HSBC Swiss unit fined $192m over US tax evasion December 11, 2019 HSBC’s Swiss private banking arm will pay $192.4m (£146.7m) to resolve a US investigation into its role in helping wealthy Americans evade taxes using undeclared Swiss bank accounts. The US Department of Justice filed a charge of conspiracy to defraud the United States against HSBC Private Bank (Suisse), but agreed to drop the charges in [...]
Lloyds found to have failed customers hit by HBOS Reading branch fraudsters December 10, 2019 Lloyds Banking Group was found today to have failed in its compensation of customers who were hit by fraudsters in the Reading office of HBOS. A report by Sir Ross Cranston assessing the bank’s customer review, which was set up to compensate victims of the HBOS Reading fraud, found the review “did not achieve the [...]
Morgan Stanley fined €20m as French regulator accuses it of sovereign bond price manipulation December 10, 2019 Morgan Stanley has been issued a €20m (£16.8m) fine by French regulators after its London desk faced accusations of using “pump and dump” tactics to manipulate sovereign bond prices. France’s stock market regulator, the Autorite des Marches Financiers (AMF), said the bank manipulated prices on 14 French government bonds and eight Belgian bonds in June [...]
Six in 10 financial services workers worried about threat of Brexit December 10, 2019 Six in 10 financial services workers fear the aftermath of Brexit will be the single biggest challenge the sector has to face over the next 12 months, according to a report published today. The survey of more than 500 financial services workers by content software firm Nuxeo also identified other potential threats on the horizon [...]
Softbank taps Goldman for Wework debt financing plan December 9, 2019 Wework saviour Softbank has approached Goldman Sachs for financing as it attempts to reinvigorate the flexible working space provider. The banking giant is securing a $1.8bn (£1.4bn) line of credit, the first stage in Softbank’s $5bn debt financing package for Wework. Read more: Wework names four new executives and outlines six point plan for profitability [...]
Fines levied by the FCA rocket more than 500 per cent December 9, 2019 The value of fines issued by City watchdog the Financial Conduct Authority (FCA) this year has soared to £391.8m. Research from law firm RPC found the level of fines so far this year was up more than 550 per cent on the £60m levied last year. The increase in fines by the FCA has been [...]
HSBC shakes up senior management after ‘unacceptable’ third quarter December 9, 2019 HSBC has replaced its investment banking boss and group chief operating officer in a raft of changes due to take effect in 2020. Investment banking chief Samir Assaf will step down as chief executive of global banking and markets in March, after 10 years in the role. He will take a new role as chairman [...]
Financial services employees consistently overworked December 9, 2019 Employees in the financial services sector are consistently overworked, according to a report published today. The vast majority (94 per cent) work beyond their contracted hours on a weekly basis and almost half do not leave the office or take a break at lunch time, a survey from recruiter Morgan McKinley showed. Twenty per cent [...]
RBS under fire over fake reviews for new app December 8, 2019 Natwest-owned Royal Bank of Scotland (RBS) has come under fire for writing fake reviews of its new online banking app Bó. Eagle-eyed users noted that a string of five-star reviews, some of which were published months before Bó’s 27 November launch, praised the app for features including design and notifications system. Read more: RBS launches [...]
Watchdogs propose tougher rules to limit banking services glitches December 5, 2019 UK regulators have proposed new rules to make banks and payment firms more resilient to major problems in the wake of TSB’s IT meltdown. MPs called for regulatory changes in October after repeated technological failures by lenders such as TSB, Visa, Barclays and RBS. Read more: TSB IT meltdown blamed on data centre test failure [...]