Banking http://www.globalpost.com/taxonomy/term/25356/all en RBS to slash bonuses to pay Libor fines - source http://www.globalpost.com/dispatch/news/thomson-reuters/130111/rbs-slash-bonuses-pay-libor-fines-source <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON, Jan 11 (Reuters) - Royal Bank of Scotland is preparing to slash bonuses for its investment bankers this year to help pay fines for its role in an interest rate rigging scandal, a source familiar with the situation said.</p> <p>The part state-owned bank is expected to face a worse punishment than the $450 million paid by rival Barclays following an investigation into the alleged manipulation of the London interbank offered rate (Libor) and other benchmark rates, said the source, who declined to be named.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130111/rbs-slash-bonuses-pay-libor-fines-source" target="_blank">read more</a></p> Banking Interest rates Royal Bank of Scotland Royal Bank of Scotland Group Thomson Reuters Fri, 11 Jan 2013 12:00:37 +0000 Thomson Reuters 5733097 at http://www.globalpost.com RBS braced for up to $800 mln Libor fines - sources http://www.globalpost.com/dispatch/news/thomson-reuters/130115/rbs-braced-800-mln-libor-fines-sources <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON, Jan 15 (Reuters) - Royal Bank of Scotland is braced for fines of between 400 million pounds and 500 million pounds ($803 million) for its role in an interest rate rigging scandal, sources familiar with the matter said.</p> <p>The partly state-owned bank is expected to agree a settlement with authorities in Britain and the United States next week and will be hit with a worse punishment than rival Barclays, which was fined $450 million last June.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130115/rbs-braced-800-mln-libor-fines-sources" target="_blank">read more</a></p> Banking Finance Royal Bank of Scotland Royal Bank of Scotland Group Thomson Reuters Tue, 15 Jan 2013 13:30:28 +0000 Thomson Reuters 5734703 at http://www.globalpost.com UPDATE 3-Barclays forced to name executives on Libor list http://www.globalpost.com/dispatch/news/thomson-reuters/130124/update-1-uk-court-forces-barclays-reveal-staff-libor-list <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Matt Scuffham</p> <p>LONDON, Jan 24 (Reuters) - Barclays was forced to name former heads Bob Diamond and John Varley, finance director Chris Lucas and other top executives and traders linked to a global rate-fixing probe, despite their calls for anonymity.</p> <p>A UK judge ordered the bank to reveal their identities on Thursday during a preliminary hearing for a British test case on the mis-selling of interest rate swaps brought by a residential care home operator.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130124/update-1-uk-court-forces-barclays-reveal-staff-libor-list" target="_blank">read more</a></p> Banking Barclays Business Economics Finance Interest rates Labor Law Social Issues War Thomson Reuters Thu, 24 Jan 2013 14:15:28 +0000 Thomson Reuters 5738809 at http://www.globalpost.com UPDATE 1-ICAP confirms regulatory probe over Libor setting http://www.globalpost.com/dispatch/news/thomson-reuters/130124/update-1-icap-confirms-regulatory-probe-over-libor-setting <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Luke Jeffs</p> <p>LONDON, Jan 24 (Reuters) - ICAP has said it is being investigated by the British regulator over Libor setting, making the world's largest broker the first non-bank to confirm it has been linked with the scandal over fixing the lending rate.</p> <p>As an inter-dealer broker, ICAP acts as an intermediary between the world's largest investment banks, many of which are involved in setting the Libor rate.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130124/update-1-icap-confirms-regulatory-probe-over-libor-setting" target="_blank">read more</a></p> Banking Finance Interest rates Thomson Reuters Thu, 24 Jan 2013 14:30:44 +0000 Thomson Reuters 5738815 at http://www.globalpost.com UPDATE 2-ICAP confirms regulatory probe over Libor setting http://www.globalpost.com/dispatch/news/thomson-reuters/130124/update-2-icap-confirms-regulatory-probe-over-libor-setting <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Luke Jeffs</p> <p>LONDON, Jan 24 (Reuters) - ICAP said it was being investigated by the British regulator over Libor setting, making the world's largest broker the first non-bank to confirm it has been linked with the scandal over fixing the lending rate.</p> <p>As an inter-dealer broker, ICAP acts as an intermediary between the world's largest investment banks, many of which are involved in setting the Libor rate.