“UPDATE 1-MOVES-BofA, RBS, HSBC Private Bank, Hang Seng Bank - Reuters” plus 4 more

UPDATE 1-MOVES-BofA, RBS, HSBC Private Bank, Hang Seng Bank - Reuters
Downbeat RBS earns temper banking sector optimism - Salon
NewDominion Bank Remains Profitable in Second Quarter - Earthtimes
A Passion for Music: Deutsche Bank to broadcast the Berliner ... - WebWire
Spring Bank takes off above turmoil in banking industry - Biz Times

UPDATE 1-MOVES-BofA, RBS, HSBC Private Bank, Hang Seng Bank - Reuters

Posted: 07 Aug 2009 06:35 AM PDT

(Adds Markel Corp)

Aug 7 (Reuters) - The following financial services industry appointments were announced on Friday. To inform us of other job changes, e-mail moves@thomsonreuters.com.

BANK OF AMERICA CORP (BAC.N)

Banc of America Securities-Merrill Lynch Research hired William Bird as senior U.S. advertising, marketing and information services analyst. Bird joins the company from Steinberg Asset Management.

ROYAL BANK OF SCOTLAND GROUP PLC (RBS.L)

The state-owned lender named former Bank of New York Mellon Corp (BK.N) Chief Financial Officer Bruce Van Saun as its new finance director. [ID:nL7481516]

HSBC PRIVATE BANK

The banking subsidiary of the HSBC Group (HSBA.L) (0005.HK) said Allison Mahoney has joined the company as a senior vice president. She was previously at U.S. Trust Co, and will now be based in New York City.

HANG SENG BANK (0011.HK)

Hang Seng Bank said Dorothy Sit, who will become vice chairman and chief executive of Hang Seng Bank (China) Ltd upon approval of the China Banking Regulatory Commission, has been named non-executive director.

Joseph Poon, managing director and deputy chief executive, has resigned and will leave the board effective Sept. 30. It also said Edgar Ancona, non-executive director, has resigned from the company's board effective Sept. 1. Ancona will be replaced by Iain Mackay.

MARKEL CORP

The financial services company promoted Henry Lopez to president of Markel Midwest. Lopez had been executive vice president for the Midwest region since November 2008.

O'MELVENY & MYERS LLP

The firm announced that Joel Hogarth, a finance and restructuring lawyer, joined as a partner in its Asia practice. Hogarth comes to O'Melveny from White & Case, and will be based in Singapore.

MAYER BROWN Continued...

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Downbeat RBS earns temper banking sector optimism - Salon

Posted: 07 Aug 2009 08:52 AM PDT

Aug 7th, 2009 | LONDON -- A downbeat report from the Royal Bank of Scotland PLC on Friday clouded a week of earnings updates that started with suggestions that the country's lenders were over the worst of the financial crisis -- almost exactly two years after the credit squeeze took hold.

While HSBC and Barclays shrugged off the near-collapse of the system to report substantial profits and fuel talk of financial recovery at the start of the week, losses and bad debt writedowns at part-nationalized RBS and Lloyds have tempered the optimism in London's financial district.

"After an extremely promising start, the half-time banking reporting season has ended in some ignominy," said Hargreaves Lansdown head of equities Richard Hunter.

RBS, which is 70 percent owned by the taxpayer after being bailed out by the government last year, spooked investors by reporting that bad debts jumped to 7.5 billion pounds ($12.6 billion) and declining to speculate whether that would be the peak on impairment charges.

The bank's first half net loss widened to 1.04 billion pounds ($1.7 billion) from 827 million pounds a year ago as sluggish activity in its retail and corporate businesses wiped out strong gains in investment banking.

Chief Executive Stephen Hester's refusal to say when bad debt charges would peak contrasted with fellow bailout recipient Lloyds Banking Group PLC, which said its loan impairments had likely peaked after jumping to 13.4 billion in the first half.

