LATEST NEWS: Barclays 'may have automated currency rigging'

Barclays and Deutsche Bank may have programmed automated trading platforms to systematically rig the currency markets, a US regulator has alleged. New York’s Department of Financial Services (DFS), led by Benjamin Lawsky, has uncovered evidence suggesting the banks may have developed algorithms to manipulate foreign exchange markets, according to multiple reports. continue reading at telegraph.co.uk

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LATEST NEWS : RBS blows whistle on Swiss franc bank cartel

European regulators have fined three banks a combined €94m (£74m) for operating in a price-fixing cartel that included Royal Bank of Scotland (RBS). The taxpayer-backed British bank – along with JP Morgan, UBS and Credit Suisse – was found to have colluded to rig the price of interest rate hedging products, while RBS and JPMorgan […]

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Bank of America probed over government housing programme

Bank of America has revealed that federal investigators are looking into whether the bank violated certain requirements of a government housing programme. The civil division of the US Attorney’s office for the Eastern District of New York is investigating Bank of America’s compliance with the rules of the Federal Housing Administration’s Direct Endorsement Program, according […]

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RBS to slash 20,000 jobs

Royal Bank of Scotland will next week announce a massive round of new job cuts that will take its staff numbers to their lowest level in more than a decade as the lender sets out how it will bolster its capital and return to profit. As much as a fifth of RBS’s staff could face […]

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Currency crisis at Chinese banks 'could trigger global meltdown’

The growing problems in the Chinese banking system could spill over into a wider financial crisis, one of the most respected analysts of China’s lenders has warned. Charlene Chu, a former senior analyst at Fitch in Beijing and now the head of Asian research at Autonomous Research, said the rapid expansion of foreign-currency borrowing meant […]

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UK liable for Scotland’s banks in a future crisis

Taxpayers in the rest of Britain would be forced to bail out Scottish banks in the event of future crises, under independence plans published on Tuesday. The Bank of England would become the lender of last resort for an independent Scotland, the Scottish Nationalist Party announced in its long-awaited White Paper. As a result, both […]

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BNP Paribas faces quiz on currency rate scandal

BNP Paribas is being investigated for alleged currency manipulation, the Telegraph can disclosed, putting the French bank amongst a rapidly growing number of institutions caught up in the scandal. The US Department of Justice has quizzed BNP Paribas executives as part of an investigation into the potential manipulation of a $5.3 trillion-a-day (£3.32 trillion) market, […]

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JP Morgan reports first loss under Jamie Dimon

“JPMorgan Chase has reported a rare quarterly loss after incurring legal fees of $9.2bn (£5.8bn), including money set aside for future settlements, due to “escalating demands and penalties from multiple government agencies”. The biggest US bank by assets posted a net loss of $380m in the third quarter, compared with a $5.71bn profit a year […]

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Mario Draghi risks row with Germany over bank plan

“The president of the ECB told a conference in Berlin that a single resolution mechanism was needed to restore the eurozone’s banking sector, boost business lending and prepare for future banking crises. “Banking union should help speed up the repair of banks — that is if, as I hope, we end up with a strong […]

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Banks may have to raise extra £50bn under emerging 'Basel IV'

“In a report released today, KPMG says banks face having to find the funds to comply with an emerging “Basel IV” set of regulations. Banks have until 2019 to meet Basel III, which requires lenders to maintain a minimum capital ratio of 10pc and a 3pc common equity leverage ratio requiring shareholders equity equal to […]

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