The two banks are expected to pay a combined total of $154.3 million to settle federal and state charges.» Read More
The British Bankers’ Association is expected to lose control over the interest rate at the center of a recent manipulation scandal, according to a person with direct knowledge of the matter.The NYT reports.
At Friday's ribbon cutting for the Barclays Center, the new Brooklyn home for the NBA's Nets franchise, a transformation was clear. The New Jersey Nets were never cool. The BROOKLYN Nets are.
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.
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.
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.
"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.