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Royal Bank of Scotland

RBS fined $43M for disclosing confidential data

Tue, 03/30/2010 - 17:34 by Jaspreet Virk

Royal Bank of Scotland (RBS) has been fined 28.6 million pounds ($43 million) by the UK's Office of Fair Trading (OFT) for breaching competition law.

British banks caught up in TARP payback

Fri, 01/15/2010 - 21:24 by Inderjit Singh

London -- The Royal Bank of Scotland and two other British banks appear to be caught up in the proposed bank fee announced by U.S. President Barack Obama Thursday.

The fee is meant to recoup "every last dime" of the Troubled Asset Relief Program funds that was used to bailout the collapsing financial sector last year, Obama said.

Obama called the fee, meant to collect $90 billion in 10 years, a "financial crisis responsibility fee."

But RBS, Barclays and HSBC, none of which received TARP funds, would also have to pony up for the fee, which will be assessed through U.S. assets, minus capital and deposits, The Times of London reported Friday.

Parents think bank exec is overpaid

Tue, 01/12/2010 - 23:56 by harsheeb

London-- The chief executive officer of the Royal Bank of Scotland said Tuesday in a government hearing that his parents thought he was paid too much.

"If you ask my mother and father about my pay, they'd say it was too high," said RBS CEO Stephen Hester during a hearing of the Treasury Select Committee, which is investigating high salaries and bonus checks paid at British banks controlled by the government, namely RBS, Northern Rock and Lloyds Banking Group.

Hester, however, said his pay package was "worth very close to nothing because the share prices has not risen."

Hester has agreed to accept no cash the first year, only bank shares which could be worth as much as $16 million over three years, The Times of London Online reported.

RBS plans to sell non core-assets to Aberdeen

Fri, 01/08/2010 - 17:41 by Jamie Anderson

Edinburg, Scotland, January 8 -- Continuing its endeavor to restructure its business after being bailed out by the U.K. government last year, the Royal Bank of Scotland Group PLC (RBS.L) announced that it will sell off part of its non-core asset management businesses to Aberdeen Asset Management PLC (ADN.L).

Dubai's colossal debt shakes the world

Fri, 11/27/2009 - 14:42 by Ishita Sood

London, November 27 -- Stock markets fell around the world Thursday as investors worried over Dubai’s rising debt.

Shamed RBS exec to return half his pension

Thu, 06/18/2009 - 23:40 by surajdogra

London -- Shamed former Royal Bank of Scotland Chief Executive Officer Fred Goodwin said he would return half his lavish pension plan to pave a move back to Britain.

Goodwin's annual pension of $903,000 sparked an uproar when the bank posted a net loss of $39.2 billion a month after he retired in October.

Along with a verbal drumming from politicians, vandals smashed windows at Goodwin's home in Edinburgh and damaged his Mercedes. In response, Goodwin and his family fled to the French Riviera, where the shopping, fine dining and golf outings appear to have run their course.

Shareholders press Goodwin on pension pay

Fri, 04/03/2009 - 22:50 by Shruti Sharma

Gogarburn, Scotland -- Angry shareholders gathered for a Royal Bank of Scotland shareholders' meeting Friday prepared to vote no on the bank's controversial remuneration report.

The report includes the bank board's agreement to double former Chairman Fred Goodwin's pension to $25 million, which was granted the same weekend in October the bank accepted a massive government bailout deal, The Guardian reported.

The meeting was taking place in Gogarburn, Scotland, where RBS has its headquarters.

The bank's new Chairman Philip Hampton said he has asked Goodwin if he would "consider a voluntary reduction" of the pension. In a prepared statement, Hampton said the bank was looking into the issue with "more lawyers than you can shake a stick at."

Government approved pension, exec says

Fri, 02/27/2009 - 23:58 by Shruti Sharma

London -- Former Royal Bank of Scotland executive Fred Goodwin said British Financial Services Secretary Paul Myners approved his $1 million annual pension pay.

At the highest ranks in the British Treasury, including Chancellor of the Exchequer Alistair Darling, the government has asked Goodwin to return some of the pension he was granted last year, The Independent reported Friday.

But, Goodwin, who retired at age 50 after leading the bank to an annual loss of $34 billion, has refused the invitation to voluntarily return any of the money.

In a letter sent to Myners Thursday, Goodwin said he had been informed his pension "was specifically raised by you … and you indicated that you were aware of my entitlement and that no further gestures would be required."