The New York Times reports that ABN Amro Bank (now a part of Royal Bank of Scotland Group) has agreed to pay $500m for violating the US Bank Secrecy Act.
According to the Justice Department, between 1995 and December 2005, the bank changed payment details on documents so that they did not include references to countries on the US government's sanction list.
In the meantime, Bloomberg reports that Barclays Capital is to start equity trading operations in Tokyo this week. The business will be focused on domestic institutional clients, and BarCap is likely to hire an additional 10 equity sales, trading and research staff from rival firms in the coming months.
The London Evening Standard reports that UK money manager Gartmore has confirmed that its funds under management fell 5% in April, as investors withdrew monies following the suspension of star fund manager Guillaume Rambourg (who is now back at work).
Gartmore CEO Jeffrey Meyer told reporters Friday that investors were relatively quick to pull the trigger. Hedge fund investors in particular, who have been beaten up by a number of troubled situations like Bernie Madoff, were amongst the first to head for the exits.
And The Wall Street Journal is reporting that Royal Bank of Scotland (RBS) continues to aggressively market its investment banking activities, even offering clients attractive loan options in exchange for advisory and underwriting mandates. While The Financial Times reports that RBS has tweaked the terms of its executive compensation plan. Responding to concerns expressed by shareholders, the bank has raised performance targets for the likes of CEO Stephen Hester.
Finally, shares in inter-broker dealer Tullett Prebon fell around 15% at the back end of last week on news that the talks regarding a possible sale of the firm had broken down. The identity of the potential buyer has not been disclosed.