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 >>
Deutsche Bank to Slash 3,000 Jobs
Deutsche Bank, Germany’s largest bank, reached an agreement with its work council to cut 3,000 jobs and close a quarter of its branches in Germany as part of its five-year restructuring plan announced last October. More than 80 percent of the layoffs will be in its private and commercial clients division, which the German bank… 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 >>
Deutsche Bank Bids Farewell to Key Executives
Two Depart from Deutsche Bank’s Top Ranks Jacques Brand, CEO for the Americas since 2012, is leaving Deutsche Bank to “pursue another opportunity,” according to a bank statement. Separately, Georg F. Thoma, a member of the supervisory board and chairman of its integrity committee, has resigned, two years before the scheduled end of his… Read More >>
Linux Foundation Bolsters Hyperledger Project
Industry Players and Vendors Back Hyperledger Project The Hyperledger Project, an open source blockchain initiative from the nonprofit Linux Foundation, founded in 2000, reports the following new members: Chris Ferris, chief technology officer (CTO) of open technology at IBM, becomes chair of the project’s technical steering committee (TSC); Blythe Masters, CEO of Digital Asset… Read More >>
SEC Penalizes Ex-Deutsche Bank Analyst $100K
The SEC has censured a former Deutsche Bank research analyst who was charged with “certifying a rating on a stock that was inconsistent with his personal view.” The former analyst, Charles P. Grom, follows the familiar formula of neither admitting nor denying the charges in the SEC’s cease-and-desist order. However, he has “agreed to settle… 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 >>
Ops Gets on the Blockchain Revolution Bus
Bitcoin, a so-called crypto-currency, may fade before anyone really understands what it was or how it could actually have prevailed in financial services. However, out of Bitcoin’s ashes has risen the humbly named Blockchain technology. The distributed ledger technology that has been propping up Bitcoin has come to the attention of major industry players. This… Read More >>
Deutsche Bank Creates Combined IT/Ops Head Positions
Deutsche Bank Creates Combined Post to Oversee Corporate and Investment Banking Deutsche Bank reports that Pascal Boillat will join in the newly created post of chief information officer and head of operations to oversee corporate and investment banking. The appointment is effective February 1, 2016, bank officials say. In another combined post, Boillat will report… Read More >>
Deutsche Bank and OMG Say Yes to Bloomberg’s FIGI
The financial instrument global identifier (FIGI) from Bloomberg’s Open Symbology group, a data research unit at Bloomberg L.P., the privately held media, software and financial data company owned by the former mayor of New York City, has received two more important endorsements in recent days, one from Deutsche Bank and the other from the Object… Read More >>
