RBS

The world’s biggest banks are overhauling how they trade currencies to regain the trust of customers and preempt regulators’ efforts to force changes on an industry tarnished by allegations of manipulation. Barclays Plc, Deutsche Bank AG, Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc and UBS AG, which together account for 43 percent of foreign-exchange trading by banks, are introducing measures to make it harder for dealers to profit from confidential customer information and take advantage of clients in the largely unregulated $5.3 trillion-a-day currency market, according to people with knowledge of the changes. Banks have capped what employees can charge for exchanging currencies, limited dealers’ access to information about customer orders, banned the use of online chat rooms and pushed trades onto electronic platforms, according to the people, who asked not to be identified because they weren’t authorized to discuss their firms’ practices. [Bloomberg]

  • 26 Jun 2014 at 2:30 PM
  • Banks

Bonus Watch: R.B.S.

Chairman Sir Philip Hampton went seriously off-message yesterday, accepting the somewhat tenuous proposition that the comically-large bonuses of days gone by might have had something to do with the recent recession. On the bright side: R.B.S. has slashed bonuses by 75%, so no one needs fear another economic crisis. Read more »

  • 23 Jun 2014 at 2:42 PM

Bonus Watch ’14: RBS

Royal Bank of Scotland execs are going to receive bonuses, even though the UK government owns 81 percent of the place and it has only earned a profit six out of a possible 24 times since 2008. So this is cause for excitement. Read more »

  • 02 May 2014 at 8:45 AM

Royal Bank Of Scotland Stuns Universe

They said it would never happen. Said they couldn’t do it. Said there wasn’t even a point in trying. Laughed at the prospect. Scoffed at the mere thought. Jeered at them in the City. Snickered about their pipe dreams in the pub. Shouted, “Come on now, mate, just give up already.”

They were wrong. Read more »

Maybe some banks pay any old bonuses they want (despite continuing to lose money) in order to keep up with the Joneses, Goldmans, and JPMorgans of the world, but RBS isn’t going to be one of them! Not while it lives under the government’s house! Read more »

  • 26 Feb 2014 at 10:45 AM

Bonus Watch ’14: RBS

Employees of the royalest bank in the UK should expect lower bonuses for 2013, but they will have the opportunity to serve tea and haul feta for customers free of charge, so things even out. Read more »

Last summer, Adrian Eady, a banker with Royal Bank of Scotland Group, was nearly crushed hauling a crate of feta cheese off a forklift truck in a North London warehouse. A few months earlier, the state-controlled bank sent Mr. Eady to wear an apron and serve cappuccinos in a cafe. Before that, he was selling novelty greeting cards in a shop. Following a political uproar over a lack of bank lending to small businesses, 81%-government-owned RBS created its “Working With You” program. All RBS corporate bankers must spend at least two days a year working for a customer free of charge. “We do anything they ask,” Mr. Eady says. “If they say ‘make the tea,’ then we make the tea.”[RBS]