Advertisement
YOU ARE HERE: LAT HomeCollectionsRoyal Bank
IN THE NEWS

Royal Bank

FEATURED ARTICLES
BUSINESS
May 5, 2004 | From Bloomberg News
Royal Bank of Scotland, Britain's second-biggest bank, agreed to buy Charter One Financial Corp. for $10.5 billion, expanding into six states in the U.S. Northeast and Midwest. Royal Bank has been growing in the U.S. since buying Rhode Island-based Citizens Financial in 1988, acquiring five U.S. banks last year. The lender in February agreed to buy the credit card unit of Connecticut-based People's Bank for $2.66 billion to gain 1.1 million customers in New England.
ARTICLES BY DATE
BUSINESS
March 10, 2014 | By Michael Hiltzik
New York's banking regulator, Benjamin Lawsky , has ticked off the financial sector and even his fellow regulators by being, well, zealous in his job. Now he's taking aim at one of the most cherished practices in the regulatory biz: disciplining institutions while letting their individual wrongdoers skate. In an interview published Monday in the Financial Times, Lawsky said this about that: " Corporations are a legal fiction. You have to deter bad individual conduct within corporations.
Advertisement
BUSINESS
April 3, 2001 | Bloomberg News
JB Oxford Holdings Inc. agreed to buy the accounts and assets of Royal Bank of Canada's Bull & Bear Securities Inc. subsidiary for an undisclosed amount of cash to expand its brokerage business. Los Angeles-based JB Oxford will gain 23,000 accounts and $250 million in assets, bringing its totals to 181,000 and $2.2 billion. Royal Bank will retain the name of New York-based Bull & Bear. JB Oxford shares fell 9 cents to $1.13 on Nasdaq.
BUSINESS
December 4, 2013 | By Andrew Tangel
NEW YORK -- European regulators have fined eight major financial firms $2.3 billion for rigging key interest rates, the latest major penalty in a continuing worldwide fixing probe. Two major American banks, JPMorgan Chase & Co. and Citigroup Inc., were among the institutions hit with penalties, which the European Commission announced Wednesday in Belgium. “What is shocking about the [rate-rigging] scandals is not only the manipulation of benchmarks, which is being tackled by financial regulators worldwide, but also the collusion between banks who are supposed to be competing with each other," Joaquín Almunia, the commission's vice president in charge of competition policy, said in a statement.
BUSINESS
November 29, 1999 | From Reuters
Royal Bank of Scotland moved Sunday to prepare a $41.7-billion hostile takeover bid for National Westminster Bank after the English bank rejected a friendly approach Saturday. Newspapers reported and sources confirmed that Royal Bank had approached NatWest with a bid worth $41.7 billion. Royal Bank, which believes it can achieve hefty cost savings by merging the British banking networks, would launch the hostile bid today, sources close to the process told Reuters.
BUSINESS
October 9, 2008 | From Times Wire Services
Bank of America Corp. and Royal Bank of Canada will bail out customers stuck with $10.3 billion in auction-rate securities and pay fines to settle state and federal claims that they misled investors in selling the products. Bank of America will buy back $4.5 billion of the securities and pay a $50-million fine in agreements with the Securities and Exchange Commission and New York Atty. Gen. Andrew Cuomo that "closely mirror" a deal last month with Massachusetts. The bank will help clients dispose of an additional $5 billion, the SEC said.
BUSINESS
February 26, 1994 | Reuters
A leading Scottish bank is to allow transvestites to use two of its new high-security check cashing cards--one with a photo of them dressed as a man and the other as a woman. "If any cross-dressing customers are confident enough to go shopping dressed as a woman, it's possible for them to have a second card so that they can avoid embarrassment or difficulties when paying by check," a Royal Bank of Scotland spokesman said. The spokesman could not say how many transvestite cards had been issued.
BUSINESS
April 23, 2008 | From Times Wire Services
The banks involved in the $20-billion buyout of radio station operator Clear Channel Communications Inc. offered to enter binding arbitration with the private equity buyers to settle a dispute over funding. The offer, which came two days before a court hearing in the dispute, was rejected by the equity buyers, Thomas H. Lee Partners and Bain Capital Partners. The banks are Citigroup Inc., Morgan Stanley, Credit Suisse Group, Royal Bank of Scotland Group, Deutsche Bank and Wachovia Corp.
BUSINESS
May 23, 2008 | From Times Staff and Wires
Clear Channel Communications Inc. said banks financing its $17.9-billion buyout by private equity firms have fully funded the debt portion of the deal. The San Antonio company said Citigroup Inc., Deutsche Bank, Morgan Stanley, Credit Suisse Group, Royal Bank of Scotland and Wachovia Corp. had until Thursday to comply with settlements of lawsuits in New York and Texas.
BUSINESS
November 10, 2009 | Times Wire Reports
Sempra Energy said third-quarter net income climbed 2.9% on gains from a commodities-trading joint venture with Royal Bank of Scotland Group. Earnings rose to $317 million, or $1.27 a share, from $308 million, or $1.24, a year earlier, San Diego-based Sempra said. Revenue fell 31%. On Monday, Sempra shares rose $1.19, or 2.3%, to $51.94.
