Mark Carney is right: in the great quest to improve bankers’ behaviour and stop the scandals, large fines for banks are not achieving much. He’s also correct when he says it’s not a case of a few rotten apples. We’ve had PPI, Libor, forex and all the rest. The problem is probably the barrels.
Irving Picard, the court-appointed trustee rounding up funds for victims of the Madoff Ponzi scheme, says the total recovered now tops $10 billion.
The fines that the five banks have coughed up, will now go straight into UK finance minister George Osborne's pre-election coffers.
Once upon a time, we had the imperial CEO to worry about: the business leader who ruled in the manner of Augustus over his corporate empire. Jack Welsh at GE. Lee Iacocca at Chrysler. Sam Palmisano at IBM.
The biggest loser wins!
Talk about a big fish in a small pond: Bill Gross cast a long enough shadow at Pimco, something only exacerbated by his move over to Janus Capital.
The U.S. Justice Department has given banks about a month to come clean about wrongdoing as it moves closer to wrapping up an investigation into the rigging of currency benchmarks, a person familiar with the probe said.
Businesswoman Linda Riley founded diversity and inclusion events and publishing company Square Peg Media and is the brainchild of the European Diversity and Global Diversity Awards.
(Not) a happy Christmas
Fundamental changes are needed to institutionally alter compensation.
Morgan Stanley expects to hire 75 advisers in the U.S. this year to target rich Latin Americans investing in the world’s biggest economy, part of a strategy to focus on the region as other international banks retreat.
The referee is biased, the pitch is tilted against us and we’ve given up trying to predict our results.
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.