Bank

Lawsuit accusing 16 big banks of Libor manipulation reinstated by US court

A US appeals court on Monday reinstated a civil lawsuit accusing 16 major banks of conspiring to manipulate the Libor benchmark interest rate. The ruling, which overturns a 2013 decision, could bankrupt the institutions, the judges warned. A lower court judge erred in dismissing the antitrust portion of private litigation against Barclays, Bank of America, Deutsche Bank, HSBC, UBS and ... Read More »

MPs to scrutinise Sir Philip Green’s link with influential banker

The relationship between one of Britain’s most influential bankers and Sir Philip Green will be thrown into the spotlight this week as MPs deepen their investigation into the collapse of BHS. Michael Sherwood, the vice-chairman of Goldman Sachs, will appear before a parliamentary committee on Wednesday to answer questions about his ties with Green. Sherwood is the co-head of Goldman’s ... Read More »

RBS slumps 25% as Brexit puts bank shares under severe strain

Bank shares are under severe pressure after the Brexit vote, with bailed-out Royal Bank of Scotland shedding a quarter of its stock market value at one point. The 25% slump in RBS shares on Monday took the bank, still 73%-owned by the taxpayer, back to levels last seen in February 2009. They later regained some ground, but by mid-afternoon were ... Read More »

Britain must repair ties with Europe after Brexit, says Barclays chairman

Britain needs to retain its ties with Europe after Brexit while building a new international model for financial services, the chairman of Barclays said on Thursday. John McFarlane, who is also chairman of TheCityUK, which promotes Britain’s financial services, said it was important not to lose sight of Europe as a market as businesses sought to build broader international links. ... Read More »

Singapore bank halts lending for London properties over Brexit vote

Singapore’s third-biggest lender has suspended new loans for the purchase of London properties as the aftershocks of Britain’s vote to leave the EU are felt around the world. United Overseas Bank said it would “temporarily stop” issuing the loans because of heightened uncertainty following the Brexit decision. “As the aftermath of the UK referendum is still unfolding and given the ... Read More »

Prostitutes’ details found on Goldman banker’s phone, court told

A Goldman Sachs banker procured the services of two prostitutes for $600 a night in an attempt to win business from a cash-rich investment fund set up by the Gaddafi regime, the high court in London has been told. Further detail of the alleged involvement of sex workers in winning business for the investment bank – one of the prostitutes ... Read More »

Malcolm Turnbull insists bank inquiry unnecessary after fresh rate-rigging case

Malcolm Turnbull has rejected calls for a royal commission as a third bank faces legal action for rate-rigging allegations, saying the financial watchdog was “sinking its fangs” into suspects. The prime minister said the corporate sector was “well regulated” and the government had already increased the Australian Securities and Investment Commission’s powers and resources. “The watchdog is sinking its fangs ... Read More »

RBS staff told to appear neutral on EU referendum

Tens of thousands of staff at Royal Bank of Scotland have been told to retain a neutral stance on the EU referendum in discussions with customers. The bank, which is 73% state-owned, issued the guidance this week. It is the latest financial business to remind staff not to offer views that could influence the way individuals vote. In April, Goldman ... Read More »

Caution pervades at four of world’s top central banks

It is a sign of the caution that permeates the global economic outlook when four of the world’s top central banks, all due to meet within days of each other, are almost unanimously expected to make no change to their extraordinary stimulus programs. While the U.S. Federal Reserve, Bank of England, Swiss National Bank and the Bank of Japan are ... Read More »

Bank of England in preparations for potential Brexit

The Bank of England will draw on lessons learned from the Scottish referendumand the global financial crisis as it steps up its preparations for a possible decision by Britain to leave the EU on 23 June. The first of three special funding operations by Threadneedle Street will be launched on 14 June to ensure the UK’s commercial banks have the ... Read More »