A total of $4.3 billion in fines were levied on six banks by four regulators this week as part of the much anticipated settlement of the FX manipulation scandal. The fines, from the U.K.'s...
The Commodity Futures Trading Commission is expected to announce fines in the alleged rigging of the $5.3 trillion-a-day currency markets any day now, according to published reports. The CFTC may levy fines of around $300 million against each firm it is investigating, according to anonymous sources cited by Bloomberg.
Citigroup is planning to revamp its branch network by transitioning to smaller bank branches that have less than half the square-footage of a current average branch. Meanwhile Royal Bank of Scotland announced a revamp of its own--earmarking 154 branches, or at least 5 percent of its branch network, for closure.
As more information circulates about the hackers that infiltrated JPMorgan, investigators are now saying they also attempted entry to at least a dozen other financial firms.
Growing reports out of London suggest that British Prime Minister David Cameron is increasingly frustrated with European Union policies, and he could soon warn Europe that he might support calls for a British exit from the European Union if no compromises are reached. The increasingly contentious tone reportedly has prompted foreign banks based in London to already begin exploring their options.
Hong Kong is reportedly working around the clock to meet the October go-live date for its link to the Shanghai Stock Exchange. As markets closely watch progress on the project that will for the first time open up Chinese capital markets to real-time trading by international investors, some details of trading through the new link are beginning to emerge.
Having dispersed some back office jobs or support jobs to places like New Jersey, Delaware or Florida, JPMorgan is reportedly considering moving a leaner central headquarters team into a new building.
Citigroup has reaffirmed its commitment to its Hong Kong hub by agreeing to pay $700 million for new headquarters in a deal that sets a record for the cost of a single-block office building in the city-state. The new office tower, when completed, will be 21 stories and 512,000 square feet.
Citigroup plans to sell its OneMain consumer lending business by the end of this year or early next year, according to Citigroup's CEO Michael Corbat. Citigroup has been interested in selling the unit since after the financial crisis but was not willing to let it go for the prices offered, Corbat said, but now the timing seems right.
The investigation federal officials reportedly opened into the alleged fraud that took place at Citigroup's Mexican subsidiary may have raised the stakes for the bank, as well as questions about its financial controls.