Search Results for: US authorities
BofA triples third-quarter loss due to forex legal expense
November 7th, 2014
Bank of America Corp (BAC.N) tripled its third-quarter loss to $232 million, in a revision that added legal costs related to global investigations into foreign exchange trading at major banks. Regulators are investigating allegations that dealers colluded and manipulated key ...
UK banks face break-up threat as competition probe launched
November 6th, 2014
Britain’s big banks could be broken up after the country’s competition watchdog launched a full-blown investigation into services for small business customers and personal accounts because of a lack of competition. It marks the latest step by authorities to break the dominance of ...
Petrobras Official Takes Leave in Possible PwC Resolution
November 5th, 2014
A senior Petroleo Brasileiro SA (PETR4) executive cited in a corruption investigation took a leave of absence, clearing the way for the company to report earnings and debate a fuel-price increase. Sergio Machado, head of the state-run oil producer’s transport unit ...
China October HSBC Services PMI Falls to 52.9, Three-Month Low
November 5th, 2014
Growth in China’s services sector weakened further in October as new business cooled, a private survey showed on Wednesday, reinforcing signs of a gradual economic slowdown that could prod the government to unveil fresh stimulus measures. The services purchasing ...
French, German banks each to pay 15 billion euros into resolution fund
November 4th, 2014
France and Germany have agreed that banks in each country should pay 15 billion euros ($19 billion) toward a bank resolution fund designed to limit the fallout from a banking collapse, French Finance Minister Michel Sapin said on Tuesday. ...
JPMorgan: Feds pursue criminal forex probe
November 4th, 2014
JPMorgan said it faces a criminal probe of its foreign exchange business and boosted its legal budget by $1.3B. JPMorgan Chase (JPM) disclosed Monday that the New York-based global bank is in talks with the Department of Justice over ...
China Expands Access to $4.3 Trillion Interbank Bond Market
November 3rd, 2014
China is opening its 26.31 trillion yuan ($4.3 trillion) interbank bond market to non-financial firms after tightening trading rules following a crackdown on illegal transactions. Qualifying participants will require minimum net assets of 30 million yuan and use a ...
IoM Signs Global Tax Information Sharing Agreement
November 3rd, 2014
The Isle of Man has signed an historic tax agreement for the automatic exchange of information with tax authorities worldwide. The Isle of Man was one of the countries that committed to being an “early adopter” of the new ...
Citigroup’s $600M about-face
October 31st, 2014
Citigroup restated its previously released third-quarter profit report by $600 million Citigroup stunned investors late Thursday when it cut its third-quarter earnings by $600 million, blaming an increase in allowances for legal expenses. The global banking giant said the ...
Sterling Lads Chats Show FX Traders Matching Fix Orders
October 30th, 2014
“Any fix quid?” a currency trader at Barclays Plc asked a counterpart at HSBC Holdings Plc at 2:25 p.m. on June 23, 2011. “Get 50 cable on fix,” he said as he tried to sell British pounds. “Nothing as ...
