Forex rigging scandal: RBS, UBS, HSBC, JP Morgan and Citi set for lawsuit storm after £2bn FCA fine November 12, 2014 Funds, companies and other traders hurt by banks manipulating the foreign exchange markets could make claims totalling many billions of pounds, lawyers said yesterday. Five banks were fined a total of £2bn by the UK’s Financial Conduct Authority and the US Commodity Futures Trading Commission authorities because their traders fiddled key currency benchmarks. But the [...]
Forex rigging scandal: How the FCA fines have hit RBS, HSBC, Bank of America, JP Morgan, Citi and UBS November 12, 2014 RBS RBS is the most apologetic of the banks, in part because it is 81 per cent taxpayer owned, and in part because its chief executive joined after the wrongdoing. “To say I’m angry about this misconduct would be an understatement,” chief Ross McEwan said yesterday. “We’ve had people working in this bank who didn’t [...]
FCA hits RBS, HSBC, UBS, JPMorgan and Citi with record £1.1bn fine in forex rigging scandal November 12, 2014 Some of Britain's biggest banks have been slapped with a fine of £1.1bn by the Financial Conduct Authority (FCA) for "failing to control business practices" in their foreign exchange trading operations. After a year-long investigation into allegations of rate-rigging in their spot forex trading businesses, the UK's financial watchdog said the actions of the five [...]
JP Morgan: US Department of Justice investigates forex trading as bank sets aside additional $1.3bn for litigation November 4, 2014 JP Morgan has increased the amount of money set aside for potential litigation costs by $1.3bn (£813m) as it revealed the US Department of Justice (DoJ) has launched a criminal investigation into the banks currency trading. The investigation by the DoJ follows a number of similar probes by regulators, including the Financial Conduct Authority (FCA) [...]
How much have RBS, Barclays, JP Morgan, Citigroup, UBS and HSBC set aside for potential costs from the FCA forex market rigging probe? October 31, 2014 RBS is the latest bank to set aside a hefty pot of cash for the potential costs of settling with the City regulator after a major investigation into the manipulation of forex markets. The bank revealed that figure stands at £400m in its third quarter results today. It’s a large sum, but by no means [...]
European Commission slaps JP Morgan, UBS and Credit Suisse with combined €93.9m fine for Libor rigging and interest rate derivative collusion October 21, 2014 The European Commission has come down hard on banks again, fining JP Morgan, UBS and Credit Suisse a combined €93.9m (£74m) for colluding on benchmarks and prices, including libor rates and interest rate derivatives. JP Morgan will pay a settlement of €61.6m over the manipulation of the Swiss franc libor rate between March 2008 and [...]
JP Morgan returns to the black and puts legal bills behind it October 14, 2014 GIANT investment bank JP Morgan swung back into profit in the third quarter, it announced yesterday, moving past the losses it made last year on huge legal bills. Profits came in at $5.6bn (£3.5bn) for the three-month period, compared with a loss of $400m for the third quarter of 2013. Revenues climbed five per cent [...]
Earnings season: Morgan Stanley bankers set for bigger bonuses, while Citigroup and JP Morgan traders face drop October 12, 2014 Third quarter earnings season is here and the fun on Wall Street is about to begin. Morgan Stanley's bankers look set for the biggest bonus payouts on Wall Street this year, while JP Morgan and Citigroup bonus traders may be less fortunate. According to estimates seen by Bloomberg, Morgan Stanley "probably had the biggest increase [...]
Christopher Bailey tops OUTstanding list of LGBT business leaders as Goldman Sachs and JP Morgan bosses make straight allies cut October 8, 2014 Two of the world’s best known names in banking have shattered any perceptions of stuffy conservatism by featuring in lesbian, gay, bisexual, and transgender (LGBT) professional network OUTstanding’s top 10 straight allies’ list. Goldman Sachs boss Lloyd Blankfein came in second with JP Morgan’s Jamie Dimon not far behind in sixth, recognising the contribution the [...]
JPMorgan cyber attack may have also hacked nine other financial institutions October 5, 2014 The cyber attack on JPMorgan which compromised the data of 73m households and businesses may have also hit nine other banks and brokerages. According to the New York Times, who did not disclose the names of the affected financial institutions, the scale of the attack may have stretched far beyond users of Chase.com, Chase [...]