Page 2
The Bank of England has issued its strongest warning yet to the EU that its lack of adequate planning for Brexit has created growing risks for almost £70tn of complex financial contracts.
The world economy is at risk of another financial meltdown, following the failure of governments and regulators to push through all the reforms needed to protect the system from reckless behaviour, the International Monetary Fund has warned.
Kweku Adoboli, the former UBS trader convicted of the UK’s biggest fraud, said he was devastated after an immigration judge ruled he must remain in detention while awaiting a judicial review of his deportation.
Germany’s financial watchdog has ordered Deutsche Bank to do more to prevent money-laundering and “terrorist financing,” and has appointed an independent auditor to assess progress.
Ten years ago this weekend Lehman Brothers crashed into bankruptcy – the biggest corporate failure in history – and sent the world’s financial system reeling close to collapse, causing panic among policymakers on both sides of the Atlantic.
In early 2007, the then chairman of the Federal Reserve, Ben Bernanke, dismissed the idea that the slowdown in the US housing market had profound implications. It was, according to the man running the world’s most powerful central bank, just a local affair.
Kweku Adoboli, the former trader who was found guilty of causing a $2.3bn (£1.8bn) financial loss, has been detained by the Home Office as preparations for his deportation to Ghana begin.
US stock markets passed another landmark on Wednesday as the S&P 500 recorded its longest rally ever, capping a near decade-long Wall Street boom that has gathered pace over the course of this year.
Transcripts published alongside the settlement reveal the attitude among senior bankers at RBS towards some of the products they sold.
Europe’s biggest bank, HSBC, has reached a $765m (£591m) settlement with the US Department of Justice to end an investigation into the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.
The Treasury needs to work harder to find a woman to succeed Mark Carney as governor of the Bank of England, according to two of parliament’s most influential select committee chairs.
KPMG has angered UK staff by threatening them with £100 fines if they submit their paperwork late.
Police in Germany have raided the offices of Deutsche Bank in connection with the Panama Papers revelations and as part of an investigation into alleged money laundering.
