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RBS sounds alarm over Brexit

Video Credit: Reuters Studio - Duration: 01:41s - Published < > Embed
RBS sounds alarm over Brexit

RBS sounds alarm over Brexit

RBS earnings are on the up, but the bank is worried about the impact of a hard Brexit.

Julian Satterthwaite reports.

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RBS sounds alarm over Brexit

Britain's big banks are starting to speak out about Brexit.

RBS reported its latest earnings Friday (February 15) and the bailed-out lender seems to be recovering.

It's hiked its dividend payments to shareholders after profit more than doubled in 2018.

But RBS sounds worried about the future.

(SOUNDBITE) (English) REUTERS BANKING CORRESPONDENT LAWRENCE WHITE, SAYING: "So it's really one of the most detailed and starkest warnings we've had yet from a major bank." That's Reuters banking correspondent Lawrence White.

(SOUNDBITE) (English) REUTERS BANKING CORRESPONDENT LAWRENCE WHITE, SAYING: "What RBS did say today, which is new, is that up to 50 billion euros worth of cross border payments that they clear every day, through their Frankfurt branch, could be in jeopardy if they don't get the right license in time." Chief executive Ross McEwan said on Friday the uncertainty over Brexit has gone on far too long.

Just the night before he spoke, UK Prime Minister Theresa May lost another key vote in parliament.

McEwan says the turmoil is forcing big firms to halt investment plans.

Brexit might also cast the future of majority state-owned RBS into doubt.

(SOUNDBITE) (English) REUTERS BANKING CORRESPONDENT LAWRENCE WHITE, SAYING: "The big question obviously is Labour.

If they were to come into power as a result of some kind of Brexit turmoil, they've said they will actually halt the re-privatization of RBS and instead use it as a kind of quasi state lender." And it wasn't just RBS sounding worried on Friday.

Germany's bank supervisor says lenders from around the region haven't moved enough staff from London to EU cities.

Now the coming days will see results from more big names including HSBC and Barclays.

So far they've largely tried to sound positive about Brexit.

Many wonder if next will be the moment their patience runs out.




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