HSBC will pay $12.5m to resolve charges that its Swiss private banking unit illegally offered services to U.S. clients without being properly registered, the U.S. Securities and Exchange Commission said on Tuesday.
Britain’s recovery remained on track in the third quarter but fresh figures revealed growth was heavily reliant on the consumer, leaving the government’s much hoped-for rebalancing of the economy elusive.
British regulators are pressuring Bank of America's European investment-banking arm to improve its risk management practices, saying the current ones are "simplistic" and need to be retooled, the Wall Street Journal reported.
Announced M&A transactions in the telecommunications sector total US$135.6 billion so far during 2014, down 46% from the value registered during the same period last year (US$249.5 billion).
Overhauling the broken culture of high street banking will take a generation to achieve, according to a report that found UK banks have received 20m customer complaints since the financial crisis.
The Justice Department is investigating whether an HSBC employee may have leaked confidential information to a hedge fund, Dow Jones reported.
‘Excessive, inflammatory and a red rag to the enemies of the free market.” The rocket fired at BG Group by Simon Walker, director general of the Institute of Directors, hits its mark. A pay package of up to £25m for incoming chief executive Helge Lund is absurd, even by modern boardroom standards, and should be rejected by BG’s shareholders.
The 400 highest earning Americans made $106 billion in 2010, up more than 20 percent, according to data from the Internal Revenue Service.
Phil Falcone is leaving one holding company to focus on another and his hedge fund.
Sony Pictures was targeted in a cyber hack that forced its employees to use fax machines and landline phones, the LA Times reported.
Deutsche Bank, the firm that has paid more than $9bn in fines and settlements since the financial crisis, expects to resolve the largest of its legal cases in coming months, co-CEO John Cryan said.
Credit Suisse has been dragged into a second criminal complaint brought by two Russian clients who claim that a former manager in the bank’s wealth management unit made unauthorized transactions to cover up trading losses.
The chairman of Rolls-Royce has insisted the engineering group will not be broken up despite appointing the chief operating officer of ValueAct, the activist US investor, to its board.