The British day trader accused of contributing to the 2010 flash crash enlisted a computer programmer to help him work out a system to manipulate stock prices, e-mailing pleas for help perfecting his 'spoofing' efforts, U.S. prosecutors said in an indictment.
Global investment banks may see revenue drop 19% in the third quarter, lowering earnings per shares across the industry, as a surge in volatility caused by turmoil in China recedes, according to analysts at JPMorgan.
A former Lloyds Banking Group trader sued the bank for unfair dismissal after he was fired in the wake of the company’s fines for Libor manipulation.
HSBC has demonstrated its commitment to its high street banking operations in the UK by rejecting the idea of reviving the Midland name that hung over its 1,000-strong branch network 20 years ago.
It has come to our attention that some members of staff are making politically incorrect comments to fellow employees, and even business contacts.
Dennis Lafferty, one of Goldman Sachs’s top distressed-debt traders, is in talks to join HSBC to run a new loans and special situations unit in New York, according to two people with knowledge of the matter.
Zar Amrolia, who helped build up Deutsche Bank’s fixed-income and currencies business, is leaving the bank after ten years to help run a British electronic market-making business.
Mining analyst Justin Froneman said he left Credit Suisse’s equity research unit in South Africa just over a year after joining the financial-services group.
The Securities and Exchange Commission has announced that an investment advisory firm in Philadelphia has agreed to pay more than $21m to settle charges that it fraudulently retained fees belonging to collateralized debt obligation (CDO) clients.
Stu Bohart, who oversaw Fortress Investment Group’s hedge fund unit, has left the firm after five years.
JPMorgan expects revenue and expenses to remain about unchanged from last year as the bank waits for the benefit of higher interest rates and plows cost savings into investments, Chief Financial Officer Marianne Lake said.
A former UBS equities salesman who sought more than $1m in a lawsuit over his departure will instead have to pay the bank $42,100 because he didn’t work though his notice period.
Sad to report.