June 2, 2015 |
When a self-described cabal repeatedly engages in what the attorney general calls "brazenly illegal behavior" and pleads guilty to criminal acts, it is reasonable to expect its members will get some jail time. But not in the paradoxical world ruled by mega banks and paralyzed by fears that being too harsh with banks deemed too big to fail might implode the economy. Consequently, JPMorgan Chase, Barclays, Citigroup, and the Royal Bank of Scotland, which recently pleaded guilty to conspiring to manipulate international currency markets, will collectively pay only $5.7 billion in state, federal and foreign fines for a scam that ran six years and netted them $85 billion.
April 2, 2015 |
Shares of Citizens Financial Group , the $128 billion Rhode Island-based company that owns Citizens Bank of Pennsylvania and naming rights to the Phillies' stadium, are up 13 percent since an initial public offering on the New York Stock Exchange in September. That beats the KBW Index of big-bank stocks, which has been flat during the same period, as low interest rates have squeezed bank profits. Citizens sold more shares last week, raising more than $3 billion for its past owner, Royal Bank of Scotland , which plans to sell its remaining stock by next year.
January 24, 2015 |
City Councilman James Kenney on Thursday introduced a bill to ban Philadelphia from depositing funds in two international banks, Bank of America and Citigroup. The bill would amend a portion of the Philadelphia Code titled "City Funds - Deposits, Investments, Disbursements" and would cut ties with the two banks as deposit institutions. "Based on what these banks have done with swaps and misleading investors, why should we have any city deposits there?" he asked. "We shouldn't be doing business with our financial enemies.
September 26, 2014 |
Bruce Van Saun , tapped to head Citizens Financial Group and its 1,200 Citizens Bank and Charter One bank branches as it is spun off by Royal Bank of Scotland , Wednesday ended months of silence - imposed by Securities and Exchange Commission share-sale rules - to talk about Citizens' prospects after its initial public offering Tuesday. Citizens shares priced at $21.50, below its target of up to $24. Shares rose 7 percent in first-day trading Wednesday, to close at $23.58, enriching the Wall Street brokers who managed the sale.
September 23, 2014 |
If you read the fine print in your mortgage, student-loan documents, or credit-card statements, you may discover you're paying an obscure interest rate on your borrowing. And you may be owed some money. Students, homeowners, mortgagees, and bond investors are accusing a slew of banks of rigging their interest rate, known as the London Interbank Offered Rate, or LIBOR. In lawsuits, they allege a global conspiracy to manipulate LIBOR. Some of their cases, and their lawyers, are from the Philadelphia area.
September 23, 2014 |
The British owners of Citizens Bank , best known to East Coast travelers for paying the Phillies around $4 million a year to use the team's I-95 stadium as a billboard, hope to raise $4 billion from investors in the pumped-up U.S. stock market through an initial public stock offering (IPO) this fall. The bank, one of the 20 biggest in the U.S., is run by New Jersey native Bruce Van Saun , who told me when he got the top job last year, before Securities and Exchange Commission IPO rules forced him into a "quiet period," that he was eager to hire more lenders and win more customers.
November 3, 2013 |
The Royal Bank of Scotland (RBS), which was bailed out and is still owned mostly by British taxpayers, said Friday it would "accelerate" the sale of its U.S. banking subsidiary, which includes Citizens Bank of Pennsylvania. Citizens has 159 branches in Philadelphia and its four suburban Pennsylvania counties, more than any other bank in the region. RBS said in a statement that it was planning a "partial initial public offering" of Citizens Financial Group for 2014 and "intends to fully divest the business by the end of 2016.
October 16, 2013 |
The Sunday Times of London stirred bank-watchers across Britain when it reported that Canada-based TD Bank was thinking about making a $13 billion offer to buy Citizens Bank of Pennsylvania , owned by Royal Bank of Scotland (RBS) . The story, quickly picked up by Reuters and other media, wasn't sourced to anyone in particular, making it read like the kind of trial balloon that fee-hungry London and New York investment bankers like to float in the hope they can get other potential buyers interested.
July 31, 2013 |
Philadelphia has joined the ranks of municipalities suing some of the world's biggest banks for losses caused by the alleged manipulation of a benchmark interest rate during and after the financial crisis. The lawsuit, filed Friday in federal court in Philadelphia, does not specify damages, but it disclosed that the city paid $109.6 million in recent years to end financial contracts with the banks that were designed to cut borrowing costs but backfired when interest rates fell instead of rising as expected.
May 4, 2013
In the Region RBS cleanup continues Royal Bank of Scotland , the parent company of Citizens Bank , predicted Friday that the British government should be able to start selling its stake within a year as it reported a first-quarter profit of $611 million, up from a loss of $2.34 billion a year earlier. CEO Stephen Hester said cleanup of the troubled bank, which is 81 percent owned by British taxpayers after it was rescued by the government in 2008, would be largely complete by the middle of 2014.