KPMG has stated that Britain's five largest banks must work harder to maintain sufficient profits to ensure low shareholder returns are tackled
Read moreCitigroup and Barclays will reportedly settle a lawsuit with private investors who say the banks manipulated forex rates within the week. The Banks are expected to pay up to a combined $800m to settle the lawsuit, considerably larger payments than those made by JP Morgan and UBS who have settled their parts of the same…
Read more"As a result of current uncertainty surrounding the ongoing position of Greece in the euro zone, there is a chance of dislocation and highly illiquid conditions in the euro FX market" stated Barclays in a letter to clients of its BARX platform
Read moreShould Barclays succeed in overturning a complaint by New York Attorney General Eric Schneiderman, it will represent the first time that any financial institution has counteracted the Martin Act and thus could set a precedent for dark pool operators and high frequency traders
Read moreLaw enforcement agencies in Britain are beginning to arrest individual traders who were employed by banks involved in the FX rate manipulation, with British government officials and city veterans calling for more arrests and criminal prosecutions
Read moreCEO Antony Jenkins stated Wednesday, "Banks didn't have strong enough compliance departments. We've moved to strengthen ours. As I've always said, changing culture takes time. We're making progress - the industry has come a long way on both topics but we have work to do."
Read moreIn preparation for the announcement of third quarter results for 2014, three of London's banking giants set aside £1 billion for potential settlement with the FCA on FX rate manipulation
Read moreThis is the highest fine ever imposed by the FCA or its predecessor the FSA for client assets breaches, reflecting ‘significant weaknesses’ in the systems and controls in Barclays’ Investment Banking Division between November 2007 and January 2012 and the number of affected accounts.
Read moreThe conundrum as to whether banks are set to become services providers continues as several large institutions prepare to follow Barclays' lead in charging for processing orders - this time signaling the potential end of guaranteed mid-price execution
Read moreWith FX order flow at a low point across the entire industry, Barclays has begun charging rival institutions for executing benchmark orders, a precedent that could result in many other companies following suit.
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