U.S. commodities trading regulator the CFTC has ordered a payment of penalties totaling $665,000 from Credit Suisse International (CSI) for violating a speculative position limit for wheat futures and from Credit Suisse Securities (CSS-USA) for allegedly submitting misleading information to the regulator about the incident. The CFTC charged that the London-based CSI “exceeded the CFTC… Read More >>
Credit Suisse to Cut 2,000 More Jobs
Credit Suisse is struggling with challenging, volatile markets and some traders’ poor choices, and will be speeding up its restructuring, which means that the Swiss banking giant will be cutting 2,000 more trading-related jobs from its Global Markets investment banking division. Last month, the bank said that it would cutting 4,000 staff members. The bank’s… Read More >>
CME Group to Start Swaption Clearing in April
CME Clearing, part of the CME Group conglomerate of derivatives marketplaces, reports that it will begin processing interest rate swaptions, starting April 11, in a bid to cut bilateral counterparty credit risk and to free up credit lines, say CME officials. The service will also target firms that want to get ahead of the regulators… Read More >>
Credit Suisse Moves U.K. Prime Services to Greener Pastures
Although Britain mulling an exit from the European Union (Brexit) may be a motivating factor for many companies to leave the U.K. if the population decides to head for the European door, the decision for Credit Suisse to move its U.K. prime brokerage operations to Dublin was part of a long-term plan, according to a… Read More >>
Credit Suisse to Slash 4,000 Jobs in 2016
Credit Suisse will be cutting approximately 4,000 positions including employees, contractors and consultants as part of a major cost-cutting effort as the Swiss banking giant faces a steep loss for the fourth quarter of 2015 and a loss for the year. The loss for the fourth quarter of 2015 was a steep drop of 5.8… 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 >>
The SEC’s ‘Broken Windows’ Policy
Given some of the recent actions by the SEC, it’s reasonable to ask if the regulator may be enforcing a kind of “broken windows policing” effort. When put into practice, the broken windows theory as applied to non-Wall Street crime by police officers involves acting upon “small crimes such as vandalism, public drinking, and toll-jumping,”… Read More >>
Ops Needs Hub to ‘Take Out Operational Risk and Cost’ of KYC
(Editor’s note: Designed for simplifying client data gathering and document management, the Clarient Entity Hub utility service of Clarient Global went live in the spring with the support of Barclays, BNY Mellon, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street. The hub targets the client onboarding and client lifecycle operations such as know your… Read More >>
Scorpeo Makes Two New Hires
Corporate actions software provider Scorpeo has hired Jack McNally to serve as managing director of its new US division, and Chris Barrow as head of business development at Scorpeo’s headquarters in London, officials say. Before joining Scorpeo McNally worked at Credit Suisse for 11 years, where he served as a managing director, and was also… Read More >>
Credit Suisse Defrauds IRS as EC Takes on Big Players
Not only is Credit Suisse admitting guilt and paying $2.6 billion in fines for helping U.S. taxpayers file false income tax returns with the IRS, the bank has also agreed to comply with the Foreign Account Tax Compliance Act (FATCA) and other tax treaties as part of a plea agreement with the U.S Department of… Read More >>
