(WASHINGTON) JUST IN: Trump & Kim Summit: A commemorative coin featuring President Donald Trump and North Korean leader Kim Jong Un has been minted to mark a U.S.-North Korea summit next month #AceFinanceDesk reports

#AFNews – 22/05/18: The coin, which was struck by the White House Communications Agency (WHCA), bears Trump and Kim’s profiles and opposing U.S. and North Korean flags under the heading “Peace Talks,” Agence France-Presse reports. The coin also describes Kim Jong Un as “Supreme Leader.” The opposite face depicts Air Force One flying over the White House and the presidential seal with the title “Visit of the President.”Less than a month to Trump-Kim summit, White House Communications Agency (WHCA) releases its “trip coin.”#AceFinanceDesk reports


This is #74 of 250 made
. pic.twitter.com/UTEJg1GyWv— Peter Alexander (@PeterAlexander) May 21, 2018The WHCA has minted dozens of souvenir coins as gifts to visiting foreign dignitaries and military veterans, and are for sale in the White House gift shop. Deputy White House spokesperson Raj Shah said in a statement that the administration “did not have any input into the design and manufacture of the coin,” according to AFP: But this coin’s release awkwardly followed North Korea’s threat last week to cancel the historic talks, scheduled for July 12 in Singapore, saying that the country had no interest in “one-sided” negotiations to force Pyongyang to relinquish its nuclear weapons……….Trump sought to defuse those tensions last week, promising that Kim would remain in power should the talks go ahead: https://t.me/acenewsgroup/491243

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(NEW YORK) JUST IN: The New York Stock Exchange has named its first female leader in the history of the 226-year-old exchange on Monday night #AceFinanceDesk reports

#AFNews – 22/05/18: The parent company of the NYSE, Intercontinental Exchange Inc., told The Wall Street Journal Monday night that Stacey Cunningham will become the 67th president #AceFinanceDesk reports

She’s currently NYSE’s chief operating officer.Cunningham will start her new job on Friday. She succeeds Thomas Farley, who came to the NYSE in November 2013: Farley has announced he’s leaving Atlanta-based Intercontinental Exchange to lead a new special-purpose acquisition company.Cunningham first started at the NYSE as an intern in 1994…………………She tells The Wall Street Journal that she “loved the place right out of the gate” and now she’s “excited to be running it.” https://t.me/acenewsgroup/491245 #AceFinanceNews

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(WASHINGTON) Latest: Donald Trump stepped into a round of tough trade talks with China on Thursday after the White House confirmed a meeting between the U.S. president and Chinese Vice Premier Liu He: The two world powers are taking part in a second series of trade negotiations that started Thursday: The initial talks were held in Beijing two weeks ago #AceFinanceDesk reports

#AceFinanceReport – May.18: Speaking to reporters before his meeting with Liu, Trump repeated his strong dislike for previous deals between Washington and Beijing. “The United States has been ripped off for many, many years by its bad trade deals. I don’t blame China; I blame the leadership of this country from the past,” Trump told reporters before a meeting with NATO Secretary-General Jens Stoltenberg. “China has taken out hundreds of billions of dollars a year from the United States, and I explained to President Xi [Jinping] we can’t do that anymore,” Trump added #AceFinanceDesk reports

The talks are aimed at “rebalancing the United States-China bilateral economic relationship,” according to the White House: They are also aimed at avoiding a full-blown trade war after the two countries exchanged tariff threats in March. Despite the tough talks, Trump tweeted over the weekend that he was working with Xi to give Chinese phone company ZTE a way to get back into business: The U.S. slapped sanctions against the Chinese telecommunications company last month for breaking U.S. trade control laws by selling components to Iran and North Korea……………..The move prompted ZTE to shut down its U.S. operations. U.S. law enforcement and intelligence communities have long had national security and espionage concerns about ZTE. “ZTE was a company I spoke to with President Xi. ……………………He asked me if I could take a look at that, because it was very harmful to them in terms of their jobs and probably other things, and I certainly said I would — he asked me to do it, and I would do that. I like him, he likes me, we have a great relationship,” Trump said in explaining his tweet to reporters:

Trump noted it was his administration that had first put strong clamps on ZTE. “Anything we do with ZTE is just a small component of the overall deal. I can only tell you this: We are going to come out fine with China,” Trump said. “When you’re losing $500 billion a year on trade, you can’t lose the trade war, you’ve already lost it.” Liu, who is Xi’s top economic adviser, is taking part in two days of talks with a U.S. trade delegation led by Treasury Secretary Steve Mnuchin. Trump’s top economic adviser, Larry Kudlow, told reporters Wednesday that the administration was conducting “very serious” talks with China, and that Trump was “very hands-on” and “involved in every decision.” “We have requested that China change their trading practices, which are unfair and in many ways illegal,” Kudlow said. “This is with respect to the issue of theft of technology, forced transfers of technology, high tariffs and non-tariff barriers” that are preventing the United States from making a competitive effort to export goods and services to China, he said:

The economic adviser said the administration had given China a “lengthy, detailed list” of what the U.S. wanted, including narrowing the U.S.-China trade deficit, lowering non-tariff barriers and permitting American ownership of its own companies in China. “Right now, the limit is 49 percent and that’s one of the causes of the theft and transfer of viable technology,” Kudlow said. “When we do these joint ventures, we should have to own 51 percent on to 100 percent. That’s a key part of these talks.” https://t.me/acebreakingnews/788595
USA – Voice of America https://ift.tt/2La4qRC

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MARKETS REPORT: The major U.S. stock indexes eked out small gains Monday after a morning rally faded and her e’s the result of the major indexes on Monday and for the year #AceFinanceDesk reports

#AceFinanceReport – May.15: Gains in health care and energy stocks outweighed losses in real estate companies and other sectors: A slide in smaller-company stocks offset gains in large companies #AceFinanceDesk reports

On Monday:

The S&P 500 index added 2.41 points, or 0.1 percent, to 2,730.13.

The Dow Jones industrial average climbed 68.24 points, or 0.3 percent, to 24,899.41.

The Nasdaq composite rose 8.43 points, or 0.1 percent, to 7,411.32.

The Russell 2000 index of smaller-company stocks gave up 6.45 points, or 0.4 percent, to 1,600.34.

For the year:

The S&P 500 is up 56.52 points, or 2.1 percent.

The Dow is up 180.19 points, or 0.7 percent.

The Nasdaq is up 507.92 points, or 7.4 percent.

The Russell 2000 is up 64.83 points, or 4.2 percent.

The major U.S. stock indexes eked out small gains Monday after a morning rally faded: Gains in health care and energy stocks outweighed losses in real estate…
https://t.me/acebreakingnews/771833 Mail Online https://ift.tt/2wLzynE

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(NEW YORK) Goldman Sachs & Apple looking at creating their own ‘ Credit Card ‘ the Wall Stre et journal reported on Thursday citing unnamed sources but both parties declined to comment on the report ev en though with ApplePay and the increase in mobile payments it’s something worth watching #AceFinanc eDesk reports

#AceFinanceNews – May.11: Goldman Sachs and Apple are looking to partner together to create a new credit card, the first foray by Goldman Sachs into the $1 trillion credit card market, The Wall Street Journal reported Thursday, citing unnamed sources: The Goldman-Apple credit card would be tied to Apple’s payment service known as Apple Pay and Apple’s co-brand partnership with Barclays would come to an end, the Journal said #AceFinanceDesk reports

Goldman has been incrementally pushing into consumer banking products. It does personal loans and savings accounts under the brand Marcus, and has been looking at other consumer products: A co-brand credit card is when a company partners with a bank to create a credit card that will spur loyalty and spending with the company. There are hundreds of co-brand partnerships, with brands large and small, and it’s an intensely competitive business for credit card companies.

Apple is a huge and iconic brand, and it would be a symbolic success for Goldman as it enters the consumer credit card market, industry experts said, But it is not a large co-brand partnership like American Express’ partnership with Delta Air Lines, Citigroup’s partnerships with Costco and American Airlines or JPMorgan Chase’s partnerships with Marriott and United.

“It’s not going to put them on the map when it comes to market share, but it’s definitely a strong customer base you want to have,” said Brian Riley with Mercator Advisory Group, which specializes in consulting with companies looking to do co-brand credit cards.

This is the second time Apple and Goldman have been mentioned together as potential partners. The Journal reported earlier this year that Goldman was looking to take over Apple’s iPhone financing program from Citizens Bank.

