Heads Scratched at Barclays Deal, Nasdaq Disputes Citi's Claim, Morgan Stanley and Wells Fargo Challenged, UBS Offices Searched

Barclays has just spent $400m for the 20 year naming rights on Brooklyn's Barclays Center - one of the Big Apple’s splashiest entertainment venues, which officially opens next week after years of anticipation.

But as The New York Post points out, while 3 million fans or so will pass through the turnstiles of the 19,000-seat arena, none will use a Barclays ATM, none will be pitched a Barclays credit card and none will open a Barclays account.

While the UK finance giant has loads of branches around the world, it has no consumer bank in the US.

In the meantime, Bloomberg reports that Nasdaq OMX Group, responding to criticism that it is offering too little to Wall Street firms hurt in Facebook’s public debut, said the compensation plan covers 'objective, discernible” losses suffered by brokers'.

The operator of the second-largest U.S. equity exchange has no plans to enlarge the pool, it said in a letter to the Securities and Exchange Commission. Citigroup said last month that it lost millions of dollars because of Nasdaq’s mishandling of the initial public offering and deserves greater reimbursement.

And Bloomberg also reports that a law firm that won an $8.5bn settlement from Bank of America tied to faulty mortgage bonds said Wells Fargo and Morgan Stanley failed to service $73bn of similar securities, creating a default.

Finally, Reuters reports that the Paris offices of UBS have been searched as part of a probe into allegedly aiding tax evasion in a sign that a months-long investigation into the Swiss bank's French wealth management activities may be gathering steam.

Barclays has no game despite its $400M arena deal

Nasdaq Disputes Citigroup Assertion That Facebook Fund Too Small

Wells Fargo, Morgan Stanley Faulted on RMBS Servicing

UBS Paris offices searched in tax evasion probe

 

 

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