RBS to close 162 branches and cut 792 jobs

RBS to close more branches

Just days after announcing a trebling of profits to £792 million in the first quarter of the year, Royal Bank Of Scotland (RBS) has announced it intends to close another 162 branches and cut 792 jobs.

Plans to set up a new challenger bank under the Williams & Glyn brand name have been scrapped, leaving the bank with two separate networks running side by side.Read More

Treasury to sell off remaining B&B mortgages

Treasury to sell off remaining B&B mortgages

The Treasury are preparing to sell off the remaining Bradford & Bingley mortgages to try to recover the last portion of the £20 billion bailout cost from the financial crash of 2008.

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Is FOS solely to blame for PPI backlog?

Is FOS entirely to blame

The Channel 4 Dispatches programme highlighted major problems with the handling of financial appeal cases by the Financial Ombudsman Service (FOS), alleging poorly trained staff making wrong decisions on appeals and favouring the banks above the consumer.

After an undercover reporter infiltrated FOS’s training programme and found some staff had to Google a financial product after being asked to make an appeal judgement on a case.Read More

Secret RBS plan to create a new stand-alone bank

Top secret RBS plan

Royal Bank Of Scotland (RBS) is working on secret plans to create a new stand-alone challenger bank to compete in the newly emerging digital banking market.

The new project will take RBS into the rapidly expanding fintech (financial technology) sector and put it in direct competition with the likes of Atom Bank, Tandem Bank, Metro Bank, Monzo and Revolut.Read More

RBS fined another $500 million for US mis-selling

Another US fine for RBS

Royal Bank Of Scotland (RBS) has been fined another £500 million (£359.7 million) by US authorities for its involvement in the mis-selling of mortgage-backed securities in the lead up to the financial crisis.

This time the settlement is with the state of New York and comes just three months after the bank agreed a $125 million payout to two large Californian pension funds who claimed their members lost millions of dollars.Read More

Have YOU done anything yet?

Six months after Arnie Schwarzenegger urged consumers to ‘Do It Now’ and check if they have ever been mis-sold PPI, the pace of claims has picked up and millions more has been paid out to successful claimants.

The mis-selling of PPI has become one of the biggest financial scandals the UK has ever known with millions of policies being sold to people who didn’t want them, didn’t need them and, in many cases, didn’t even know they had them.Read More

Secret GRG report finally published

full report publishedThe secret report into alleged mistreatment of small businesses by Royal Bank Of Scotland (RBS) has finally been published in full by MPs who have labelled the bank’s actions as ‘a disgrace.’

The full 361 page report into the conduct of the bank’s Global Restructuring Group (GRG) had been kept secret after the Financial Conduct Authority (FCA) refused to publish it for legal reasons.Read More

RBS sets aside £175 million for PPI in 2017

Announcing its first profit for a decade, Royal Bank Of Scotland (RBS) revealed it could have been even higher had it not had to set aside £175 million for PPI compensation and a further £714 million for mortgage-backed securities in America.

Chief executive Ross McEwan called it ‘a symbolic moment’ when he announced the £752 million profit compared to a £6.95 billion loss for the year before.Read More

Another £450 million for Lloyds PPI

More money for PPI

As Britain’s high street banks start to gear up for the publication of their annual figures, analysts have started to speculate that millions of pounds will have to be added to be added to their PPI compensation pots.

February is the month when the big four banks – Lloyds, Barclays, Royal Bank Of Scotland (RBS) and HSBC reveal how their forward planning for dealing with future PPI claims has worked.Read More

Barclays charged by SFO over Qatar loans

Barclays charged by SFO

The Serious Fraud Office (SFO) has charged Barclays with ‘unlawful financial assistance’ relating to billions of pounds raised from Qatar at the time of the financial crisis.

It’s the second time the same charges have been brought against the bank in relation to financial deals with the Middle East country in 2008.Read More