Morgan Stanley has completed its purchase of a brokerage joint venture with Citigroup's Smith Barney, capping a four-year effort to more than double the size of its wealth-management division.
Mark Carney, the high-flying Canadian hand-picked by the chancellor to run the Bank of England, could hardly have heavier expectations weighing on his shoulders when he starts his new job tomorrow – Canada Day. George Osborne is hoping the slick former Goldman Sachs banker will shake up the fusty corridors of Threadneedle Street, fix the fragile banking system and put a rocket under the recovery.
Jon Corzine, former CEO of bankrupt futures brokerage MF Global, has said he never ordered any misuse of customer funds to help his firm stay afloat as it dealt with margin calls on bad bets.
An exclusive club of banks that has long dominated commodities trading is opening up as some big players shrink, allowing rivals to expand their trading teams in anticipation of better profits when the global economy picks ups.
Mergers and acquisitions around the world slowed to their most sluggish pace since 2009 in the first half of 2013, Thomson Reuters data shows, as recession-hit European companies put the brakes on transactions and their healthier U.S. counterparts took a cautious approach amid market uncertainty.
An increasingly vocal chorus of current and former U.S. regulators says the biggest banks still have not provided adequate plans to safely wind down in bankruptcy and may need to be restructured to reduce the risk they pose to the financial system.
Barclays has warned that it could rein in lending to households and businesses due to a new demand by the Bank of England that could force it to hold billions more pounds of capital.
Angela Merkel has expressed "contempt" for the disgraced Anglo Irish Bank executives caught on tape mocking Germany's involvement in the institution's €30bn (£25.7bn) bailout.
As he departs, Sir Mervyn King cannot be allowed to get away with a myth he has been promoting for years – the notion that the Bank of England was somehow a lone voice of sanity in the pre-crisis years and that its warnings of impending disaster for the banking system fell on deaf ears.
Are you a very well motivated genius, or an insecure overachiever ?
Whitbread, the owner of Premier Inn hotels and Costa Coffee, said it expected to cut spending and increase some prices to counter the “substantial” cost of the “national living wage”, as it posted slowing second-quarter sales.
More than 2,000 City financiers took home more than £730,000 (€1m) in 2013, according to the EU banking regulator. One was handed more than £13m.