Santander N.A. became the third bank to agree to loosen applicant screening for new account openings, and reports suggest more agreements will likely be forthcoming. The agreements forged with NY Attorney General Eric Schneiderman's office come as the attorney general has been investigating whether overly strict use of applicant screening technology unfairly denies low-income applicants banking services for relatively minor infractions.
A consortium of banks and asset managers are banding together to create a new electronic marketplace for equities trading in Europe. To be called Plato Partnership, the group is designing the platform with the goal of improving market fairness.
Citigroup is closing its LavaFlow alternative trading venue because the firm decided the venue hasn't achieved enough scale to merit continued investment. The move comes just months after LavaFlow was forced to pay $5 million in regulatory fines and as alternative trading systems and dark pools in general are coming under increased scrutiny.
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.