Goldman Sachs and Apple both declined to comment on the report.Goldman Sachs and Apple are looking to partner together to create a new credit card, the first foray by Goldman Sachs into the $1 trillion market: Mail Online https://ift.tt/2rzt2Lv https://t.me/acebreakingnews/746933

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MARKETS REPORT: Thursday Dow climbs 197 points, rising for the sixth day in a row. Nasdaq and S&P 500 gain nearly 1% with dollar fell against the euro, the Japanese yen and a basket of other major currencies, while the Mexican peso and Brazilian real jumped more than 1 percent on the news #AceFinanceDesk reports

#AceFinanceReport – May.11: The dollar and U.S. government debt yields fell on Thursday while equity markets rallied after a modest rise in consumer prices in April eased concerns the Federal Reserve might raise interest rates more than expected this year: The U.S. Labor Department said its Consumer Price Index rose 0.2 percent last month, less than forecasts for 0.3 percent, as a moderation in healthcare prices offset increases in the cost of gasoline and rental accommodations #AceFinanceDesk reports

image1.jpeg

The dollar fell against the euro, the Japanese yen and a basket of other major currencies, while the Mexican peso and Brazilian real jumped more than 1 percent on the news.

Equity markets rose as the soft inflation data reduced the prospect of the Fed boosting rates three more times in 2018, instead of four times many in the market were forecasting.

Apple hit a record high at $190.37, with all 11 major S&P sectors posting gains.

Benchmark 10-year U.S. Treasury notes rose 8/32 in price to push yields down to 2.964 percent after breaching 3 percent on Wednesday.

“Inflation is going to rise in year-over-year terms over the summer, but the rise remains moderate rather than sharp,” said Eric Winograd, senior economist at AllianceBernstein LP.

The soft read on inflation should give the Fed comfort that their gradual approach to raising rates is the correct one and ease market concerns, he said.

“I view today’s number as a slight positive for risk assets in the near term,” Winograd said.

However, the broad-based Underlying Inflation Gauge released by staff at the New York Fed later in the session showed inflation at 3.2 percent in April.

“We did have a miss on CPI for this particular month, but I don’t think the overall trend for higher inflation has materially changed,” said Eddy Vataru, a portfolio manager at Osterweis Capital Management in San Francisco.

“With oil prices north of $70, it’s hard for me to believe this is going to be a persistent trend of inflation misses,” he said.

MSCI’s broad gauge of global equity markets rose 0.82 percent and turned positive for the year as it hit three-weeks highs.

Apple, Chinese internet giant Tencent, Microsoft and Facebook led the index’s advance, while the U.S. technology sector lifted Wall Street.

Emerging market stocks rose 1.43 percent, after Asia-Pacific shares outside Japan and the Nikkei in Tokyo both earlier closed higher.

The pan-European FTSEurofirst 300 index of leading regional shares closed down 0.13 percent, but markets in London , Germany and France closed higher.

On Wall Street, the Dow Jones Industrial Average rose 197.78 points, or 0.81 percent, to 24,740.32. The S&P 500 gained 23.12 points, or 0.86 percent, to 2,720.91 and the Nasdaq Composite added 56.36 points, or 0.77 percent, to 7,396.27.

Oil markets were choppy but settled higher as traders eyed further declines in Venezuelan crude production in tandem with bullish drawdowns in U.S. crude inventories.

Brent crude futures rose 26 cents to settle at $77.47 a barrel, after hitting $78 earlier in the day, their highest since November 2014.

U.S. West Texas Intermediate crude futures settled up 22 cents at $71.36.

Gold rose on the weaker dollar and as tensions between the United States and Iran also supported the precious metal.

U.S. gold futures for June delivery settled up $9.30 at $1,322.30 per ounce.

The dollar and U.S. government debt yields fell on Thursday while equity markets rallied after a modest rise: Mail Online https://ift.tt/2rzGDBD https://t.me/acebreakingnews/746961: (Reporting by Herbert Lash; Editing by Bernadette Baum and Nick Zieminski): Dow climbs 197 points, rising for the sixth day in a row. Nasdaq and S&P 500 gain nearly 1%. Slumping sales at Victoria’s Secret drive L Brands down 7%. https://cnnmon.ie/2KQV4tS

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(PYONGYANG, N.K.) Kim looks at tourism as Air Koryo plans to launch charter flights between Pyongyang and Chengdu in south-west China, two airline officials told Reuters, amid a major improvement in diplomatic relations between the neighbours and could start as soon as late June if approved by Chinas aviation regulator the officials told Reuters on condition of anonymity #AceNewsDesk reports

#AceFinanceReport – May.10: At the moment this is still a plan. Whether it can actually take off will be impacted by the policy environment going forward,” said one of the officials, who said an application to the regulator had not yet been submitted: “Now perhaps it’s Chengdu, afterwards could be Dalian, Guangzhou. If there’s a market we’ll fly, if not we won’t,” he said, noting Chinese travel agencies were involved with marketing the flights to potential customers #AceNewsDesk reports

image1.jpeg

China has traditionally been politically isolated North Korea’s closest ally but ties have been frayed by Pyongyang’s nuclear weapons program and Beijing’s backing of tough U.N. sanctions in response:

Relations have, however, improved of late: Chinese President Xi Jinping and North Korean leader Kim Jong Un have held two meetings in China since March as North Korea prepares for a planned summit meeting with U.S. President Donald Trump.

