HSBC’s head of group compliance, David Bagley, told a Senate hearing he will step down amid charges the bank gave terrorists, drug cartels and criminals access to the U.S. financial system by failing to guard against money laundering.
Yet another banking scandal.
Goldman Sachs plans to cut $500m of expenses this year, mostly from compensation, after reporting the lowest first-half revenue and earnings in seven years.
Credit Suisse has announced measures to cut costs and boost capital by $8.9bn after a central bank report last month called for an increase in equity.
An alternative view of the great Libor scandal says it's a storm in a teacup and that everybody knew, or ought to have known, that banks will fiddle the rules when the game is refereed by their own ineffectual trade body.
On Tuesday 17 July, HSBC appeared before the United States Senate Permanent Subcommittee on Investigations about a case history of U.S. Vulnerabilities to Money Laundering and Terrorist Financing.
In the three weeks since Barclays was hit with record £290m fines for attempting to manipulate the Libor price, eight top bankers and regulators have appeared before the Treasury select committee of MPs to face around 12 hours of questioning.
Professor Blanchflower, who served on the Bank's monetary policy committee between 2006 and 2009, believes the escalating Libor crisis means Sir Mervyn King's replacement cannot come from the banking sector.
A survey by TheCityUK reveals that 7 out of 10 (71%) leading figures across the financial services sector think that ‘worse is yet to come’ for the eurozone crisis, while two thirds (65%) believe the survival of the eurozone is essential to the UK’s long term economic growth.
Two lots of four group tickets to see the Starlight Express National Tour were up for grabs in our Euro 2012 Predictor Competition.
Barclays was the first bank to be fined in June 2012 when it received penalties of £290m - including a record £59.5m by the UK regulators.
Distributed denial of service attacks (DDoS) are a growing threat to businesses, as criminals can be hired online by the hour to disrupt websites.
The $1.5 billion Janus Global Unconstrained Bond Fund, managed by Bill Gross , saw inflows of $100 million in the most recent quarter, Janus Capital Group CEO Dick Weil said Thursday.