Prosecutors eye SAC Capital July 24, 2013 US federal prosecutors are preparing to announce criminal charges against SAC Capital Advisors today, people familiar with the investigation said. Authorities do not plan to charge the fund’s founder and boss Steven Cohen with any criminal wrongdoing, said the source. A spokesman for SAC Capital declined to comment. It come after nearly seven years of [...]
New directors at Bank of America July 24, 2013 Wall Street giant Bank of America has named Clayton Rose and Pierre de Weck to its board of directors, taking the number of directors on the bank’s board to 15. Rose is a high ranking professor at Harvard Business School and was previously a senior executive at JP Morgan. De Weck was chairman and global [...]
Banks get €6bn hit from cap on card charges July 24, 2013 CONSUMERS could end up losing out from a new European cap on debit and credit card processing fees, lawyers and banks warned yesterday. The rules capping interchange fees are intended to help consumers by reducing the cost of transactions and were championed by EU commissioner Michel Barnier. The European Commission yesterday approved rules to limit [...]
Inside Track: All bets on Ross McEwan as field of candidates for RBS narrows July 24, 2013 AND then there was one. The search for Stephen Hester’s successor as chief executive of Royal Bank of Scotland (RBS) was never going to be straightforward – George Osborne put paid to that prospect by engineering the current boss’s removal last month. So it was hardly surprising that Mark McCombe, the former HSBC executive who [...]
Wells Fargo takes title as world’s biggest bank by market value July 24, 2013 AMERICAN lender Wells Fargo has overtaken China’s ICBC as the world’s largest lender by market capitalisation, as growth in the US runs up against worries of a slowdown in the world’s second largest economy. Wells Fargo is now worth around $237bn (£154.9bn), above ICBC’s $225bn, according to Financial News. The Chinese lender has been the [...]
Dexia wants a sale agreed by end of July July 24, 2013 TROUBLED Franco-Belgian lender Dexia yesterday revealed it had called off talks to sell its asset management arm, and set a new deadline of 30 July to reach an agreement. The nationalised bank said it terminated talks on 15 July and now wants to reach a deal by Tuesday. It is trying to sell the unit [...]
RBS fined £5.6m for wrongly reporting millions of trades July 24, 2013 CHAOS at RBS in the takeover of ABN Amro led to the bank making errors in the reporting of tens of millions of wholesale transactions, the Financial Conduct Authority said yesterday. Between November 2007 and February 2012 the bank wrongly reported 44.8m transactions and failed to report a further 804,000. The FCA concluded RBS did [...]
Hedge fund in £400m deal for Northern Rock’s bad assets July 24, 2013 NORTHERN Rock’s so-called bad bank has sold £400m of unsecured personal loans, government agency UK Asset Resolution (UKAR) announced yesterday. The better performing loans are going to OneSavings Bank, a lender that is backed by US hedge fund JC Flowers. And the lower quality loans are going to Marlin Financial Group. The combined deals cover [...]
MPs propose tax to eliminate profit on high frequency trading of shares July 24, 2013 THE GOVERNMENT should investigate introducing a financial transactions tax pegged at the average profit on a high frequency trade, according to a report released today by MPs. In addition, asset managers should be forced to spend a set part of their commission on long term investment research, according to the business, innovation and skills select committee. While the [...]
EasyJet shares take off after better forecast July 24, 2013 EASYJET shares rose as much as seven per cent yesterday after the low-cost airline lifted its profit forecast for the year. The FTSE 100 firm said revenues were up 10.5 per cent at £1.14bn in the three months to the end of June, prompting the company to raise its earnings outlook for the year to [...]
