For the second time within the space of a year, Credit Suisse is announcing cuts, this time trimming a further SFr1 billion ($991 million) in operating costs amid challenging market conditions, including lower fees from asset management and a slump in investment banking, The original target had been to reduce its operating cost base to… Read More >>
Citi and Others Sing the ‘Blue Sheet’ Blues
Regulators are continuing their crackdown on securities firms that send erroneous or incomplete information about their transactions as evidenced by the SEC hitting Citigroup Global Markets with the largest penalty so far — $7 million — for “a computer coding error” that caused incomplete “blue sheet” information about executed trades to be sent to the… Read More >>
Libor Convictions Give U.K. Regulator a Reprieve
The recent sentencing of four former Barclays traders over Libor has given a much needed boost to the U.K.’s Serious Fraud Office (SFO) whose future has been in doubt due to a mixed set of results over the last few years. Among the four men, Jay Merchant, a former trader at Barclays in New York,… Read More >>
Markit, ISDA Move to Settle EU Probe
Markit, the U.K. data provider, and the International Swaps & Derivatives Association (ISDA), an industry trade group, have offered concessions in an effort to settle a European Union antitrust investigation into possible collusion in the credit default swaps (CDS) market, according to the European Commission. The Commission is seeking feedback from interested parties on the… Read More >>
All Eyes on the Barclays Libor Trial
The outcome of the current Libor trial of five former Barclays traders in London is too difficult to forecast but lawyers expect that a guilty verdict could unleash a wave of other criminal and civil cases as well as lend support to the beleaguered Securities Fraud Office (SFO). “This case has generated a great deal… Read More >>
Traders in Euribor Trials Could Face Jail Time
Although it is too early predict the fate of the six traders charged by the U.K.’s Securities Fraud Office (SFO) for allegedly manipulating Euribor, the unexpectedly long jail sentence of Tom Hayes in a similar case could set a precedent if they are found guilty. Hayes is a former UBS and Citigroup derivatives trader who… Read More >>
Deutsche Bank Hires from Goldman Sachs for Head of New CIB Group
Deutsche Bank Appoints Head of Corporate & Investment Banking for EMEA Deutsche Bank reports that Alasdair Warren from Goldman Sachs has been named head of corporate and investment banking (CIB) in Europe, the Middle East and Africa (EMEA), effective spring 2016. CIB itself will be created by combining the corporate finance business in corporate banking… Read More >>
Barclays Proposes ‘Ice Breaker’ $94M Settlement for Euribor Case
Barclays has stepped forward and proposed a potentially trend-setting $94 million settlement with U.S. authorities over the antitrust case brought against it and 10 other banks over allegations they commandeered the European Interbank Offered Rate (Euribor) to their advantage. This proposed settlement for Sullivan et al v Barclays Plc, case number 13-02811, is before Judge… Read More >>
Citi to Pay $15M Penalty for Trade Review Failures
Citigroup Global Markets has agreed to pay a $15 million penalty to settle charges from the SEC that it had “failed to enforce policies and procedures” that would have prevented and detected securities transactions that involve the misuse of material, nonpublic information, according to the U.S. regulator. SEC officials also charge that firm also failed… Read More >>
Q&A: ‘The Ambition Is to Make the LEI System Valuable’
The Global Legal Entity Identifier Foundation (GLEIF) recently appointed Karla McKenna of Citigroup as its new head of standards. The GLEIF is responsible for issuing Legal Entity Identifiers (LEIs) for firms operating in the financial markets, and in her new role McKenna will be responsible for “facilitating the development and implementation of GLEIF standards and… Read More >>