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130124/update-2-icap-confirms-regulatory-probe-over-libor-setting" target="_blank">read more</a></p> Banking Finance Interest rates Thomson Reuters Thu, 24 Jan 2013 16:36:38 +0000 Thomson Reuters 5738848 at http://www.globalpost.com UPDATE 1-More changes needed in UK chequing accounts - OFT http://www.globalpost.com/dispatch/news/thomson-reuters/130125/update-1-more-changes-needed-uk-chequing-accounts-oft <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON, Jan 25 (Reuters) - British banks should simplify charges for overdrafts to help make the chequing account market more competitive by allowing people to decide easily who offered best value, Britain's consumer watchdog said.</p> <p>The Office of Fair Trading held back from involving the Competition Commission because of a new, easier account-switching service coming in September and with Lloyds and Royal Bank of Scotland set to sell branches.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130125/update-1-more-changes-needed-uk-chequing-accounts-oft" target="_blank">read more</a></p> Banking Business Finance office of Fair Trading Thomson Reuters Fri, 25 Jan 2013 10:00:24 +0000 Thomson Reuters 5739271 at http://www.globalpost.com EXCLUSIVE-Bank probes find manipulation in Singapore's offshore FX market - source http://www.globalpost.com/dispatch/news/thomson-reuters/130127/exclusive-bank-probes-find-manipulation-singapores-offshore-fx- <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Rachel Armstrong</p> <p>SINGAPORE, Jan 28 (Reuters) - Internal reviews by banks in Singapore have found evidence that traders colluded to manipulate rates in the offshore foreign exchange market, according to a source with knowledge of the inquiries.</p> <p>The discovery widens a global lending rate scandal into new markets, as fallout from the Libor case puts banks under added scrutiny and spurs both regulators and institutions to reconsider how certain key interest and currency rates are set.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130127/exclusive-bank-probes-find-manipulation-singapores-offshore-fx-" target="_blank">read more</a></p> Banking Economics Interest rates Labor Technology Thomson Reuters Sun, 27 Jan 2013 21:15:56 +0000 Thomson Reuters 5740258 at http://www.globalpost.com Scandal-hit Barclays bank says boss will forego 2012 bonus http://www.globalpost.com/dispatch/news/afp/130201/scandal-hit-barclays-bank-says-boss-will-forego-2012-bonus <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>British bank Barclays, which has been plagued by the Libor rate-rigging scandal, announced on Friday that chief executive Antony Jenkins would forego his 2012 bonus after a "difficult" year at the group.</p> <p>"I am aware of considerable speculation about, and public interest in, the question of whether I will be awarded a bonus in respect of my performance in 2012," Jenkins said in a brief company statement.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130201/scandal-hit-barclays-bank-says-boss-will-forego-2012-bonus" target="_blank">read more</a></p> Banking Business Finance Interest rates Labor Law Social Issues AFP Fri, 01 Feb 2013 12:15:44 +0000 Agence France-Presse 5742898 at http://www.globalpost.com REFILE-UPDATE 1-Banks slow crisis money repayment to ECB http://www.globalpost.com/dispatch/news/thomson-reuters/130201/update-1-banks-slow-crisis-money-repayment-ecb <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* ECB says 27 banks to repay 3.5 bln eurs LTRO funds on Feb 6</p> <p>* Second round of early LTRO repayment much lower than first</p> <p>* Reuters poll forecast for second LTRO repayment 20 bln eur</p> <p>FRANKFURT, Feb 1 (Reuters) - Banks will pay back only another 3.5 billion euros ($4.8 billion) of emergency three-year loans from the European Central Bank in a second repayment window next week, suggesting a whopping 137 billion handed back this week was a one-off show of strength.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130201/update-1-banks-slow-crisis-money-repayment-ecb" target="_blank">read more</a></p> Banking Entertainment European Central Bank European Union Finance Interest rates Thomson Reuters Fri, 01 Feb 2013 12:16:05 +0000 Thomson Reuters 5742907 at http://www.globalpost.com Barclays boss gives up 2012 bonus after scandal-hit year http://www.globalpost.com/dispatch/news/afp/130201/barclays-boss-gives-2012-bonus-after-scandal-hit-year <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Barclays bank chief executive Antony Jenkins announced on Friday that he would forego his 2012 bonus after a "very difficult year" at the lender, which has been plagued by the Libor rate-rigging scandal.</p> <p>The announcement followed media reports that the crisis-hit lender was preparing to pay Jenkins a bonus worth at least £1.0 million ($1.6 million, 1.2 million euros) for last year.</p> <p>Jenkins has a potential maximum bonus entitlement of £2.75 million or 250 percent of his £1.1-million annual salary.