Here are some key points showing how the crisis has accelerated in the last 18 months.
California’s state treasurer announced on Tuesday that it is imposing a year-long ban on working with Wells Fargo after staff “fleeced” the bank’s customers by creating 2m unauthorized accounts.
Deutsche Bank isn’t the only lender wrestling with the U.S. to resolve an investigation into toxic mortgage bonds: Credit Suisse and Barclays are also each in settlement talks with the Justice Department, according to people familiar with the matter.
UBS agreed to pay more than $15m to settle allegations from the U.S. Securities and Exchange Commission that the bank failed to properly instruct advisers on risks tied to structured products.
There is some pent-up anger and it's coming to roost on Wells Fargo, former FDIC Chair Sheila Bair said.
Ken Moelis, the former UBS executive who took Moelis & Co. public two years ago, said he’s keeping in mind the lapses of giant investment banks as he works to build his boutique.
Tidjane Thiam, the former Prudential chief now running Credit Suisse, won’t be thanked by his counterparts at Deutsche Bank for saying so at this moment, but he is correct: big European banks are “not really investable” and the industry is in a “very fragile situation”.
Jeremy Corbyn called on Labour MPs to “end the trench warfare” and get behind a socialist vision for Britain under which he would allow councils to borrow more, raise taxes on business to fund education and suspend arms sales to Saudi Arabia.
Taking on more bodies.
Hedge funds are facing the most challenging time Tiger Management’s Julian Robertson said he’s seen in an investing career spanning several decades, and the industry pioneer cautioned that their days of charging hefty fees may be over.
The Securities and Exchange Commission has announced that Ernst & Young LLP has agreed to pay more than $11.8m to settle charges related to failed audits of an oil services company that used deceptive income tax accounting to inflate earnings.
Is there a conspiracy to unsettle Mark Carney? The governor of the Bank of England sometimes sounds as if he thinks there is.
The former foreign secretary, William Hague, has been accused of attempting to undermine Bank of England governor Mark Carney after he warned that central bankers could lose their independence if they ignore public anger over low interest rates.