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HSBC will probably spend less on compliance

HSBC branch

HSBC Chairman Douglas Flint said the cost of policing potential wrongdoing will probably decrease after Europe’s largest bank by market value spent billions of dollars to toughen its internal controls in the wake of a series of scandals.

Goldman Sachs abandons Libya lawsuit bid

Goldman Sachs Logo

Goldman Sachs has abandoned its bid to get a U.K. court to throw out a $1bn lawsuit by the Libyan Investment Authority that alleged the New York-based bank made about $350m selling it investments that turned out to be worthless.

New York tops billionaire birth list

Foot In Mouth

More billionaires have been born in New York City than in any other city in the world, according new research by U.K.-based luxury magazine Spear's and research company WealthInsight.

Central banks need exit strategy from post-crisis policies

Ben Bernanke

September 16 2008 was the day central banks stopped being boring. The day Lehman Brothers went down was the cut-off point between conventional monetary policy – moving official interest rates in baby steps to keep inflation low – and unconventional monetary policy.

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C Suisse said in Italian tax probe

Credit Suisse is under investigation in Italy in connection with a case looking into allegations that the bank helped wealthy clients transfer undeclared funds offshore, Italian judicial sources said on Wednesday.

Citi Building Sign

Citi creates new group for fund clients

Senior investment bankers Zubaid Ahmad and Brad Coleman will be leading a new group at Citigroup focused on better serving clients that are private equity firms, hedge funds and sovereign wealth funds, according to a memo seen by Reuters on Wednesday.