Standard Bank Group may make further writedowns of about $80m on the value of aluminum stockpiles entangled in a Chinese fraud investigation, two fund managers said.
IG Group has warned it may not be able to increase its dividend this year following its £30m loss from last week’s turmoil following the Swiss National Bank’s decision to remove its currency cap.
Morgan Stanley reported profit that missed estimates as fixed-income trading revenue fell more than some analysts expected.
The $400m of cumulative losses that Citigroup, Deutsche Bank and Barclays are said to have suffered from the Swiss central bank’s decision to end the cap on the franc may be followed by others in coming days.
Last, Jamie Dimon told investors a breakup of JPMorgan is not in the cards, despite a new Goldman Sachs report urging it.
Bankrupt Mayfair hedge fund boss Magnus Peterson has been convicted at Southwark crown court, in London, of multiple counts of forgery and fraud six years after his rogue investment fund Weavering Capital collapsed, losing duped investors $530m (£350m).
Julius Baer said it suffered no losses in the two trading days after the Swiss central bank unexpectedly abolished its franc cap. The shares surged Monday.
A former Julius Baer banker found guilty on Monday of breaching Swiss banking secrecy laws by handing over data about offshore clients to WikiLeaks will avoid jail time.
There’s blood on the Street.
For three years, the Swiss franc was locked against the euro under the central bank’s cap, with no end in sight. UBS Group’s Gregor Hirt last month sensed something was about to change.
Standard Chartered is closing its office in Geneva, the global center of the commodity-trading industry, in Chief Executive Officer Bill Winters’s latest move to slash the lender’s exposure to the oil, gas and agricultural industries.
A former Bank of America Merrill Lynch (BoAML) banker has landed the top job at government financial asset manager UK Financial Investments (UKFI), following media reports last month.
One strategist explains why gold still has more upside to go in the coming year, after it recorded its biggest 3 month gain in close to 3 decades.