Now it’s Credit Suisse’s turn to sign off on its Department of Justice fine for $5.3bn January 18, 2017 Credit Suisse has finalised its agreement to settle for $5.3bn (£4.3bn) with the US Department of Justice (DoJ) for mis-selling mortgage-backed securities in the lead-up to the financial crisis. The bank agreed to the settlement in principle last month, but the deal was effectively rubber-stamped today. The Swiss bank's payment is divided between a $2.5bn cash penalty and [...]
Save the date: Article 50 decision due on 24 January January 18, 2017 Mark it up in your diary: The Supreme Court will deliver its judgment in the Article 50 decision on the morning of 24 January. The Brexit case was heard by all 11 Supreme Court justices last month, after the government appealed a November decision from a trio of High Court judges, who ruled the government could [...]
Deutsche Bank slashes bonuses for a quarter of its staff following $7.2bn settlement with US regulator January 18, 2017 One in four Deutsche Bank staff will receive no individual bonus for 2016, the firm said yesterday, leaving many of its bankers fearing a significant hit to their pay. The German giant's bonuses are usually determined by an employee's success, or failure, in hitting a range of targets. But after a tumultuous year, the bank has [...]
Goldman Sachs more than triples profits in fourth quarter, as bond trading helps boost bank’s bottom line January 18, 2017 Goldman Sachs has more than tripled its profits in its fourth quarter of the year, thanks to bond trading giving its bottom line a boost. The figures The US banking giant announced net revenues for its fourth quarter of $8.2bn (£6.7bn), up 12 per cent on $7.3bn for the same period the year before, and net earnings [...]
Brexit bye byes: UBS becomes the latest bank to confirm it’s considering moving bankers from London January 18, 2017 UBS has become the latest bank to publicly restate it is planning to moving staff out of London because of Brexit, just a day after the Prime Minister's landmark speech. Speaking to Bloomberg at Davos, Andrea Orcel, UBS' investment bank president, hinted it was still up in the air what moves the Swiss banking giant [...]
It’s May way or the Highway: Prime Minister Theresa May confirms UK will seek bespoke Brexit deal January 18, 2017 Prime Minister Theresa May laid out her plan for life outside the Single Market yesterday, warning Brussels that she will walk away from negotiations if the EU seeks to damage the UK by blocking a free trade deal. While May’s threat sent jitters through the City, business groups were heartened to hear the PM promise [...]
Fraud squad’s year-and-a-half long investigation set Soma Oil & Gas back £4.5m January 17, 2017 The fraud squad's year-and-a-half long investigation into Soma Oil & Gas cost the company £4.5m, City A.M. has learned. The Serious Fraud Office (SFO) opened an investigation into Soma in July 2015 following allegations of bribery and corruption before closing it in December last year. The UK company, which is chaired by former Tory leader Lord [...]
