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Home » Retail Banking 2020 Insights » Morning Briefing

Morning Briefing: 13 August

The Daily Telegraph reports that "Royal Bank of Scotland has awarded its top staff almost £1.8m in share awards that circumvent the EU's rules on bonuses — but chief executive Ross McEwan has promised to give his share of the proceeds to charity." The share awards allow the bank to reward staff without breaking European rules that prevent them giving bonuses of more than twice the basic salary.

Vernon Hill, chairman of Metro Bank, has warned that the regulatory requirements are "so onerous in America that it is now easier to start a business in England than in the U.S." The Wall Street Journal records Mr Hill as saying that he expects the numbers of small- and medium-sized banks in the US to decline steeply. "There are now 7,000 banks," he said. "It may soon be 500 or even fewer."

China's currency has weakened for the third straight day since the People's Bank of China devalued the yuan on Tuesday, reports Business Insider UK. The bank devalued the yuan by nearly 2 percent, the largest one day drop for the currency ever.

Barclays Kenya reported a five percent rise in first half pre-tax profits, to 6.43 billion shillings, according to Reuters Africa. The bank is focusing on the small and medium business sector. The bank's chief financial officer Yusuf Omari said the bank had a core capital ratio of 16.4 percent, well above the 10.4 percent regulatory requirement.

Citizens Bank — still 20 percent owned by RBS — is to return $14 million to customers after the Consumer Financial Protection Board (CFPB) found the bank had engaged in shoddy practices, and had not credited customers with the full value of their deposits, according to Canadian Business. The bank was fined $20.5 million by the CFPB, the Federal Deposit Insurance Corp. and the Treasury Department's Office of the Comptroller of the Currency.

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