Banks fear competition for top talent from tech companies that can offer similarly high pay combined with luxurious benefits. The NYT reports.» Read More
The chairman of one of Dubai’s best-known family-owned conglomerates is not considering investing in European banks again following a disappointing run as a stakeholder of Barclays.
Take a look at some of Friday's morning movers:
Second quarter GDP Friday could be a game changer for markets that are anxious for any clues as to the depth and duration of the current soft patch.
CNBC's Kelly Evans reports on all the market moving events from Europe, including a surge in shares of Barclays, as the bank reports H1 profits beat forecasts.
A look at the U.S. markets ahead of the open, with CNBC's Kelly Evans, including Facebook, Barclays, and a slew of economic data.
With the Olympics about to begin, here's how to trade the games.
The London Interbank Offered Rate (Libor) is flawed and should no longer be calculated by the British Bankers’ Association (BBA), Howard Davies, Professor at Sciences Po and former chairman of the Financial Services Authority told CNBC.
"We are likely to see other banks now coming out in the open in terms of the part that they took in it; I think in relation to Barclays, it is unlikely that they alone moved the rate in any way by the actions of their traders but once one sees a conspiracy starting I think things will change and that's what the Americans in particular are looking at," David Green, senior partner at Edwin Coe, told CNBC.
"I think the Libor scandal is going to go on for a while, we are about ten percent into it. Firstly the problems of Barclays haven't finished the criminal prosecutions but also civil suits and this will be the case for all banks," Satyajit Das, author of Extreme Money: Masters of the Universe and Cult of Risk.
American authorities did not warn British officials about the rate-rigging scandal at the height of the financial crisis in 2008, according to documents released by the Bank of England on Friday, the New York Times reported.
The flaws in the rate-setting process have been exposed by the latest banking scandal. Regulators around the world are investigating whether big banks gamed the rates for their own benefit before and after the financial crisis, the New York Times reports.
"Looking at those emails, it looks like they had pretty explicit notification of some very bad behavior, and I don't understand why they didn't investigate," Bair told CNBC.
Carly Fiorina, former HP Chairman & CEO, explains why it is time to take a closer look at the actions of corporate boards.
Regulators are focusing on at least four of Europe’s biggest banks as they investigate the attempted manipulation of the region’s benchmark interest rate, The Financial Times reports.
The very existence of the London Interbank Offered Rate (Libor) has been threatened by the escalating scandal involving banks allegedly manipulating the rate during the credit crisis.
What exactly can be done to fix the Libor system or is it worth fixing at all? Catherine Boyle has more.
The thousands of community banks have often said their much larger counterparts have trampled on them. Now some hope the latest Wall Street scandal could give them ammunition to strike back.
"Over regulation, over comforting that is given to all sorts of people, banks are not allowed to do this, banks are not allowed to do that, this over regulating is a crazy idea, you need a working banking system that is how capitalism and the western world works," Anthony Gibbs, senior Gilts broker at Vantage Capital Markets, told CNBC.
Libor is “structurally flawed” and an international effort would be needed to restore the rate’s credibility as the leading benchmark for mortgages, derivatives and corporate lending around the world, Ben Bernanke, US Federal Reserve chairman, told Congress on Tuesday, the Financial Times reports.
In this excerpt from a live interview at the "Delivering Alpha" conference presented by CNBC and Institutional Investor, Treasury Secretary Timothy Geithner defends his actions in 2008 after the New York Federal Reserve learned that Barclays and other banks were not reporting accurate data on a key London-based interest rate. He also promises more enforcement is coming.