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130201/barclays-boss-gives-2012-bonus-after-scandal-hit-year" target="_blank">read more</a></p> Banking Barclays bank Business Finance Interest rates Labor Law Social Issues AFP Fri, 01 Feb 2013 13:30:34 +0000 Agence France-Presse 5743006 at http://www.globalpost.com Barclays boss gives up 2012 bonus after scandal-hit year http://www.globalpost.com/dispatch/news/afp/130201/barclays-boss-gives-2012-bonus-after-scandal-hit-year-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Barclays bank chief executive Antony Jenkins announced on Friday that he would give up his 2012 bonus after a "very difficult year" at the lender, which has been plagued by the Libor rate-rigging scandal.</p> <p>The announcement followed media reports that the crisis-hit lender was preparing to pay Jenkins a bonus worth at least £1.0 million ($1.6 million, 1.2 million euros) for last year.</p> <p>Jenkins has a potential maximum bonus entitlement of £2.75 million or 250 percent of his £1.1-million annual salary.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130201/barclays-boss-gives-2012-bonus-after-scandal-hit-year-0" target="_blank">read more</a></p> Banking Business Finance Interest rates Labor Law Social Issues AFP Fri, 01 Feb 2013 16:30:30 +0000 Agence France-Presse 5743225 at http://www.globalpost.com UPDATE 1-UK's RBS to get Libor punishment next week - sources http://www.globalpost.com/dispatch/news/thomson-reuters/130201/update-1-uks-rbs-get-libor-punishment-next-week-sources <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Settlement expected on Tuesday or Wednesday - sources</p> <p>* RBS expected to agree combined deal with U.S., UK</p> <p>By Matt Scuffham and Huw Jones</p> <p>LONDON, Feb 1 (Reuters) - Royal Bank of Scotland will next week agree a settlement with U.S. and British authorities for its part in a global rate rigging scandal, sources familiar with the situation told Reuters.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130201/update-1-uks-rbs-get-libor-punishment-next-week-sources" target="_blank">read more</a></p> Banking Finance RBS Royal Bank of Scotland Group Thomson Reuters Fri, 01 Feb 2013 17:31:13 +0000 Thomson Reuters 5743323 at http://www.globalpost.com UPDATE 1-Italian court investigates derivatives at five banks http://www.globalpost.com/dispatch/news/thomson-reuters/130201/update-1-italian-court-investigates-derivatives-at-five-banks <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Judicial probe launched at least a year ago</p> <p>* New probe not connected to Monte Paschi scandal</p> <p>* President Napolitano warns national interests at stake (Recasts to focus on derivatives probe)</p> <p>By Vincenzo Damiani</p> <p>BARI, Italy, Feb 1 (Reuters) - Italian prosecutors are investigating derivative trades made by five of the country's biggest banks, judicial sources said on Friday, as part of an investigation that began at least a year ago before the current Monte dei Paschi scandal erupted.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130201/update-1-italian-court-investigates-derivatives-at-five-banks" target="_blank">read more</a></p> Banking Entertainment Investment Italy Thomson Reuters Fri, 01 Feb 2013 18:45:57 +0000 Thomson Reuters 5743432 at http://www.globalpost.com Ex-Iran bank chief found with $70 mln cheque: report http://www.globalpost.com/dispatch/news/afp/130203/ex-iran-bank-chief-found-70-mln-cheque-report <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The former head of Iran's central bank, Tahmasb Mazaheri, has been found in possession of a cheque worth 54 million euros ($70 million) by German authorities, the Bild am Sonntag weekly reported.</p> <p>Mazaheri, in charge of the central bank until 2008, was searched by customs officers at Dusseldorf airport on January 21 after arriving aboard a flight from Turkey, the Sunday paper said.</p> <p>The cheque, with a value of 300 million Venezuelan bolivars, was discovered in his hand luggage, according to the report.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130203/ex-iran-bank-chief-found-70-mln-cheque-report" target="_blank">read more</a></p> Banking Business Payment systems AFP Mon, 04 Feb 2013 00:31:24 +0000 Agence France-Presse 5744895 at http://www.globalpost.com Barclays announces departure of senior bank staff http://www.globalpost.com/dispatch/news/afp/130204/barclays-announces-departure-senior-bank-staff <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Barclays on Monday said that its finance director and top legal expert had decided to leave the bank, as the British lender undergoes a shake-up in the wake of the Libor rate-rigging scandal.</p> <p>"Barclays has today announced that the Group Finance Director Chris Lucas, and the Group General Counsel Mark Harding, have decided to retire from the company," the bank said in a statement.</p> <p>The pair would remain in their roles until the appointment of successors -- a process expected "to take a considerable time to complete" considering the seniority of the positions, Barclays added.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130204/barclays-announces-departure-senior-bank-staff" target="_blank">read more</a></p> bank Banking Barclays Finance Interest rates AFP Mon, 04 Feb 2013 08:30:26 +0000 Agence France-Presse 5745076 at http://www.globalpost.com