Air Koryo already offers regular flights from Pyongyang to the north-east cities of Beijing and Shenyang, and the eastern port city of Shanghai: Revenues from Chinese tourists would provide a welcome boost to North Korea’s closed economy.

Tourists from China account for about four-fifths of foreign visitors to North Korea, says South Korean think-tank the Korea Maritime Institute, which estimates tourism generates revenue of about $44 million each year for the country.

Air China Ltd indefinitely suspended flights from Beijing to Pyongyang in November, citing a lack of demand. Those were the only flights by a Chinese carrier to North Korea.

North Korea airline plans new China charter flights amid diplomatic thaw
https://t.me/reuters_news/44280: Reporting by Adam Jourdan and Shanghai newsroom, Writing by Jamie Freed in Singapore; Editing by Himani Sarkar

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(U.K.) BT is to cut 13,000 jobs over three years, about 12% of its workforce, as it seeks to slim down its m anagement and back-office roles that the job cuts and other measures would help it to reduce costs by £ 1.5-billion as shares dropped in early trading by nearly 8% #AceFinanceDesk reports

#AceFinanceReport – May.10: The telecoms giant said it would be hiring about 6,000 employees to “support network deployment and customer service” ……….A third of the job reductions will come from outside the UK in its Global Services division: Last year, BT was forced to write down the value of the Italian part of Global Services after an accounting scandal that cost the firm more than £500m: The company also said it intended to move out of its existing central London headquarters and into smaller premises……..BT forecast a fall in revenue of about 2% for the 2018-19 financial year. It also said it was keeping its full-year dividend unchanged from last year at 15.4p a share and would freeze it for the next two years………Shares in BT fell nearly 8% in early trading.

BT said it was responding to changes in the telecoms market, including “increasing competitive intensity from established companies and new entrants”.

“It is critical that BT transforms its operating model to build a lean and agile organisation that delivers sustained improvement in customer experience and productivity,” it said.

The announcements came as BT disclosed that its annual pre-tax profits rose 11% to £2.6bn in the year to March.

The firm also announced a 13-year plan to plug its £11.3bn pension fund deficit, including regular payments into the scheme and a bond issue.

Chief executive Gavin Patterson said BT was in a unique position: “We have the UK’s leading fixed and mobile access networks, a portfolio of strong and well segmented brands, and close strategic partnerships.

“This position of strength will enable us to build on the disciplined delivery and risk reduction of the last financial year, a period in which we delivered overall in line with our financial and operational commitments whilst addressing many uncertainties.”

‘Challenging conditions’

George Salmon, equity analyst at Hargreaves Lansdown, said the job cuts and HQ move were “drastic actions”, but added that they “still aren’t going to be enough to dig BT out the hole it’s in”.

“The dividend, which was rising 10% a year not so long ago, is set to freeze for the foreseeable future, and next year’s profits look likely to fall again,” he added.

“There are silver linings here and there. For example, EE and the consumer businesses continue to grow. However, these improvements are being more than offset by challenging conditions elsewhere.

“Openreach terms are getting tougher, and the business-to-business and global divisions are having a torrid time. Gavin Patterson will have his work cut out if he’s to steady the ship.”

Presentational grey line

Analysis: Rob Young, business reporter

BT’s share price has halved over the past two years. Investors have become less convinced about the company’s ability to make them money, after an accounting scandal, a profits warning and a regulatory fine.

BT clearly thinks it has too many staff doing jobs not needed in the digital world. Its wide-ranging corporate shake-up is an attempt to simplify the business, to squeeze more profit out of each pound it spends.

It’s under pressure to pump more money into fibre optic and super-fast mobile networks and to fill the black hole in its pension scheme. It has made more efforts on those fronts today.

Thousands of new hires will be engineers and cyber-experts, focusing not on copper cables, but on building the physical and mobile networks of the future. It’s also trying to improve its customer service and mend relations with the regulator.

