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    Lawrence Tomlinson – Lloyds & RBS Should Boost Lending Or Be Broken Up

Lawrence Tomlinson – Lloyds & RBS Should Boost Lending Or Be Broken Up

The government should use its stake in Lloyds Banking Group and the Royal Bank of Scotland to force them to lend more to firms, coalition adviser and multimillionaire businessman Lawrence Tomlinson has urged.
Speaking to the Huffington Post UK, care home mogul Tomlinson, who was drafted into the Department for Business as an “entrepreneur-in-residence”, said the two banks were “numb” to identifying what makes a business worth supporting.
“I think the two banks are too large to understand the difference between good and bad businesses, […]

Investors urged to join action against Lloyds

A SHAREHOLDER group that has filed a legal claim for compensation from Lloyds over its controversial rescue of HBOS in 2008 is pressing big institutional investors to throw their weight behind the action.
Lloyds Action Now (LAN), which represents 7,500 small shareholders, said an expected granting of a group litigation order (GLO) by the High Court this week will pave the way for more than 800,000 more to join, as well as leading institutional shareholders.
No specific amount of compensation has […]

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RBS to give £3.5m in shares to top executives

The Royal Bank of Scotland (RBS) has revealed plans to give 10 top executives £3.5 million worth of shares, in a move to avoid strict EU rules on bonuses within the banking industry.
RBS, which remains 81% owned by the taxpayer after being bailed out during the financial crisis, reported losses of £8.2 billion for 2013. The bank linked the losses to restructuring costs and misconduct fines. The government blocked plans for RBS to pay bonuses twice the size of […]

RBS puts Coutts overseas arm up for sale

Royal Bank of Scotland (RBS) has hung a “for sale” sign on the overseas arm of Coutts, its private banking business for millionaires.

Staff at the taxpayer-owned bank were told on Monday that, following a review of its “High Net Worth” businesses, RBS is considering selling or restructuring Coutts International.

In a message to employees, Alison Rose, the head of RBS’s commercial and private bank, reassured staff that the UK arm of Coutts, which accounts for most of the division’s business […]

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By |August 14th, 2014|coutts, RBS|0 Comments
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    Sach out – RBS begins to dismantle controversial restructuring division

Sach out – RBS begins to dismantle controversial restructuring division

Sach and Aubrey Adams, who runs the property unit within the global restructuring group (GRG), are leaving at the end of next March. Laura Barlow, who currently heads up the restructuring team for the UK and US within GRG, has been appointed as head of RBS’s restructuring division with immediate effect.
GRG, which deals with companies facing collapse, has faced a barrage of criticism, notably from Lawrence Tomlinson, an adviser to the business secretary, Vince Cable. He concluded in a […]

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    RBS Scraps Controversial GRG Unit Criticised in Tomlinson Report

RBS Scraps Controversial GRG Unit Criticised in Tomlinson Report

The Royal Bank of Scotland is scrapping the Global Restructuring Group (GRG), the controversial unit accused of engineering businesses into default while profiting from their struggles, says sources.
Sources told IBTimes UK that GRG “no longer exists” and was disbanded with immediate effect, while two of the group’s biggest bosses Derek Sach and Aubrey Adams will leave the bank.
However, another top GRG executive, Laura Barlow, will remain at the bank and take on a new role elsewhere.
RBS declined to comment.
Last […]

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    Sir Philip Hampton may quit RBS in potential move to GlaxoSmithKline

Sir Philip Hampton may quit RBS in potential move to GlaxoSmithKline

Sir Philip Hampton, chairman of Royal Bank of Scotland, is thought to be preparing his exit from the bailed-out bank amid mounting expectations he will move to the same role at GlaxoSmithKline.
The switch by Hampton to the top role at Britain’s biggest pharmaceutical company is expected to be confirmed next month.
He would replace Sir Christopher Gent, the current chairman, who has indicated he intends to stand down at the end of 2015 after almost 10 years in the role […]

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    Lloyds investors file for losses they claim were incurred in HBOS rescue

Lloyds investors file for losses they claim were incurred in HBOS rescue

A group of investors yesterday filed a claim for compensation from Lloyds Banking Group for losses they claim they incurred during the rescue of HBOS in 2008.
The Lloyds Action Now activist group has spent years assembling the case, which argues that the true health of HBOS was deliberately concealed from investors when Lloyds was taking over the troubled bank. The enlarged bank later had to be bailed out with £20bn of taxpayer money.
No specific amount of compensation has been outlined in the claim, […]

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Tomlinson welcomes RBS Belated U-Turn to Treasury Committee

The former Government advisor who published a scathing report on the way RBS managed its relationships with some small businesses has welcomed the bank’s admission that its corporate turnaround division was used as “profit centre”.
Yorkshire entrepreneur Lawrence Tomlinson made headlines last year when he claimed that RBS had engineered businesses into default to move them into its Global Restructuring Group (GRG). Yesterday he said he was “pleased the truth has come to light”.
The GRG unit is meant to help […]

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RBS bankers in controversial GRG unit given £17m bonus

Taxpayer backed bank Royal Bank of Scotland has handed bonuses worth £17m to bankers in its restructuring division, despite an ongoing investigation by the City’s watchdog into its treatment of small businesses.

RBS’ global restructuring group (GRG) has been the focus of allegations by Lawrence Tomlinson, a Government adviser, that it forced viable small businesses to the brink so the bank could then buy up the properties and make a profit.