Hester dismayed stock markets by saying that overall results at the bank, Britain's biggest in terms of assets, may not substantially improve until 2011 and full recovery "will take time," leading to a 14 percent drop in the bank's share price.

Charles Stanley analyst Nic Clarke said that RBS' "realism when it comes to the scale of the task that they face," should be appreciated, in contrast to the outlook presented by Lloyds, "which we felt were too optimistic."

Lloyds, which is 43 percent owned by the government, reported a smaller-than-expected first half loss of 3.1 billion pounds ($5.3 billion) for the first half of the year as it declared its belief that the worst was over.

NCB Group analyst Simon Willis supported the cautious view on the economy, saying that there is a good chance next year of the second half a so-called double-dip -- when a nascent recovery sputters out and turns into another recession.

"The main driver will be unemployment which continues to rise and has lead to higher underlying impairments," said Willis. "Unemployment is key driver for bad debts on the personal side, whilst on the corporate side there is a peak in corporate insolvency which has a knock on effect on unemployment."

The Bank of England underscored the jittery mood when it surprised markets on Thursday by significantly expanding its program of buying up assets to boost the money supply. The central bank's decision to expand its so-called quantitative easing program by 50 billion pounds ($84 billion) to 175 billion pounds ($295 billion) indicated it too remains cautious about early signs of economic recovery.

But the week's banking earnings could also be seen as a polarization of the sector, with HSBC and Barclays -- which did not resort to a government bailout -- shrugging off the near collapse of the system to report combined profits of more than 5 billion pounds ($8.4 billion).

The Barclays and HSBC earns fueled talk of financial recovery -- as well as raising fears of a return of the banking bonus culture -- and sparked an across-the-board rise in banking stocks.

While both banks also recorded higher impairment charges for bad loans, they also doubled their profits in investment banking, gaining from a recent rise in share markets around the world.

HSBC Chairman Stephen Green was notably upbeat, in sharp contrast to RBS' Hester, suggesting "we may have passed, or are about to pass, the bottom of the cycle in the financial markets."

The positioning of the four major banks was reflected in their share prices on Friday, with Lloyds following RBS lower, losing 4.5 percent, while HSBC dipped 0.8 percent and Barclays rose 2.3 percent.

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NewDominion Bank Remains Profitable in Second Quarter - Earthtimes

Posted: 07 Aug 2009 06:57 AM PDT

CHARLOTTE, N.C. - (Business Wire) NewDominion Bank today reported net income of $4,405 in the quarter that ended June 30. Earnings were down from $120,917 a year ago, when nationwide troubles in the financial sector deepened, further depressing interest rates and increasing lending risk.

The bank's expense controls and investment strategy partially offset the impact of sharply declining interest income and continued decline in credit quality in the second quarter. In addition, core deposits rose sharply. "While falling interest rates continue to hurt our interest income, a significant portion of our deposits are transitioning into lower rates, which will help our margins going forward," said Bradley Thompson, Chief Executive Officer of NewDominion.

Interest income declined 14.2 percent from a year ago to $6.033 million, amid a 500 basis point drop in the federal funds rate since the fall of 2007. Interest expense declined 6.7 percent to $3.252 million. Net interest income declined 21.6 percent to $2.78 million.

As of June 30, assets were $560.4 million, up 10.9 percent from a year ago but down $4 million from the end of the first quarter, as NewDominion continued its strategy to restrict loan growth to preserve capital. Consequently, loans rose just 0.9 percent from a year ago to $432 million and were down from $447.6 million at the end of the first quarter 2009. Deposits rose 17.5 percent from a year ago to $480.6 million, as consumers responded to NewDominion Bank's range of deposit products and internet-based marketing.

NewDominion's total risk-based capital is 11.91 percent, exceeding the highest regulatory capital threshold of 10 percent. As of June 30, non-performing assets reached $25.5 million, or 4.55 percent of total assets, compared with $5.8 million, or 1.15 percent of total assets, a year ago.

