Bloomberg News reports that means the lender probably won’t make payouts to investors until 2018 at the earliest, a year later than expected, James Chappell and Iro Papadopoulou wrote in a note to clients on Tuesday. The analysts, based in London, have a sell rating on the stock.
CEO Ross McEwan, 58, is divesting assets to focus on U.K. and Irish consumer and commercial lending, pledging to return excess capital generated to shareholders as early as the first quarter of 2017. A looming settlement with U.S.authorities over the bank’s handling of mortgage securities could overshadow his plan.
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