The British Prime Minister, Theresa May, will visit Berlin and the Netherlands in the coming days to meet with the German Chancellor Angela Merkel and Dutch authorities before assembling her government to finally decide what commercial relationship her country wants with the European Union (EU) in the future, commented her spokesman on Monday.
Barclays has agreed to pay US$2bn to settle a lawsuit brought by the US government over the sale of mortgage-backed securities. The US alleged that the bank had misled investors about the quality of loans backing the securities in the run-up to the financial crisis.
The clock is ticking for the financial services industry, with banks said to be months away from being forced to act on Brexit contingency plans that could see thousands of jobs leave the UK. The first quarter of 2018 has been dubbed the “point of no return” for banks, insurers and asset managers as the industry calls on the UK to clinch a transition period that would extend market access to the EU beyond March 2019.
A growing number of foreign investors are signaling interest in Argentina following the pro-market turn that newly-inaugurated President Mauricio Macri started showing since taking office. The latest financial player to endorse the country as a promising investment destination was JP Morgan Chase, the largest bank in the United States, where current Finance Minister Alfonso Prat-Gay worked in the past.
Five of the world's largest banks are to pay fines totaling $5.7bn for charges including manipulating the foreign exchange market. Four of the banks - JPMorgan, Barclays, Citigroup and RBS - have agreed to plead guilty to US criminal charges, while the fifth, UBS from Switzerland will plead guilty to rigging benchmark interest rates.
The New York State Department of Financial Services (NYDFS) announced Thursday that Deutsche Bank had agreed to pay 2.5 billion (2.3 billion Euros) to US and UK authorities as part of a legal settlement over the bank's role in manipulating the London Interbank Offered Rate (Libor).
Spain’s third-biggest lender, CaixaBank SA agreed to buy Barclays Plc banking operations in the country for about 800 million Euros (1.1 billion) in cash to expand its business as economic growth picks up. The sale includes consumer, wealth and investment management and corporate banking businesses, Barcelona-based CaixaBank said in a statement.
The United Kingdom Serious Fraud Office (SFO) has launched a criminal investigation into allegations of price rigging in the £3tn-a-day foreign exchange market. The probe will look into allegations of fraudulent conduct, the director of the SFO said in a statement.
The US Federal Reserve adopted tight new rules for foreign banks to shield the US taxpayer from costly bailouts, ceding only minor concessions despite pressure from abroad to weaken the rule.
Barclays is the worst bank for honesty and customer service, according to an ethical scorecard launched Monday in the UK to guide those looking to switch their current accounts. The bank picked up just four out of 100 points in campaign group Move Your Money’s ratings, with the five biggest banks among the poorest performers in the 70 that were assessed.