Because loan balances declined $15.6 million during the second quarter, compared with an increase of $56.9 million in the same quarter of 2008, provision for loan losses declined 65.3 percent from a year ago to $311,601. The loan-loss provision, used by all banks, establishes a reserve against future possible losses in the loan portfolio. As of June 30, total reserve for credit losses was $4.99 million, or 1.16 percent of total loans, compared with 1.28 percent of total loans as of June 30, 2008. The reserve declined largely because the bank charged off $2.7 million in loans in the second quarter, the majority for which it already had set aside reserves.

Total non-interest income more than tripled to $559,094, largely because of a $364,374 gain on the bank's securities portfolio, compared with a loss of $117,099 a year earlier. Service charge income declined 28 percent to $171,259, in line with results from the past few quarters.

Non-interest expenses rose 14 percent to $3.048 million, mostly because of a special assessment charged by the FDIC to all FDIC-insured banks and some maintenance expenses related to bank-owned properties. There were no losses on bank-owned assets.

A table of select financial data is attached.

NewDominion, headquartered in Charlotte, N.C., is a niche financial services company serving small and mid-sized businesses with commercial loans, deposits, cash management and advisory services. NewDominion offers retail customers deposit and loan services. The online financial services provider, newdominionDIRECT.com, provides a variety of online services to retail and business customers nationally.

NewDominion Selected Financial Data (Unaudited)

Income Statement

	Quarter Ended
	June 30 2009	June 30 2008
	June 30 2009	June 30 2008	% Change
Interest Income	$6,032,753	$7,030,642	-14.2%
Interest Expense	$3,252,423	$3,484,930	-6.7%
Net Interest Income	$2,780,330	$3,545,712	-21.6%
Provision for Loan Losses	$311,601	$897,616	-65.3%
Securities Gain/Loss	$364,374	-$117,099	NA
Service Charge Income	$171,259	$238,621	-28.2%
Other Non-Interest Income	$23,461	$59,406	-60.5%
Total Non-Interest Income	$559,094	$180,928	209.0%
Loss on Foreclosed Assets	$0	$0	NA
Other Non-Interest Expense	$3,047,544	$2,674,160	14.0%
Total Non-Interest Expense	$3,047,544	$2,674,160	14.0%
Pretax Income/Loss	-$19,721	$154,864	-112.7%
Tax Expense	-$24,126	$33,947	NA
Net Income	$4,405	$120,917	-96.4%

Return on Average Assets	0.00%	0.10%	-96.8%
Return on Average Equity	0.04%	1.17%	-96.5%

Operating Income*	-$72,494	$1,169,579	-106.2%

* Earnings before loan loss provision, loss on foreclosed assets, securities gains or losses, and taxes

	Year Ended
	June 30 2009	June 30 2008
	June 30 2009	June 30 2008	% Change
Interest Income	$12,352,062	$14,413,074	-14.3%
Interest Expense	$6,583,148	$7,495,274	-12.2%
Net Interest Income	$5,768,914	$6,917,800	-16.6%
Provision for Loan Losses	$911,966	$1,312,734	-30.5%
Securities Gain/Loss	$221,671	$66,614	NA
Service Charge Income	$355,636	$481,358	-26.1%
Other Non-Interest Income	$55,683	$111,202	-49.9%
Total Non-Interest Income	$632,990	$659,175	-4.0%
Loss on Foreclosed Assets	$0	$770,211	NA
Other Non-Interest Expense	$5,431,538	$5,308,254	2.3%
Total Non-Interest Expense	$5,431,538	$6,078,465	-10.6%
Pretax Income/Loss	$58,400	$185,776	-68.6%
Tax Expense	-$21,210	$33,947	NA
Net Income	$79,610	$151,829	-47.6%

Return on Average Assets	0.03%	0.06%	-55.9%
Return on Average Equity	0.37%	0.74%	-50.1%