It’s a big job, turning a former monopoly into a consumer-focused TV and phone company. Shares are down sharply, suggesting investors are yet to be convinced by BT’s plan: https://bbc.in/2G12BCT

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MARKET REPORT: Crude oil prices jumped back to near 3-1/2-year highs on Wednesday after Donald Trump pulled the US out of an international nuclear deal with Iran, sparking worries about fresh tension in the Middle East and global oil supplies but Asian stocks were hit as US sanctions on Tehran would mean losses for dealmakers with contracts in Iran #AceFinanceDesk reports

#AceFinanceReport – May.09: Asian shares ticked lower as renewed U.S. sanctions on Tehran were seen as disruptive for many companies that have deals with Iran. Trump’s move is also seen as risking worsening already-tense relations between Iran and U.S. allies in the region: However, European shares looked set to start flat on Wednesday and U.S. S&P futures were little changed #AceFinanceDesk reports

Financial spread-betters expect London’s FTSE to open 7 points higher at 7,573, Frankfurt’s DAX to open 22 points higher at 12,934 and Paris’ CAC to open up 4 points at 5,526: “In the very short term, it looks as if the impact of heightened geopolitical worries was limited to oil markets. But that is not the end of the story,” said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

“U.S. sanctions could affect various industries. And tensions between Iran and Israel look set to intensify. Those will begin to cap share prices,” he added.

West Texas Intermediate (WTI) crude futures traded at $70.62 per barrel, up 2.3 percent and near Monday’s peak of $70.84, the highest level since November 2014.

Brent crude futures jumped as much as 2.5 percent to a 3-1/2-year high of $76.75 in Asian trade on Wednesday.

Iran, the third-biggest producer among the Organization of the Petroleum Exporting Countries, produces about 3.8 million barrels per day (bpd), or about 4 percent of the world’s oil supplies.

The U.S. Treasury said it will reimpose a wide array of Iran-related sanctions after the expiry of 90- and 180-day wind-down periods, including those aimed at Iran’s oil sector and transactions with its central bank.

MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, while Japan’s Nikkei fell 0.4 percent.

While some investors drew comfort from the fact Iran pledged to remain in the nuclear deal despite the U.S. pullout, they are wary of escalating tensions in the Middle East.

Israel is on a high alert, mobilizing reserve forces while Syrian state media accused Israel of launching missiles at a target near Damascus on Tuesday just after Trump’s announcement.

In neighboring Lebanon, Hezbollah and its political allies had just made significant gains in a parliamentary election, boosting an Iranian-backed movement fiercely opposed to Israel and underlining Tehran’s growing regional clout.

On Wall Street, caution over rising political risks was palpable. Energy shares gained 0.78 percent and defense contractor stocks rose, with Lockheed Martin up 1.3 percent and Northrop Grumman 3.3 percent.

Boeing, however, fell 0.6 percent as a deal to sell jets to Iran was seen as under threat. The S&P500 closed down 0.03 percent, paring earlier losses of 0.65 percent. The Dow Industrial Average and Nasdaq were little changed as well.[.N]

Souring risk sentiment is hitting emerging markets, which have been clobbered in recent weeks by concerns about capital outflows, as the prospect of higher U.S. interest rates lures investors back to U.S. bonds rather than riskier assets.

Countries with high perceived political risks, such as Brazil and Turkey, were among the worst hit.

The Brazilian real hit a near two-year low and the Turkish lira reached a record low. Since the start of this week, those currencies are down 1 percent and 2.7 percent, respectively.

The Indonesian rupiah hit a 2-1/2-year low, and has slid 1 percent this week.

Among major currencies, the risk-sensitive Australian dollar hit an 11-month low of $0.74245 and last stood at $0.74355.

The euro hit a 4 1/2-month low of $1.1838 on Tuesday and last stood at $1.1845, having declined more than 4 percent in the past three weeks.

The currency was hit by increasing prospects of an another election in Italy as the political impasse there has continued since early March’s inconclusive ballot.

The British pound stood at $1.3526, near a 4-month low of $1.3485 touched on Tuesday.

The dollar rose 0.4 percent to 109.51 yen, edging near its three-month high of 110.05 yen touched last week as higher oil prices help to lift U.S. bond yields.

The yield on 10-year U.S. Treasuries was at 2.9873 percent.

