Merrill Lynch to fork out $415m for misusing customer cash to free up money for trading June 23, 2016 Bank of America's Merrill Lynch division has agreed to pay $415m (£279.2m) for misusing customer cash to free up money for its own trading activities, the Securities and Exchange Commission (SEC) announced today. An SEC investigation revealed that the firm abused money which should have been kept in a reserve account to finance its own trading activities between 2009 and [...]
Deutsche Bank to cut almost 3,000 jobs in Germany as lender revamps private and commercial business June 23, 2016 Deutsche Bank today revealed plans to axe around 3,000 full-time equivalent roles in Germany as part of a revamp of its private and commercial business. As part of the reshuffle, the bank will consolidate 723 branches into 535 larger sites in 2017, while the bulk of the job losses – around 2,500 positions – will be in the private [...]
Reports: Volkswagen agrees to shell out $10bn to settle emissions-cheating scandal June 23, 2016 Volkswagen has agreed to pay around $10bn (£6.7bn) to settle the emissions-cheating scandal, according to various reports. Last year, the German car manufacturer found itself in the firing line after confessing to fitting vehicles with devices designed to skew emissions tests. According to Bloomberg, the settlement bill includes cash pay outs for owners of Volkswagen cars of [...]
EU referendum: Barclays puts a stop on new stop loss orders June 23, 2016 Barclays put a block on new stop loss orders this morning, just as the EU membership vote got underway. The move could be the bank's way of shielding itself from any wild swings in exchange rates that could happen shortly after the results of the vote are announced. City A.M. understands that the restriction on [...]
Libor Three jury reaches verdict for one ex-Barclays banker, as judge says decision on other four defendants does not need to be unanimous June 23, 2016 The jury in a trial of five ex-Barclays bankers accused of Libor-rigging offences has arrived at a verdict for one of the men today. Judge Anthony Leonard also instructed the jury this afternoon that they could reach a majority verdict on the other four defendants. It has been reported that the jury was sent home [...]
How your staff’s LinkedIn habits are exposing you to cyber security threats June 23, 2016 Staff's poor handling of privacy on LinkedIn risks exposing bosses to cyber security threats, research released today has found. A survey of 2,000 people by Intel Security discovered that almost a quarter (24 per cent) of Brits had connected with somebody they did not know personally on LinkedIn, which could not only open them up [...]
Here’s what Brexit might do to your tax bill June 23, 2016 If the UK votes to leave the EU today, tax experts are advising that it could result in a shakeup to certain parts of the tax regime – although exactly how is not quite certain. Will a Brexit vote result in a complete overhaul of tax as we know it? While some taxation rules might be ripe for a [...]
Steel pension rule changes should be open to all, says Aon, on the day the British Steel Pension Scheme consultation closes June 23, 2016 Any changes to pension rules should apply across the board and not just to select industries, Aon Hewitt has told the government. The consulting giant has today revealed that, in its response to a Department for Work and Pensions consultation examining possible changes that could be made to the British Steel Pension Scheme, it advised that [...]
Ex-Deutsche Bank trader pleads guilty to Libor-rigging charges in US June 22, 2016 A former Deutsche Bank trader has pleaded guilty to Libor-rigging related offences, court records revealed today. Timothy Parietti, 50, a former managing director of Deutsche Bank's New York money market derivatives trading desk, pleaded guilty to conspiring to commit wire fraud and bank fraud last month, but the court records were sealed until today. According to the court transcript, [...]
