The City trader accused of fraudulently gambling away £1.4bn of his bank's money had lost £123,000 of his own cash through a spread betting account, a court heard.
A few months ago, the Bank for International Settlements, which acts as a bank for the world’s central banks, warned in its annual report that 'the financial sector needs to recognize losses' and 'adjust balance sheets to accurately reflect the value of assets'. We are starting to get a taste of what that means, and it’s not all bad.
Deutsche Bank has announced the Executive Committee for its integrated Asset & Wealth Management division. Michele Faissola will chair the committee.
Five years on from the start of the financial crisis, being a socially responsible corporate citizen is still not a top priority for many business leaders in financial services, new research from the Economist Intelligence Unit shows.
Even though many suspect Peregrine Financial Group founder Russell Wasendorf Sr. had help pulling off a $200 million fraud, prosecutors are willing to let him plead guilty to reduced charges without saying who, if anyone, helped him.
The mission: to find out how Germany's financial centre is different from Britain's.
Russia is taking advantage of the recent bounce in stock markets by pressing ahead with the sell-off of a stake – valued at around $5bn (£3.1bn) – in Sberbank, the largest bank in the country.
Two short stories set against the backdrop of the financial markets - 'Investment Banker To Exotic Dancer' and 'Old Traders Never Die'.
Kweku Adoboli, the former trader on trial for allegedly costing UBS $2.3bn from unauthorized trades, was in debt and had several spread-betting accounts in violation of the bank’s rules, a prosecutor said.
A former risk officer at Morgan Stanley Smith Barney claims he was fired for blowing the whistle on a variety of infractions by the firm's registered representatives, including the churning of preferred securities by a star broker the firm recruited last year from rival Bank of America Merrill Lynch.
JPMorgan said it’s close to completing discussions with the U.S. Justice Department and the Federal Reserve over investigations into foreign-exchange trading.
Barclays will probably be fined for violating a three-year-old settlement over interest-rate rigging, but U.S. prosecutors will stop short of seeking a guilty plea, which they are demanding from UBS, people familiar with the matter said.
Citigroup, the world’s largest currency dealer, closed a program that provided leverage to some foreign-exchange clients without putting them through an extensive credit check.