The US justice department is looking into allegations that Standard Chartered illegally moved $250bn of Iranian money around the global financial system, according to a source close to the investigation.
BNY Mellon Capital Markets has announced significant expansions of its Treasuries and Mortgage-Backed Securities trading desks with the appointment of Dan Mulholland as head of U.S. Treasury trading and the recruitment of an eight-person team of experienced MBS professionals from Ally Securities.
A bit of a bad smell.
Shares in Standard Chartered have bounced back by 6% this morning as the bank fighting accusations of money laundering recovered slightly from one of its worst ever one-day falls.
When Adam Applegarth was forced out of a sinking Northern Rock in December 2007, it was amid the kind of numbers that tend to dance in front of your eyes. In the five years running up to the bank's spectacular crash he had been paid around £10m. During the 18 months immediately before he cashed in shares worth £2.6m.
Which is it ?
And not too many firms can say that during these difficult times.
Humble pie or what ?
The remarkably ironic pronouncement from Sandy Weill that the U.S. should resurrect some form of the Glass-Steagall Act - which he worked assiduously to tear asunder in the 1990s as he created Citigroup - has touched off another a debate about how to control the worst instincts on Wall Street.
While Knight Capital CEO Thomas Joyce helped steer the company from insolvency, the company’s travails have come at a personal cost of $17m.
Welcome to Barclays, John McFarlane, here’s what life has to offer: a fresh £800m provision for rigging currency markets, taking the running total to £2bn.
PIMCO has announced that Dr. Ben Bernanke, former Chairman of the Federal Reserve, will serve as a senior advisor to the firm, contributing his economic expertise and insights to the firm’s investment process and periodically engaging PIMCO’s clients.
Twenty-two Goldman Sachs partners left the firm or gave up its highest rank since August, including Jim Katzman, a banker who guided Botox maker Allergan’s $66bn sale to Actavis.