4 Financial Stock Stories Needing Midweek Attention

The Royal Bank of Scotland Group (NYSE:RBS): Current price $9.90

On Wednesday, RBS announced that its Chief Executive Stephen Hester will step down at the end of 2013. In a statement, the board said that the leadership change is being implemented so as to conduct an orderly succession process in preparation for privatization of the bank. Hester has served in the role for the past five years, and was unable to make an open-ended commitment. A search for his successor will commence immediately with internal and external candidates being considered, according to the statement.

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RBS

KeyCorp (NYSE:KEY): Current price $10.56

The company is making banking more convenient for all its clients, commercial and consumer alike, to manage money while away from home with an expanded suite of mobile banking services. The chief of KeyBank’s Community Bank online and mobile banking Matthew D. Lehman said, “We’re seeing double-digit growth in our clients’ use of consumer mobile banking, and we know our commercial clients have increasing interest in mobile.” KeyBank’s mobile banking use jumped by 45 percent between 2011 and 2012.

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KEY

Barclays (NYSE:BCS): Current price $18.38

Barclays announced Wednesday that it has cleared the industry’s first single-name credit default swap client transactions for two buy-side clients. The transactions were initially cleared by Citadel and then by MKP Capital Management, through clearing house ICE Clear Credit, while Barclays acted as clearing broker. The transactions were executed and cleared while the Securities and Exchange Commission announced on Friday that it was allowing select Futures Commission Merchants to clear single-name CDS positions for clients, and allow portfolio margining across CDS and security-based CDS.

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BCS

Prudential Financial (NYSE:PRU): Current price $71.35

The number-two domestic life insurer, has promoted General Counsel Susan Blount to executive vice president after serving in her present position since 2005. Chairman and Chief Executive John Strangfeld commented in a business wire that “Prudential has benefited greatly over the years from Susan’s insightful counsel. Her deep understanding of our businesses, markets and regulatory environment make her a uniquely qualified member of our senior management team.”

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PRU

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