GO
Loading...

Financial Reform

More

  • LONDON/ ZURICH, Nov 12- Global regulators imposed penalties totalling $3.4 billion on five major banks, including UBS, HSBC and Citigroup, on Wednesday for failing to stop their traders from trying to manipulate foreign exchange markets. Royal Bank of Scotland and JP Morgan were also fined over attempts to rig currency benchmarks in a year-long probe that has...

  • LONDON/ ZURICH, Nov 12- Global regulators imposed penalties totalling $3.4 billion on five major banks, including UBS, HSBC and Citigroup on Wednesday in a landmark settlement over allegations of price fixing in the foreign exchange market. Royal Bank of Scotland and JP Morgan were also fined for attempting to manipulate foreign exchange benchmarks in a...

  • On Deck Capital files for IPO Monday, 10 Nov 2014 | 1:02 PM ET

    Nov 10- On Deck Capital Inc, an online platform for small business lending, filed with U.S. regulators on Monday to raise up to $150 million in an initial public offering of common stock. The New York- based company named Morgan Stanley, Merrill Lynch, Pierce, Fenner& Smith, JP Morgan Securities and Deutsche Bank Securities among underwriters to the IPO.

  • SHANGHAI Nov 10- Hong Kong shares finished up on Monday after Chinese and Hong Kong regulators announced a formal start date to the Hong Kong- Shanghai stock connector pilot programme, but analysts said the rise was blunted by some profit-taking in comparison to mainland indexes. The largest percentage gainer on the HSI was Hong Kong Exchanges and Clearing Ltd,...

  • Nov 7- Struggling retailer Sears Holdings Corp said it was exploring the conversion of 200-300 stores to a real estate investment trust and offer it to shareholders through a rights offering to raise cash. The company said it was looking to monetize a portion of its real estate through a sale-leaseback transaction, it said in a regulatory filing.

  • Nov 6- Bank of America Corp tripled its third-quarter loss to $232 million as it faced additional legal costs related to global investigations into foreign exchange trading at major banks. Bank of America said it was in advanced discussions with U.S. banking regulators to resolve matters related to the business. JPMorgan Chase& Co, Citigroup Inc, HSBC Holdings...

  • Nov 6- Bank of America Corp tripled the size of its third-quarter loss to $232 million as it faced additional legal expenses related to its foreign exchange business. The bank said it was in advanced discussions with some U.S. banking regulators to resolve matters related to the business. The company recorded a $400 million non-deductible charge that widened...

  • NEW YORK, Nov 5- Wells Fargo& Co said on Wednesday it is in discussions with the U.S. government to resolve a lawsuit accusing the nation's largest mortgage lender of cheating taxpayers by submitting ineligible home loans to a federal insurance program. Wells Fargo, the fourth-largest U.S. bank by assets, disclosed the talks in a quarterly filing with the U.S....

  • WASHINGTON, Nov 5- The U.S. Wednesday's rule applies to banks and to large financial firms who are designated as "systemic" by the Financial Stability Oversight Council, a federal government panel of regulators that polices for emerging market threats. The FSOC has already designated General Electric Co's GE Capital, American International Group Inc and...

  • LONDON, Nov 4- The over-zealous application of anti-money laundering rules is hampering British banks abroad and cutting off poorer countries from global financial markets, a top Bank of England regulator said on Tuesday. British banks including HSBC, Standard Chartered and RBS have been fined hundreds of millions of dollars by U.S. regulators in recent...

  • Nov 3- An investor who alleges he lost more than $400,000 in Puerto Rico closed-end bond funds sold by a UBS AG unit has sued Puerto Rico's financial regulator, challenging the transparency of its $5.2 million settlement with the firm. Manuel Martínez-Umpierre, a client of UBS Financial Services Inc of Puerto Rico, asked a local court on Friday to order the...

  • HONG KONG, Nov 1- Chinese regulators will allow foreign firms access to the yuan-denominated credit card clearing business from August next year, Hong Kong's South China Morning Post newspaper reported on Saturday. The paper quoted a source from China's largest credit card supplier, Goldpac Group, saying People's Bank of China (PBOC officials had informed...

  • Oct 28- New York state's financial regulator is seeking more than $300 million from Bank Leumi as part of a probe of whether the Israeli bank assisted U.S. citizens in evading taxes, according to a person familiar with the matter. The penalty from New York state's Department of Financial Services, which regulates certain banks in the state, is separate from...

  • LAGOS, Oct 28- Nigeria's central bank has cut the limit on banks' foreign currency borrowings to 75 percent of shareholders' funds from 200 percent, according to a central bank circular seen by Reuters on Tuesday. The regulation replaces a 2001 rule capping foreign borrowings, including Eurobonds, at 200 percent of shareholders' funds as Nigeria tries to manage...

  • Fed Governor Daniel Tarullo, who oversees bank regulation, invited CEOs from a group of banks with between roughly $50 billion and roughly $150 billion of assets, the sources said this week. Under the 2010 Dodd-Frank regulatory reform law, banks that have more than $50 billion of assets must show how they would fare in stressful situations before they can...

  • Lloyds bank to cut 9,000 jobs: Sources Thursday, 23 Oct 2014 | 1:24 AM ET

    Lloyds will next week announce plans to cut 9,000 jobs over the next three years, sources familiar with the matter told Reuters.

  • UPDATE 3-Brazil's JBS Foods to delay IPO Tuesday, 21 Oct 2014 | 5:46 PM ET

    SAO PAULO, Oct 21- JBS SA received regulatory approval to delay an initial public offering of its JBS Foods unit in Brazil, according to a securities filing on Tuesday, putting off a plan to raise 4 billion reais for a few more weeks or until next year. The request to make JBS Foods a public company was removed from securities industry watchdog CVM's website, but the...

  • WASHINGTON, Oct 21- The U.S. Federal Deposit Insurance Corp unveiled a final rule on Tuesday that requires banks to retain at least 5 percent of the risk on their books when they bundle loans, securitize them and sell them to investors. The rule, expected to be adopted by the FDIC later on Tuesday, aims to prevent a repeat of the 2007-2009 financial crisis, when banks'...

  • Oct 20- Banks should defer bonus payments for 10 years and tap the bonus pool to pay any regulatory fines, a top Federal Reserve official said on Monday, taking aim at continued lapses across the industry even after the 2007-9 financial crisis. New York Federal Reserve Bank President William Dudley said banks should move toward paying employees in debt...

  • NEW YORK, Oct 17- A slowdown in stock quote updates to the trading platform of OTC Markets on Friday led brokerage watchdog the Financial Industry Regulatory Authority to halt trading for almost two hours. OTC Markets is a marketplace for about 10,000 securities, some of them foreign, that are not listed on the New York Stock Exchange or Nasdaq.