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RBS and S&P sued by European investors

Gavel

Royal Bank of Scotland and rating agency Standard & Poor's have been sued by a group of European institutional investors for damages of up to $250m suffered on complex financial products in the lead-up to the global financial crisis.

UBS announces executives changes

UBS sign

John Fraser, who has been Chairman and CEO Global Asset Management since 2001, has decided to retire from his CEO role and as a member of UBS's Group Executive Board, effective 31st December 2013. This follows a long and distinguished career at UBS and in finance which began in the Australian Treasury and has spanned five decades.

Deutsche Bank is big sorry

Deutsche Bank - Foyer Undersphere

Deutsche Bank is committing about $2.3 billion to prove it's sorry that some of its employees rigged interest rates.

Is the way investment banks are paid for deal advice sensible ?

Piggy Bank

Tim Wise of JP Morgan is made of stout moral stuff. When advising the Co-op Group on its ill-fated transaction with Britannia Building Society in 2009, his judgments were not swayed one iota by the knowledge that a £5m fee for his employer would only be paid if the deal actually happened.

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Jefferies sees fixed income trading fall

Jefferies Group whose trading results are seen as a bellwether for Wall Street firms, said fourth-quarter revenue from that business fell 36% as fixed-income sank for a fourth straight quarter.