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HSBC, StanChart Slide After Halting Dividends at BOE Request

U.K. banks were also warned about cash payouts to top staff
Britain’s PRA follows similar stance as European authority

High Street Banks as U.K. Heads to the Polls Again — Photographer: Hollie Adams/Bloomberg

By

Stefania Spezzati, and

April 1, 2020, 12:43 AM UTCUpdated onApril 1, 2020, 10:04 AM UTC

Britain’s biggest banks scrapped their dividends, sending their shares tumbling, after regulators pushed them to free up more money for loans to counter the fallout from the coronavirus pandemic and withhold cash payouts for top staff.

HSBC Holdings Plc, Standard Chartered Plc, Royal Bank of Scotland Group Plc, Barclays Plc and Lloyds Banking Group Plc all canceled their outstanding dividends and buybacks and said there would be no payments in 2020.