Libor retrial of ex-Barclays traders set for next February July 12, 2016 Two ex-Barclays bankers were today handed a metaphorical save the date card to head back to court, where they'll face accusations of Libor-rigging. Stylianos Contogoulas, 44, and Ryan Reich, 34, who have been charged with conspiracy to defraud, will be tried at Southwark Crown Court on 13 February 2017. The prosecution alleges that the pair played [...]
Italy’s banking sector told it needs to play by the rules July 11, 2016 Italy's banking sector needs to play by the rules, the Eurogroup's president said ahead of a meeting of eurozone finance ministers. Italy's banks, which were already bogged down by around €360bn (£307bn) in non-performing loans between them, were dealt a particularly harsh blow when the UK's vote to leave the EU sent their share prices tumbling. [...]
Swift’s beefing up its security after fraud troubles July 11, 2016 The global bank messaging system which was targeted in a multi-million dollar hack of the Bangladesh central bank has beefed up its cyber security in the wake of the fraudulent attack. Swift, which oversees the international transfers of major financial institutions, has called in support from specialists BAE Systems and Fox-IT to increase its ability to respond to [...]
SThree half-year profits sputter on banking hiring slowdown ahead of Brexit vote July 11, 2016 Less hiring in the banking sector in the run-up to the EU referendum has taken its toll on SThree's profits, the staffing company revealed in its interim results today. The figures The company, which is focused on finding staff to fill STEM roles, reported profits before tax of £12.8m for the half year to May, down seven per [...]
Deutsche Bank chief economist calls for bailout of European banks, as Italy faces last ditch efforts to rescue troubled sector July 10, 2016 As uncertainty from the UK's referendum on EU membership continues to plague the banking sector, Deutsche Bank's chief economist is calling for a bailout of Europe's banks. In an interview with Welt am Sonntag, David Folkerts-Landau suggested that an injection of fresh capital was needed to help save banks, pegging the amount needed to recapitalise at €150bn (£128bn). "Europe is [...]
RBS’ share price has been hit so badly by Brexit that UK taxpayers are currently sitting on a loss of £29bn July 10, 2016 UK taxpayers are sitting on a huge loss on RBS stock, with the bank's share price plummeting by more than 40 per cent since the EU referendum. RBS shares closed last week at 168.8p, down by roughly a third on the 502p that Gordon Brown paid to save the bank in the 2008 crisis. It [...]
As the UK referendum fallout settles, US banks get ready to announce their earnings July 10, 2016 Wall Street investors are likely approaching the coming week apprehensively, as a number of big name banks are due to report their quarterly earnings. Banking giant JPMorgan Chase is due to announce its second set of quarterly results for the year before the bell on Thursday, while both Citigroup and Wells Fargo will both be issuing [...]
Now Tom Hayes’ crowdfunding campaign has broken the £25,000 mark July 10, 2016 A campaign to raise legal fees for former trader Tom Hayes has recently broken the £25,000 mark. At time of writing, the Fundrazr campaign for the former UBS and Citigroup trader had raised £26,705 – or 18 per cent – of its £150,000 target, with a number of four-figure donations coming in over the last week. [...]
Goldman Sachs hires former EU chief Jose Manuel Barroso July 8, 2016 Goldman Sachs has hired former EU boss Jose Manuel Barroso as non-executive chairman of its international business. Barroso served as president of the European Commission from 2004 to 2014, and as Prime Minister of Portugal from 2002 to 2004. He was first elected to the Portuguese Parliament in 1985, and then served as state secretary for home affairs, [...]
Three former ICAP brokers have US Libor charges dropped July 7, 2016 The US Department of Justice has dropped charges against three former ICAP brokers charged with Libor manipulation offences after they were acquitted in the UK. Darrell Read, Daniel Wilkinson and Colin Goodman, who were acquitted in the UK in January, had their charges dropped in a filing in the Manhattan federal court made public on Wednesday. [...]