George Hay writes about the banking and property sectors. He joined from Thomson Financial News, where he was a companies correspondent. Before that he worked at United Business Media, where he was news editor of Building Magazine. He has a first in English Literature from Edinburgh University, and was nominated in two categories at the 2009 Business Journalist of the Year Awards. Follow George on Twitter @gfhay
- Tel: +44 (0)20 7542 0280
- E-mail: email@example.com
The UK lender has beaten consensus despite enduring a ropey quarter for the investment bank and taking a 500 mln stg provision for forex issues. But it needs regulators not to fast-track leverage targets, as happened last year. Good news will make its revamp look more secure.
The German group hasn’t yet paid all the high legal costs of past sins or satisfied future regulations. But its biggest bet is that investment banks are in a merely cyclical, not a structural, decline. Despite solid third quarter trading revenue, the case is far from proven.
The UK bank’s shares show stress test strains. Lloyds’ extra $1.5 bln charge for insurance mis-selling is another drag. But a fresh restructuring plan is likely to improve earnings. And capital fears aren’t bad enough to delay the resumption of dividends much longer.
- EU bank stress-test winners still short of capital
- Europe's bank stress test warrants a narrow pass
- World's oldest bank faces radical treatment
- EU bank tests: the good, the bad and the ugly
- EU bank resolution pain fairer than it looks
- BES Angolan folly shows perils of global banking
- Monte dei Paschi in EU bank stress test purgatory