More good news for UBS.
The Goldman Sachs employee who ran the firm’s mortgage correlation trading desk testified that Fabrice Tourre failed to tell investors about the role of Paulson & Co. in the deal at the center of the U.S. Securities and Exchange Commission’s fraud case against him.
Credit Suisse was sued for more than $350m by entities of Highland Capital Management LP who claim it marketed loans for high-end residential communities including the Yellowstone Club in Montana based on unreasonable and deceptive appraisals.
Morgan Stanley and Goldman Sachs led Wall Street banks in posting a collective 42% increase in equities-trading revenue in the second quarter, the largest jump in more than three years.
Strongest YTD for Latin America ECM since 2008
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Private equity company 3i, which owns companies such as fashion chain Hobbs, has pledged to change its pay policies after shareholders staged a rebellion at the annual general meeting.
Morgan Stanley set aside $3.66bn to pay employees at its investment-banking and trading division in the first half, 1.4% less than a year earlier.
Barclays could face the threat of prosecution over Libor-rigging after US regulators confirmed they would be fining the bank $453m for allegedly manipulating electricity markets.
Benchmarks underpinning markets from oil to currencies face tougher oversight under plans by global regulators to prevent any repeat of Libor-style fraud.
Voya Financial Inc., the U.S. insurer formerly owned by ING Groep NV, hired Karen Eisenbach, formerly of JPMorgan Chase’s asset-management business, to focus on marketing retirement products to institutional and retail clients.
Asia is home to the most expensive city in the world to rent high-rise office space and demand is not expected to wane, according to Knight Frank.
A new regime intended to make top bosses at banks more accountable for their actions will be extended to other parts of the financial services industry in 2018, according to a proposed law set out by the government.