Crude #oil prices jump back to near 3-1/2-year highs after Donald Trump pulls U.S. out of an international nuclear deal with Iran https://t.co/Hzk7ag2pjO #ReutersEnergy: https://t.co/3pKBaKEPOZ pic.twitter.com/7CgnmAr96U https://t.co/CAJcFaxHd9— Adam Christian (@Breaking144) May 9, 2018: https://t.me/acenewsdaily/21675: Reporting by Hideyuki Sano and Andrew Galbraith; Editing by Eric Meijer, Richard Borsuk & Kim Coghill

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(UK) Banking News: RBS has announced it is closing 162 branches across England and Wales: The bank said that 792 jobs would go as a result and staff would be offered voluntary redundancy: After a project for a ‘ New Challenger Bank ‘ under the name of Williams and Glyn is not going ahead but the union says this saga rolls on with poor management #as it follows existing plans to close 52-branches in Scotland #AceFinanceDesk reports

#AceFinanceReport – May.01: RBS branches in England and Wales, and the NatWest business in Scotland, had been earmarked for a new “challenger bank” under the name Williams & Glyn…………However, that project is now not going ahead and the bank has reviewed its branch network…………..Some 109 branches will close in late July and August 2018, while a further 53 branches will close in November 2018: The latest branch closures follow existing plans to close 52 bank branches in Scotland that serve rural communities, and 197 NatWest branches………..The Unite union has calculated that in the case of 71 of the 162 branches closing, customers will be forced to make return journeys of about 25 miles to reach another one………. Rob MacGregor, Unite’s national officer, said: “The Williams & Glyn saga rolls on as Royal Bank of Scotland continues with its shambolically poor management of this business. #AceFinanceDesk reports

You can see a full list of the branches that will be closing here.

An RBS spokesman said: “We are no longer launching Williams & Glyn as a challenger bank, and we now have two branch networks operating in close proximity to each other; NatWest and Royal Bank of Scotland, in England and Wales:

“As a result, we have had to review our overall branch footprint in England and Wales and we’ve made the difficult decision to close a number of Royal Bank of Scotland branches.

“Customers of Royal Bank of Scotland in England & Wales will be able to use NatWest branches instead for their everyday banking needs.”

‘Dark futures’

Bank branches still open by brand chart

“How does a taxpayer-funded institution spend £1.8bn on a failed IT project and in the next breath demolish the much-needed local bank branches?

“Today nearly 1,000 employees have finally been told of their dark futures because the bank has been calamitously managed for too long.”

In February, following a campaign by local communities, RBS decided to keep 10 branches threatened with closure open till the end of the year.

Nicky Morgan, who chairs Parliament’s Treasury Committee, said there was “a risk of increased levels of financial exclusion” as a result of the branch closures, since bank branches were still vital for many people.

“It’s important for the government to monitor this trend. If financial exclusion is increasing, the government may be required to intervene,” she said.

Presentational grey line

Analysis: Simon Gompertz, personal finance correspondent

Staff were braced for something like this, though the scale of the closures and job losses is a shock.

Last year the European Commission said RBS could forget about trying to hive off part of its business and, instead, set up a fund to support new rivals.

Ever since then the writing was on the wall for most of the people and branches which RBS had shoved into Williams & Glyn, a Frankenstein bank which no one seemed to want.

That was the trigger, but it’s also a fact that big banks have been looking for excuses to close as many branches as they can.

And they would have you believe it is partly your fault, if you’ve joined the legions who bank on computers and mobile phones.

For customers wondering where it will all end, it seems inevitable that we will end up with even fewer branches.

Those that survive may be dedicated to selling complicated products like investments and pensions, and sorting out tricky complaints.

Presentational grey line

Mobile banks

Unite is calling on RBS “not to abandon their responsibilities” to the communities that depend on the affected bank branches.

RBS chief executive Ross McEwan recently defended the bank’s closure of its Scottish branches, saying that mobile banks are serving 440 communities.

However, the bank has faced criticism from customers that the mobile banks do not stop in each location for long enough.

RBS banking appRBSRBS has promoted online banking and its mobile banking app as an alternative to going into branches

RBS has also tried to persuade customers to start using online banking and its companion smartphone mobile banking app.

But the bank has had to recognise that not everyone wants to handle their banking digitally.

To this end, today it announced that it had created a special taskforce to help customers learn digital skills so they could use online banking in future.

Royal Bank of Scotland is to close 162 branches in England and Wales, resulting in nearly 800 job losses https://bbc.in/2rdPl8s

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