Financial services firms may want to up their social media compliance training say industry experts reacting to the news that a federal grand jury in San Francisco and the SEC are charging James Alan Craig, who lives in Scotland, with securities fraud via an alleged scheme involving Twitter accounts and damaging messages. In fact, to… Read More >>
FCA Head to Step Down
U.K. regulator, the Financial Conduct Authority (FCA) reports that after four years Martin Wheatley will be leaving his post as chief executive on September 12 and will be replaced temporarily by Tracey McDermott, an executive board member and director of supervision. A search is underway for a permanent chief executive, FCA officials say. Wheatley will… Read More >>
Barclays Board Dismisses CEO Antony Jenkins
Barclays’ board is parting company with Antony Jenkins, who is being dismissed from the post of chief executive after three years to make way for a CEO that can “accelerate the pace of execution going forward,” according to bank officials. While a search for Jenkins’ successor is underway, his temporary replacement is John McFarlane who… Read More >>
The Fed Hits Six Banks with Record Fines
The Federal Reserve has imposed $1.8 billion in fines, “among the largest ever assessed,” against UBS, Barclays Bank, Citigroup, JPMorgan Chase & Co., the Royal Bank of Scotland (RBS) and Bank of America Corp. (BofA) for what Fed officials call “their unsafe and unsound practices in the foreign exchange (FX) markets.” The dollar amounts for… Read More >>
SEF Market Fears Regulators Missed Cross-Border Harmony
Regulators tasked with overseeing swaps markets in the U.S. and the U.K. struck a hopeful and conciliatory tone in comments at the SEFCON V conference last week, but market participants were skeptical, with one panelist noting that “hope is not a strategy.” Representatives from the CFTC and the Financial Conduct Authority (FCA) signaled at the… Read More >>
DOJ Slams JPMorgan with Criminal Charges
JPMorgan is acknowledging through a regulatory filing with the SEC that it is preparing to face criminal charges via the U.S. Department of Justice (DOJ) for the bank’s alleged role in a widespread manipulation of foreign exchange (FX) markets that came to light last year. By ratcheting up the charges to the criminal level, the… Read More >>
LIBOR Fallout: Lloyds Fires Eight
Lloyds Banking Group, which this past summer paid $370 million to settle charges in the U.S. and the U.K. that between 2006 and 2009 it had been involved in the manipulation of the London Interbank Offered Rate (LIBOR) and other benchmark interest rates, reports that eight employees have been dismissed in connection with the scandal…. Read More >>
Regulators Hit Barclays with $62 Million in Fines
Taken together, Barclays Capital and Barclays Bank will be paying a total of $61,913,453 in penalties to U.S. and U.K. regulators for two past incidents — an inadequate compliance system for wealth management efforts, and a failure to properly protect clients’ custody assets. In the U.S., Barclays Capital is paying a $15 million penalty to… Read More >>
