Bank of America is cutting about 200 jobs in its trading and investment-banking units around the world, including dozens in the U.S., after CEO Brian Moynihan pledged to trim expenses amid a decline in trading revenue, according to a person familiar with the decision.
Herve Falciani - whose data leak spawned global investigations into how HSBC allegedly helped clients avoid taxes - won’t appear in person to defend himself against charges of violating bank secrecy laws and risk arrest.
Global debt capital markets activity falls 13%.
Global ECM activity falls 5% as third quarter issuance falls 55%.
A former senior trader at Royal Bank of Scotland said he was made a 'scapegoat' for the bank’s own failures in the currency-rigging scandal and that his firing was premeditated.
A former HSBC executive suing the bank for $22.7m lost his racial - and religious - discrimination claim at a London employment tribunal.
Ernst & Young, one of the world’s big four professional services firms, has handed out average pay of £700,000 to 696 UK partners in a move that could rekindle concerns about high City pay and market dominance.
Katherine Garrett-Cox is to step down from the board of Alliance Trust, one of the UK’s oldest investment firms, but continue as the chief executive after a long battle with an activist investor.
Global syndicated lending falls 8% from 2014.
Global markets have suffered their worst quarterly performance since the depths of the eurozone crisis in 2011, with an estimated $11tn (£7tn) wiped off the value of world shares, despite an attempted rebound on the last day of September.