Operating Income*	$748,695	$2,202,107	-66.0%

* Earnings before loan loss provision, loss on foreclosed assets, securities gains or losses, and taxes

	Balance Sheet (in thousands)
	Balance Sheet (in thousands)
	June 30 2009	June 30 2008
	June 30 2009	June 30 2008	% Change
Assets	$560,419	$505,419	10.9%
Loans	$431,963	$428,096	0.9%
Deposits	$480,567	$409,064	17.5%

NewDominion
Selected Financial Data

Income Statement
	Quarter Ended			% Change From
	June 30 2006	March 31 2006	June 30 2005	March 31 2006	June 30 2005
	June 30 2006	March 31 2006	June 30 2005	March 31 2006	June 30 2005
Interest Income	$3,939,810	$2,691,699	$471,584	46.4%	735.4%
Interest Expense	$1,757,869	$1,108,066	$70,682	58.6%	2387.0%
Net Interest Income	$2,181,941	$1,583,633	$400,902	37.8%	444.3%
Provision for Loan Losses	$565,479	$349,509	$230,562	61.8%	145.3%
Non Interest Income	$537,609	$574,430	$4,610	-6.4%	11561.8%
Non Interest Expense	$2,161,263	$2,092,621	$903,909	3.3%	139.1%
Net Income	-$7,192	-$284,067	-$728,959	NA	NA

	Balance Sheet (in thousands)
	Balance Sheet (in thousands)
	June 30 2006	March 31 2006	Dec. 31 2005	March 31 2006	Dec. 31 2005
	June 30 2006	March 31 2006	Dec. 31 2005	March 31 2006	Dec. 31 2005
Assets	$233,101	$189,239	$128,616	23.2%	81.2%
Loans	$191,821	$142,281	$109,937	34.8%	74.5%
Deposits	$196,805	$153,180	$92,070	28.5%	113.8%

NewDominion Bank
Benjamin M. Guion
Chief Operating Officer and Chief Financial Officer
or
Bradley Thompson
Chief Executive Officer
704-943-5700

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A Passion for Music: Deutsche Bank to broadcast the Berliner ... - WebWire

Posted: 07 Aug 2009 08:52 AM PDT

Berlin / Frankfurt am Main, A world premiere is approaching! At 7 p.m. on August 28, 2009 Deutsche Bank will be broadcasting the Berliner Philharmonikers season opening concert on the Internet via live stream at www.db.com. As a long-standing partner of this world-famous orchestra, the bank invites you to register for the Berliner Philharmonikers season opening concert on its website www.db.com as of today. Using the access data submitted, those interested will then be able to follow the high image and sound quality concert which will be broadcast via live stream on the Internet at 7 p.m. on August 28, 2009.

The Berliner Philharmonikers concerts have been broadcast live in its Digital Concert Hall since the beginning of the year. The Digital Concert Hall enables classical music fans all over the world to enjoy the Berliner Philharmonikers performances in the comfort of their own homes.

The Digital Concert Hall is supported exclusively by Deutsche Bank, the Berliner Philharmonikers sponsor for over 20 years and facilitator of the award-winning educational programme, Zukunft@BPhil.

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise as well as mutually reinforcing businesses. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,896 employees in 72 countries, Deutsche Bank offers a comprehensive range of services worldwide. The banks goal is to be the leading global provider of financial solutions for demanding clients, creating exceptional value for its shareholders and people.

www.db.com

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Spring Bank takes off above turmoil in banking industry - Biz Times

Posted: 07 Aug 2009 07:26 AM PDT

About Eric Decker

Eric Decker is a reporter with BizTimes Milwaukee, covering banking and finance, mergers and acquisitions, private equity investment, manufacturing and related fields. Eric is a 1998 graduate of the University of Wisconsin-Milwaukee. Contact Eric by emailing him (contact information below). News can also be sent to Eric Decker, BizTimes Milwaukee, 126 N. Jefferson St., Ste. 403, Milwaukee WI 53202.