RBS chief executive Stephen Hester fired; a day later an ad appeared in the Financial Times job section that has Hester's name all over it. M
Read moreThe upbeat tone seen from markets in early trading on Friday morning didn't last for long, with the FTSE 100 slipping into the red by midday after some gloomy data from Europe. Strong gains on Wall Street last night prompted a decent start in London this morning on expectations that the Federal Res
Read moreStocks were registering moderate gains on Friday morning as fears over the Federal Reserve's eventual 'exit strategy' from stimulus were eased overnight. Wall Street benchmarks rose strongly on Thursday on expectations that Fed Chairman Ben Bernanke will attempt to calm markets by pushing back pred
Read moreAmlin: UBS starts with a target price of 400p and a neutral rating. Cairn Energy: JP Morgan takes target price from 320p to 340p maintaining a neutral rating. Catlin: UBS initiates with a target price of 475p and a neutral rating. Chemring: Credit Suisse increases target price from 210p to 260p a
Read moreMarkets are expected to open with decent gains on Friday morning following a rebound on Asian markets overnight as fears about 'tapering' at the Federal Reserve eased. City sources predict the FTSE 100 will open up around 40 points from yesterday's close of 6,305. Fed Chairman Ben Bernanke is exp
Read moreLONDON, June 14 (Reuters) - Britain's debt management office named the syndicate for a new gilt maturing in July 2068, its longest-ever government bond. It said on Friday that Barclays, Lloyds, Nomura and RBS would be the joint bookrunners. The DMO said the offering would take place i
Read moreUncertainty regarding central-bank stimulus, reductions in global growth forecasts and the surprise departure of the head of one of the UK's biggest domestic banks prompted a sell-off on the FTSE 100 on Thursday, as volatility continued on markets across the globe. London's benchmark index slumped
Read moreMarkets sunk sharply from the off on Thursday morning as the FTSE 100's losing streak was extended into its fourth day, with RBS in focus after shocking the City with the surprise resignation of Chief Executive Officer (CEO) Stephen Hester. Following the impressive rise seen at the start of the ye
Read moreThe Independent says that the news of Stephen Hester's departure from RBS "perplexed" many in the City last night after his work that nursed the bank back to health, with several describing his treatment as "shabby". The bank said that it was looking for a new leader ahead of its re-privatisation.
Read more* Biggest banks may make coordinated response to MPs * PCBS expected to publish report on Friday - sources LONDON, June 12 (Reuters) - Executives at Britain's top banks may form a task force to respond to a report due this week from an influential committee of lawmakers examining stan
Read moreBarclays Capital (BarCap) has raised both its ratings for part-nationalised lenders Lloyds Banking Group and Royal Bank of Scotland (RBS) as the government begins to come up with a plan to re-privatise the banks following their bailout in 2008. BarCap has upgraded Lloyds from 'underweight' to 'equa
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