Lloyds Banking Group is axing 9,000 jobs and closing 200 branches to save £1bn by 2017 as it “digitises” its business.
The Bank of England has warned of “deep-rooted problems” in the City that are undermining public trust in the financial system, as it launched a sweeping review intended to wipe out market manipulation.
The Financial Industry Regulatory Authority (FINRA) has announced that it has censured and fined Merrill Lynch Professional Clearing (Merrill Lynch PRO) $3.5m for violating Regulation SHO, an SEC rule that established a regulatory framework to govern short sales and prevent abusive naked short selling.
Companies are trying to get better at spotting rogue or unstable employees who could put money, data or co-workers at risk.
Sad to report.
'We are never as brilliant as we think we are when all is going swimmingly well, and we are never as dumb as we feel when everything goes wrong'.
UBS is considering whether to move out of its office complex in Stamford, Connecticut, according to a person with knowledge of the plans.
Cantor Fitzgerald CEO Howard Lutnick gave Haverford College $25m last week, its largest single donation.
After 17 years on the executive board of Deutsche Börse, almost ten of which as CEO, Reto Francioni will hand over his post to his designated successor, Carsten Kengeter on 13 May 2015.
So how are most traders feeling at the moment ?
Last month banks provided City regulators with individual statements of responsibility for every one of their senior managers, detailing their personal accountabilities.
A London banker hired by Libya to manage more than $800m is being sued over claims he misappropriated assets the country had invested before the revolution to support a lavish lifestyle.
Ever since Bernie Madoff’s Ponzi scheme collapsed in 2008, it’s been much-rumored that investors included tax dodgers shielding money from the IRS, drug dealers who laundered proceeds through the con man and wealthy moguls hiding assets from ex-spouses.