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Antony Jenkins, the new chief executive of Barclays, is to announce a shake-up of the business early next year which will shrink investment banking division Barclays Capital (BarCap) and bankers’ paydays.
A leading US figure in bond investment has emerged as Ireland’s single biggest private sector creditor by aggressively buying Irish government bonds. The FT reports.
The Serious Fraud Office has launched a second criminal investigation into Barclays as the agency examines payments the bank made as part of its 2008 Middle Eastern capital raising. The FT reports.
Seven banks have received subpoenas as part of an investigation into the alleged manipulation of the London Interbank Offered Rate, said a source close to the case.
Major banks, which often band together when facing government scrutiny, are now turning on one another as an international investigation into the manipulation of interest rates gains momentum. The NYT reports.
The Swiss National Bank has euros ready to unload, and these strategists point to currencies that should benefit.
Libor, the London Interbank Offered Rate, could be scrapped altogether and replaced with an interest rate that is set using actual trades, according to a review set up by the UK government. The FT Reports.
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.
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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.
"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.
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.