Another report by the former Deputy Governor of the Bank […]

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    RBS chiefs accused of being ‘wilfully obtuse’ over evidence to MPs

RBS chiefs accused of being ‘wilfully obtuse’ over evidence to MPs

Allegations about the way Royal Bank of Scotland treats its small businesses have resurfaced after senior executives from the bailed-out bank were accused of being “wilfully obtuse” when giving evidence to MPs.
Andrew Tyrie, the chair of the Treasury select committee, issued a damning verdict on the evidence provided last month by two of the most senior directors of the 81% taxpayer-owned bank, which has been scrambling to defend its stance towards small business customers.
Chris Sullivan, deputy chief executive of […]

Banking sector slow to increase competition after new rules

A relaxation in the rules governing the creation of new banks is yet to lead to a dramatic increase in the number of new high street players being authorised by the City regulator.
Figures published by the Bank of England show little change in the annual approval rate for new banks since the introduction of rules last year, which mean that new banks need less capital to get started than they did in the past.
Five banks were authorised in the […]

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Fred Goodwin legal bill costs taxpayers nearly £500k

TAXPAYERS have paid almost £500,000 in legal fees to defend disgraced former bank boss Fred Goodwin in a case which has not even come to court yet.
Law firms representing four former directors of Royal Bank of Scotland have already racked up £400,000 in defence costs over a lawsuit brought by shareholders.
And if the case does reach the courts, the final bill is expected to total tens of millions of pounds.
Mr Goodwin’s legal fees are being paid by the bank […]

RBS job advert casts doubt on the assertions of Sach

The Royal Bank of Scotland seems to be rather confused over whether its infamous Global Restructuring Group is run as a “profit centre”.
A job advertisement placed by the bank in January 2014, clearly states that the “role purpose” of relationship managers within GRG is to be “a major contributor to the Group’s bottom line” (i.e. its profits). After this job advert was cited by shareholder Gavin Palmer at the bank’s annual general meeting yesterday as evidence the bank had […]

By |June 29th, 2014|Derek Sach, RBS|0 Comments
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    Tomlinson: RBS Evidence to MPs ‘particularly surprising’

Tomlinson: RBS Evidence to MPs ‘particularly surprising’

The bank’s GRG unit has been an item of continued controversy for the bank. Derek Sach, head of the global restructuring group division, told MPs earlier this month that the unit was “absolutely not a profit centre” nor rough with its customers.
“Generally do believe we do good overall,” he told MPs on the Treasury select committee. Sach insisted that the bank “would never get any advantage from destroying a customer”, pointing out that GRG had lost £2.1 billion […]

RBS Accused Of Covering Up For ‘Corporate Psychopaths’

Protesters outside the RBS (Royal Bank of Scotland) annual general meeting in Gogarburn, Scotland, as The World Development Movement call on the bank to stop investing in coal mining. | Danny Lawson/PA Wire
Royal Bank of Scotland executives have been reportedly accused by shareholders of “covering up” for “corporate psychopaths” in their controversial business support unit.
The furious attack came at the state-owned bank’s annual general meeting (AGM) today, following a report by entrepreneur Lawrence Tomlinson, who accused the bank of […]

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    Royal Bank of Scotland chief receives shares worth almost £1.5m

Royal Bank of Scotland chief receives shares worth almost £1.5m

Ross McEwan, chief executive of Royal Bank of Scotland, received shares worth almost £1.5m in the bailed-out bank.
The New Zealander was handed the shares as part of a signing-on deal when he was first hired from Commonwealth Bank of Australia to run the retail operations of the 81% taxpayer-owned institution in September 2012. He was promoted to chief executive last October after Stephen Hester quit and sold just under half of the 432,000 shares which were released to him […]

Shredded – Inside RBS, The Bank That Broke Britain

BOOK REVIEW: This brilliant book is the definitive story of the hubris behind RBS’s fall, says Bill Jamieson
Surely now we know everything there is to know about the collapse of RBS and one of the biggest financial debacles for a century? Well, not quite.
The compelling power of this book – indeed, its monumental achievement – is to provide a definitive account, not only of the failure of what was briefly one of the world’s biggest banks, but also to […]

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    Derek Sach Head of RBS GRG insists it was not aggressive to customers

Derek Sach Head of RBS GRG insists it was not aggressive to customers

Top executives from Royal Bank of Scotland on Tuesday defended the bailed-out bank from accusations that it deliberately forced customers into default to make a profit.
Derek Sach, head of the RBS global restructuring group which deals with companies facing collapse, insisted that the business he ran was not a profit centre, was not aggressive to its customers and had not threatened to remove overdrafts from small business customers.
Sach told MPs on the Treasury select committee: “Generally do believe […]

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RBS Deputy CEO Says Bank Didn’t Push Firms Into Distress

“There can’t be all this smoke without some fire,” said Andrew Tyrie, Treasury Committee chairman at the hearing. “There have been widespread concerns about RBS’s lending practices.”
Royal Bank of Scotland Group Plc Deputy Chief Executive Officer Chris Sullivan denied the bank profits from small-business customers in financial distress.

The bank’s Global Restructuring Group tries to help turnaround companies and is “absolutely not a profit center,” Sullivan told parliamentarians at a Treasury Committee hearing in London today. “Absolutely, unequivocally, I’m saying […]

By |June 18th, 2014|FCA, RBS|0 Comments