The new chief executive of Barclays is to close the bank's controversial tax avoidance unit in a bid to repair its battered reputation, although he still risks inflaming the row over City pay by paying out up to £2bn in bonuses.
The promise of unlimited bond buying by the European Central Bank and a major rally in bank stocks and bonds weren't enough to stave off a crisis for Italian bank Monte dei Paschi di Siena and the Dutch lender SNS Reaal in recent weeks.
Interdealer brokers, the middlemen who line up buyers and sellers of securities for banks, are emerging as key enablers in the Libor scandal after three firms paid a total of $2.6 billion for rigging global interest rates.
There's something missing in the Libor settlements that the Royal Bank of Scotland reached last week with authorities in the U.S. and U.K. It's an omission that could impair investors' chances of recovering money lost due to banks' misbehavior.
Global IPO Activity Triples 2012 Levels
The risks are higher, the rewards not what they were.
The 24,000 staff at the investment banking arm of Barclays will find out on Friday the size of their bonuses for 2012 – a year in which the reputation of the bank has been torn to shreds by the Libor rigging scandal as well as misselling of payment protection insurance and interest rate swaps.
Lazard Ltd. climbed to the highest price in about 18 months after reporting profit that beat analysts’ estimates and the most annual merger-advisory revenue in four years.
Meredith Whitney appeared on 'Bloomberg Surveillance' this morning and told Tom Keene and Sara Eisen and said that she's 'uninspired' by Citigroup CEO Michael Corbat.
Calls to break up the nation's major banks do not solve the risk problems at the heart of the 2008 financial crisis, Robert Rubin, former Clinton Treasury Secretary, told CNBC.
The Securities and Exchange Commission has announced that ITG Inc. and its affiliate AlterNet Securities have agreed to pay $20.3m to settle charges that they operated a secret trading desk and misused the confidential trading information of dark pool subscribers.
Three Hungarian traders and a Swiss investment firm must pay about $11.7m after a London judge said they profited from 'spoofing', the practice of placing and then cancelling orders to mislead the market.
You've probably heard the conventional wisdom: Smaller, younger hedge funds are more nimble, and tend to bring better returns than their bulky, aging cousins.