The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRBS.L Share News (RBS)

  • There is currently no data for RBS

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE: RBS Chair Says No Plans For Large Redundancy Programme

Wed, 29th Apr 2020 16:46

(Alliance News) - Royal Bank of Scotland Group PLC has said it has no plans for sweeping redundancies as coronavirus has put pressure on businesses across the country.

On a call with investors, Chair Howard Davies said that the company was trying to keep costs low while the coronavirus crisis drags on.

"At this point we are not envisaging a large redundancy programme," Howard said.

"The British banks in general, and RBS in particular, went into this crisis far stronger than they were when we last had a financial crisis over a decade ago," he added.

The banks have much higher reserves now than the 2008 financial crisis, which severely hurt RBS. Last year, the Bank of England ran a stress test on all the major banks.

"We came through that with a comfortable margin," Howard said.

However, he sounded a note of caution: "We do not know at this point how severe the economic crisis will be, or how long the lockdown will be."

It comes as the bank, which also owns NatWest, revealed it had lent around GBP1.4 billion to small businesses under the government's coronavirus interruption loan scheme.

They money has gone to around 7,400 small businesses across the country, RBS said.

"We have been enthusiastic participants because we do see that as am important scheme," Howard said.

RBS also revealed it has mandates worth GBP3.1 billion for the Covid Corporate Financing Facility – a Bank of England-backed scheme to support larger companies through the coronavirus crisis. This scheme is separate from the small business support, and only open to companies with investment-grade ratings.

Earlier on Wednesday, Barclays revealed that it had lent around GBP738 million to small businesses as part of the government-backed loan scheme.

Howard was speaking alongside Chief Executive Alison Rose at RBS's annual general meeting, held online due to coronavirus restrictions.

The bank will present its quarterly results on Friday.

By August Graham, PA City Reporter

source: PA

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News
22 Jul 2020 12:32

UPDATE 1-BoE seeks more level mortgage playing field for small banks

(Adds detail)By Huw JonesLONDON, July 22 (Reuters) - The Bank of England may introduce more flexible rules on the capital that small banks must set aside against mortgage loans, to help them compete better in a sector that has long been dominated ...

Read more
22 Jul 2020 11:01

Bank of England sets out ways to help small banks grow

LONDON, July 22 (Reuters) - The Bank of England said on Wednesday it wants to help smaller banks compete better in mortgages, a sector long dominated by Britain's big lenders.Sarah Breeden, the BoE's executive director for UK Deposit Takers Superv...

Read more
22 Jul 2020 00:00

RBS hires top climate expert as it says goodbye to historic name

By Iain WithersLONDON, July 22 (Reuters) - Royal Bank of Scotland has hired climate change expert Nicholas Stern to help shape its sustainability strategy as the state-backed lender prepares to rebrand as NatWest Group.RBS Chief Executive Alison R...

Read more
21 Jul 2020 09:53

RBS staff reportedly told to work from home until Christmas

(Sharecast News) - Thousands of Royal Bank of Scotland staff will continue to work from home for the rest of the year despite new government guidance encouraging workers to get back to the office from next month.

Read more
20 Jul 2020 17:10

CORRECTED (OFFICIAL)-UPDATE 1-Brexit will split financial markets, says Bank of England appointee

(Replaces Hall quote in paragraph 3 on fragmentation after BOE clarified it referred to clearing houses with new paragraph 3 and 4 from a questionnaire to lawmakers)By Huw JonesLONDON, July 20 (Reuters) - Brexit will make markets less efficient bu...

Read more
20 Jul 2020 17:10

UPDATE 1-Brexit will split financial markets, says Bank of England appointee

(Adds more detail)By Huw JonesLONDON, July 20 (Reuters) - Brexit will make markets less efficient but it won't be disastrous for Britain's economy, an appointee to the Bank of England's Financial Policy Committee (FPC) said on Monday.Britain left ...

Read more
20 Jul 2020 16:12

Brexit will split financial markets, says Bank of England appointee

LONDON, July 20 (Reuters) - Brexit will make markets less efficient but it won't be disastrous for Britain's economy, an appointee to the Bank of England's Financial Policy Committee said on Monday.Britain left the European Union in January, with ...

Read more
20 Jul 2020 14:41

UPDATE 1-RBS says 'vast majority' of staff can work from home until 2021

(Adds details)By Iain WithersLONDON, July 20 (Reuters) - Royal Bank of Scotland (RBS) has told staff that the "vast majority" can continue to work from home until 2021, despite the British government's decision last week to scrap guidance encourag...

Read more
20 Jul 2020 14:10

RBS says 'vast majority' of staff can work from home until 2021

LONDON, July 20 (Reuters) - Royal Bank of Scotland has told staff that the "vast majority" can continue to work from home until 2021, despite the British government's decision last week to scrap guidance encouraging people to work from home from ...

Read more
16 Jul 2020 10:47

Banks must protect access to cash if COVID prompts branch closures - watchdog

LONDON, July 16 (Reuters) - Britain's banks have been told they must protect customers' access to cash and provide alternative services if they close further branches, the Financial Conduct Authority said on Thursday.Lenders should consider sharin...

Read more
16 Jul 2020 09:08

TOP NEWS: Royal Bank Of Scotland Becomes NatWest Group From Next Week

TOP NEWS: Royal Bank Of Scotland Becomes NatWest Group From Next Week

Read more
16 Jul 2020 08:26

LONDON BRIEFING: RBS To Become NatWest Group From Next Week

LONDON BRIEFING: RBS To Become NatWest Group From Next Week

Read more
16 Jul 2020 07:52

LONDON MARKET PRE-OPEN: SSE To Pay Interim Dividend Despite Covid Hit

LONDON MARKET PRE-OPEN: SSE To Pay Interim Dividend Despite Covid Hit

Read more
16 Jul 2020 00:00

UK finance sector devises battle plan to tackle COVID debt pile

By Sinead Cruise and Iain WithersLONDON, July 16 (Reuters) - More than 200 of Britain's top financial experts have joined forces to design initiatives to help small businesses restructure and repay as much as 35 billion pounds ($44.1 billion) in "...

Read more
15 Jul 2020 10:10

UK financial job vacancies shrink by 60% in second quarter- data

* Number of financial job-seekers falls by 32% in Q2* Vacancies rebound in June after sharp fall in April* Average salary change in Q2 rises to 13% after May rallyLONDON, July 15 (Reuters) - The volume of UK financial sector job vacancies dropped by...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.