The European Commission just refunded Societe Generale’s €218.6m of its Euribor rigging fine April 8, 2016 We're used to banks paying out multi-million pound fines for their various misdeeds when it comes to Libor/Euribor/FX rigging – but now one French bank has had a reprieve. Societe Generale said this morning that the European Commission had decided to refund €218.17m (£175.81m) of its €445.88m Euribor-rigging fine. Former employees of the bank, as [...]
Libor scandal: Top bosses must have known about rate rigging, alleges former Barclays trader April 7, 2016 A former Barclays banker who is currently standing trial accused of offences related to manipulating Libor has alleged that his bosses must have known about the rate-rigging scandal, a court was told today. Former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich, along with one of Barclays' former Libor submitters Jonathan Mathew, [...]
EU referendum: Credit Suisse staff told to avoid discussions around Brexit April 7, 2016 Credit Suisse has asked its employees to avoid discussions around Britain's EU referendum. The Swiss lender has issued guidance telling staff not to attend or arrange client events where a so-called Brexit may be discussed, and not to talk about the issue in public. Read more: Credit Suisse: Brexit could benefit Jeremy Corbyn The memo was sent [...]
A drop in footfall means RBS, HSBC, and Barclays could all be about to close more branches around the country April 6, 2016 A continuing slide in the number of people using bank branches means three of Britain's biggest banks could be considering closing the doors on hundreds between them this year. RBS, HSBC, and Barclays have all said they are reviewing the number of branches they operate but were unable to comment on specific numbers. It was earlier reported by [...]
Libor scandal: Those trading with Barclays would have felt cheated by accused bankers if they had heard about alleged actions April 6, 2016 Those trading with Barclays would have felt cheated if they had got wind of what the five accused bankers had allegedly done, said the lawyer for the fraud squad today. Former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich, along with one of Barclays' former Libor submitters Jonathan Mathew, have been charged with conspiracy to [...]
Moneycorp warns over uncertain year ahead as Brexit fears bite April 6, 2016 Moneycorp, the foreign exchange firm recently granted a banking licence in Gibraltar, has warned the outlook for 2016 is uncertain due to doubts surrounding a potential British exit from the European Union. A so-called Brexit could cause extreme currency volatility that firms are finding difficult to prepare for. Yesterday it was revealed Britain’s foreign currency reserves reached a [...]
HSBC and Credit Suisse bite back over Panama Papers claims April 5, 2016 Two big names from banking to have been caught up in the Panama Papers data breach came out fighting this morning, hitting back at allegations that they were using offshore structures to help their clients cheat the taxman. The information obtained by the International Consortium of Investigative Journalists (ICIJ) from a leak relating to Panama-headquartered law firm [...]
Barclays share price slides as it warns on investment banking performance in the first quarter April 5, 2016 The board of Barclays "does not expect as strong a performance from its investment banking operations" as it experienced in March last year, the bank has warned. In a statement this afternoon, the bank said while income in January and February this year were "broadly in line" with its performances last year, current market conditions [...]
The financial regulator is set to focus on technology and culture in the coming year, though only one new review will be brought in April 5, 2016 The use of technology and culture within banks are set to be the big focus for the UK's financial watchdog over the next 12 months, the Financial Conduct Authority (FCA) revealed today in its yearly business plan. The only new review that the FCA will kick off over the coming 12 months will look into pension [...]
Credit Suisse chief executive Tidjane Thiam says bank is on course to double profits in Asia in three years April 5, 2016 Credit Suisse is on track to double profits in Asia in three years, its chief executive Tidjane Thiam has said. Thiam added that Credit Suisse would continue to invest in Asia. "We're on course. We said that we would continue to invest in Asia. We think this is a great time to invest because a lot [...]