HSBC STAFF MOVE INTO RITZY NEW CHINA DIGS June 9, 2010 MORE Far Eastern joy for HSBC chief Michael Geoghegan, who relocated to Hong Kong earlier this year as part of a drive by the bank to up its focus on Asia. Geoghegan yesterday cut the ribbon on the bank’s swanky new China HQ, located in a shiny tower at the heart of the Shanghai finance [...]
UBS tax deal inches closer June 3, 2010 A Swiss-US deal to end a tax dispute that nearly crippled UBS and undermined Swiss bank secrecy inched closer to full parliament approval as the Swiss upper house gave it its backing yesterday. The deal is yet to be approved by the parliament’s lower house, which will vote on it next week. Yet the chances [...]
UBS tax deal inches closer June 3, 2010 A Swiss-US deal to end a tax dispute that nearly crippled UBS and undermined Swiss bank secrecy inched closer to full parliament approval as the Swiss upper house gave it its backing yesterday. The deal is yet to be approved by the parliament’s lower house, which will vote on it next week. Yet the chances [...]
Commerzbank stalls over unpaid bonuses lawsuit September 30, 2009 COMMERZBANK will not be able to delay indefinitely a lawsuit by former employees seeking bonuses they claim were guaranteed but withheld, a lawyer acting for the staff said. The bank yesterday said it had won a 28-day extension to prepare a defence against 72 employees of Dresdner Kleinwort, now part of the German bank, who [...]
BP scrambles to plug Gulf of Mexico leak April 25, 2010 AN oil spillage of 1,000 barrels per day is leaking from BP’s well in the Gulf of Mexico, the US Coast Guard said, days after a deadly explosion sank the offshore Deepwater Horizon rig. The energy giant was last night scrambling to plug the leak, which is emanating 5,000 feet beneath the surface of the sea. [...]
Banks avoid facing class action suits as Financial Services Bill passes into law April 14, 2010 BANKS have walked away from potentially paying out billions of pounds in class action settlements, after a clause in the Financial Services Bill surrounding the matter was struck before the bill passed though parliament. The Financial Services Bill, which reached Royal Assent during the wash-up period last week, saw clauses 18 to 25 struck out [...]
Class action lawsuit hits BoA bosses September 28, 2009 INVESTORS in a class-action lawsuit against Bank of America (BoA) over the Merrill Lynch takeover are trying to collect “billions of dollars” in damages, Ohio’s attorney general said yesterday. Attorney General Richard Cordray spoke after filing a 155-page complaint in Manhattan federal court that accuses BoA of fraudulently concealing Merrill’s soaring losses even as it [...]
RAJARATNAM UPS THE STAKES IN INSIDER TRADING PROBE DEFENCE May 9, 2010 TIME was when those facing high-profile lawsuits would crawl into hiding with their respective legal advisers, shunning all publicity and emerging only to don their sharp suits on the morning they went into court. But not any more. Perhaps emboldened by Goldman Sachs’ go-get-‘em attitude to shielding itself against the SEC, Raj Rajaratnam – the [...]
Fed vindicates Goldman over Greek trades April 14, 2010 A FEDERAL Reserve investigation into contracts between Goldman Sachs and the Greek government ended yesterday without any action being taken. The probe, launched by the Fed, alleged that the contracts distorted the country’s debt levels. Fed chairman Ben Bernanke told Congress yesterday the investment banking giant did sell Greece products that lowered its debt-to-GDP ratio [...]
We need more facts and less ranting May 23, 2010 THE end game is fast approaching for the Wall Street reforms, which will have a large impact on all sections of London’s financial and business services industries; the Senate has voted on its bill and we now await reconciliation with the House of Representatives’ version. Most of the measures in the Senate’s version would be [...]