BUSINESS
July 3, 2012 | By Andrew Tangel and Janet Stobart, Los Angeles Times
NEW YORK — British authorities turned up the heat on Barclays as its chairman, Marcus Agius, became the first big casualty of a scandal involving attempts to manipulate key interest rates. Agius' resignation Monday came as political and financial observers called for further resignations, starting with that of Bob Diamond, the bank's chief executive. Lloyds and the Royal Bank of Scotland were also among about 20 major Western banks that have come under investigation by U.S. and British authorities for allegedly trying to manipulate the London interbank offered rate, or LIBOR, a benchmark for interest rates on corporate and consumer loans.
BUSINESS
October 6, 2011 | Bloomberg News
The European Central Bank's move to keep euro-area banks afloat is buying governments more time to recapitalize them as Greece edges closer to default. The ECB said Thursday it will reintroduce year-long loans, giving banks access to unlimited cash through January 2013, and resume purchases of covered bonds to encourage lending. At the same time, the European Commission is pushing for a coordinated capital injection into banks and German Chancellor Angela Merkel said policy makers "shouldn't hesitate" if it turns out financial institutions are undercapitalized.
BUSINESS
September 2, 2011 | By E. Scott Reckard, Los Angeles Times
In the latest government effort to recoup mortgage meltdown losses, the federal regulator for Fannie Mae and Freddie Mac sued 17 banks over mortgage bonds that were sold to the giant home-finance companies during the housing boom and proved to be toxic. The lawsuits, filed late Friday in New York federal and state courts and Connecticut federal court, for the most part accused the banks of negligence in misrepresenting the risks embedded in securities backed by subprime mortgages and other risky loans.
BUSINESS
August 10, 2011 | By E. Scott Reckard, Los Angeles Times
Federal regulators hit Goldman Sachs Group Inc. with a $491-million lawsuit, the fourth in a series of planned legal assaults on financial firms that marketed mortgage securities to large credit unions. The suit, filed Tuesday in U.S. District Court in Los Angeles, accused the Wall Street firm of making misleading written and oral statements about the soundness of the securities, which were purchased by the now-failed U.S. Central and San Dimas-based Western Corporate federal credit unions.
BUSINESS
July 19, 2011 | By E. Scott Reckard, Los Angeles Times
Federal regulators are seeking $629 million in damages from a Royal Bank of Scotland unit accused of selling riskier-than-advertised mortgage securities to Western Corporate Federal Credit Union, a San Dimas credit union that failed during the financial crisis. The National Credit Union Administration lawsuit was filed Monday in U.S. District Court in Los Angeles. It alleged that RBS Securities knew or should have known that the loans backing its bonds contained "systematic" misrepresentations about the borrowers' incomes, debt levels, equity in properties and intent to live in the homes that were mortgaged.
BUSINESS
June 22, 2011 | By Nathaniel Popper, Los Angeles Times
In a one-two punch to its reputation, JPMorgan Chase & Co. was accused by regulators in separate cases of misleading big investors about the riskiness of mortgage-related securities it was selling just as the home-loan market was melting down. The Securities and Exchange Commission sued the giant bank's securities unit over its sale in 2007 of a complex investment product whose value was indirectly tied to a collection of residential mortgages. JPMorgan did not tell the product's institutional buyers that it had been partly designed by a hedge fund that would profit if the security lost value, the SEC said in a complaint filed Tuesday in Manhattan federal court.
BUSINESS
December 14, 1998 | From Times Wire Services
Canada's finance minister is expected to block two proposed bank unions, which would have ranked among the largest transactions in Canadian history, because of concern they would erode competition, sources said Sunday. Finance Minister Paul Martin will deliver a decision on merger proposals by four of the country's Big Six banks this morning, a Finance Department spokesman said.
BUSINESS
September 30, 2010 | Bloomberg News
At least 10 people were arrested in the U.S. in connection with an alleged global scheme to hack into bank accounts and steal millions of dollars using a computer virus, the Federal Bureau of Investigation said. U.S. Attorney Preet Bharara in Manhattan held a news conference today to announce federal and state charges against 60 people related to the probe. Bharara's office said the hackers used a so-called Trojan horse computer program known as "Zeus" and other Internet viruses to infect bank accounts.
BUSINESS
February 17, 2010 | By Nathaniel Popper
Like other giant banks, JPMorgan Chase & Co. has been criticized for being "too big to fail." But that isn't stopping the company from getting even bigger. The country's second-largest bank said Tuesday that it had agreed to buy, for $1.7 billion, part of a commodity trading business jointly owned by San Diego-based Sempra Energy and Royal Bank of Scotland. The acquisition comes as President Obama and former Federal Reserve chief Paul Volcker have been pushing a proposal to make banks like JPMorgan smaller.
Los Angeles Times Articles
|