Banking Latest News: Royal Bank of Scotland Appoints New Chief Executive

Wochit 0:59 mins

The Royal Bank of Scotland named the head of its retail operation, Ross McEwan, to become its new chief executive, as it reported a $332 million net profit in the second quarter of the year. A British regulator finds that Barclays is seriously undercapitalized, and the bank doesn't have much time to fix that.Shares of Barclays lost 10 percent of their value after the company disclosed that its capital,as seen by the regulator,needed to grow by 38 percent to be adequate under new rules, unless the bank reduced its assets. European Central Bank President Mario Draghi held the door open for another interest rate cut as he again reassured markets that the bank is nowhere near withdrawing help for the struggling euro area economy.

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