Banking
11th May 2018
The Financial Conduct Authority and Prudential Regulation Authority have jointly fined Barclays chief Jes Staley £642,430 for attempting to identity a whistleblower. Regulators found Staley had “failed to act with due skill, care and diligence” when the bank received an anonymous letter in June 2016. The letter claimed to… Read More
11th May 2018
Standard Chartered (STAN.L) has placed its compliance chief Neil Barry on leave for an unspecified reason, the bank’s Chairman Jose Vinals confirmed at the bank’s annual shareholder meeting in London on Wednesday. The bank has replaced Barry with Tracey McDermott, its group head of corporate affairs and a former… Read More
11th May 2018
In the end, Najib Razak gave up without a fuss, the first prime minister of Malaysia ever to lose a general election. After a bruising campaign in which he traded barbs and insults with his former mentor, Mahathir Mohamad, Najib’s Barisan Nasional coalition was trounced in Wednesday’s poll. “Of course… Read More
10th May 2018
Britain’s financial watchdog faced sharp criticism on Wednesday from former small business owners who say they have been mistreated by big banks. Responding to questions from the influential Treasury Committee, the ex-business owners said the Financial Conduct Authority (FCA) was ill-suited to handle serious complaints against the lenders it regulates. Read More
10th May 2018
Royal Bank of Scotland Group Plc (RBS.L) said on Wednesday it had agreed to pay $4.9 billion to resolve a U.S. Department of Justice probe into its structuring and sale of mortgage-backed securities ahead of the 2008 financial crisis. The British state-backed bank said that $3.46 billion of the proposed… Read More
9th May 2018
Some Iranians had been cashing in their savings even before U.S. President Donald Trump’s announcement he would pull out from the international nuclear deal with Iran, straining a banking system weighed down by bad loans and years of isolation. An official with Iran’s biggest state-owned Melli Bank told Reuters savings… Read More
8th May 2018
President Donald Trump on Tuesday pulled the United States out of an international nuclear deal with Iran, raising the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies. Trump said in a televised address from the White House that he would reimpose… Read More
8th May 2018
Australia’s biggest banks are imposing stricter lending conditions on borrowers as damaging disclosures at an inquiry into financial-sector misconduct prompt fears the economy will be the victim of a new era of subdued credit growth. Australia and New Zealand Banking Group last week said that in the wake of the… Read More
8th May 2018
Latvian bank ABLV said on Monday it is taking the European Central Bank to court for triggering its demise after it faced allegations of money laundering. The development is the latest challenge to the European banks supervisor over its handling of the affair, over which it has been widely criticised. Read More
7th May 2018
The U.S. Security and Exchange Commission (SEC) on Thursday ordered music mogul and businessman Jay-Z to explain details of the sale of his clothing line to determine whether it violated federal security laws. The regulator wants to question Shawn “Jay-Z” Carter about the $200 million sale of his Rocawear clothing… Read More