Royal Bank of Scotland
12 February 2013
The wealth and investment management division of UK-listed Barclays logged an adjusted pre-tax profit of £115 million ($180 million) in the fourth quarter of 2012, almost double the level in the same three months of 2011, at £60 million, it said today. For Barclays as a whole, its adjusted pre-tax profit fell to £1 . 094 billion from £2.
6 February 2013
The Royal Bank of Scotland has confirmed that it is in “late-stage” settlement discussions with US authorities over the recent LIBOR allegations. Although the settlements are yet to be agreed, RBS expects they will include the payment of significant penalties as well as certain other sanctions, the firm said in a statement . In connection with the LIBOR allegations, it has been widely reported in the media that RBS’s chief executive of market and international banking, John Hourican, will resign, forfeiting a bonus worth £4 million (around $6 million).
30 January 2013
A roughly $790 million settlement deal over LIBOR allegations between US authorities and Royal Bank of Scotland could be completed within the next two weeks, the Wall Street Journal reports, citing “people briefed on the negotiations”. The settlement would result in a unit of RBS - possibly one based in Asia - pleading guilty to criminal charges, in addition to paying a penalty, the report said . RBS declined to comment on the WSJ article when contacted by this publication.
28 November 2012
Charles Schwab has rocketed straight into the number one spot in the 2012 social media rankings of wealth managers produced by MyPrivateBanking Research, Family Wealth Report can reveal.
23 August 2012
Commerzbank is the latest bank to hit the headlines for US-based transactions involving Iran, but Germany's second biggest lender defends itself saying this has been public knowledge for two yeas. Earlier this month, UK-listed Standard Chartered, which earns the bulk of its revenues outside the UK, agreed to pay a $340 million settlement with US authorities relating to Iran transactions . This week it was reported in UK press that Royal Bank of Scotland is being investigated for possible breaches of US sanctions against the Middle Eastern regime.
22 August 2012
Another major UK bank in the form of Royal Bank of Scotland is being investigated for possible breaches of US sanctions against Iran, according to media reports.
16 August 2012
Editor’s note: Here is a summary of the results for the second quarter/half-year for the world’s major wealth management firms. Not all of the institutions here are strictly comparable, so the results need to be interpreted with that point in mind . Some of the figures may, for various reasons, be subsequently revised.
16 August 2012
JP Morgan, Deutsche Bank and Barclays are among a handful of banks recently subpoenaed in a joint New York-Connecticut probe of possible manipulation of inter-bank lending rates, Reuters reported, citing an unnamed source. New York attorney general Eric Schneiderman and Connecticut attorney general George Jepsen have been looking into the possible rigging and manipulation of Libor by global banks for months, their offices have said . As part of that investigation, subpoenas were sent in recent weeks to Royal Bank of Scotland and HSBC in addition to JP Morgan, Deutsche and Barclays, the source is quoted as having said.
10 August 2012
Barclays, the UK banking titan recently hit by the interbank rate-rigging scandal, has appointed Sir David Walker, a former chairman of Morgan Stanley, as its new chairman.
30 July 2012
HSBC has estimated fines totalling $700 million after anti-money laundering control failings in the US, the bank said in its financial results for the first half of 2012.
News and Features
Comment and Analysis
Zürcher Kantonalbank, the biggest Swiss cantonal bank, expects to pay a fine to US authorities as part of a deferred prosecution agreement for its alleged role in helping US citizens evade taxes, media reports said.
24 May 2013
Here Diane Harrison, principal and owner of Panegyric Marketing, argues that the debate over fees in the hedge fund industry often focuses on the wrong topics.
20 March 2013
Here, Jimmy Chang, a senior portfolio manager and a managing director of Rockefeller & Co, discusses some issues around investing in the current environment.
4 April 2013
The period between 2008 and 2012 saw an uptick in risk reviewing business at New York’s Rothstein Kass Family Offices Group, says partner Evan Jehle.
9 April 2013
Building functionality into a family’s business affairs involves defining each person’s role but it’s never easy to think differently about family members who were children at the dinner table, but are now adults around the board table.
8 April 2013
Marc Odo, director of research at software and business intelligence firm Informa Investment Solutions, discusses why diversification failed during the credit crisis.
25 March 2013