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  • Oct 21- CIT Group Inc said Chief Executive Officer John Thain, who was appointed to turn around the commercial lender after its bankruptcy, will retire in March and be replaced by veteran banking executive Ellen Alemany. Thain, who headed Merrill Lynch before it was sold to Bank of America Corp at the height of the financial crisis, told Reuters his work at CIT is...

  • UPDATE 1-CIT Group CEO John Thain to retire next year Wednesday, 21 Oct 2015 | 5:12 PM ET

    Oct 21- U.S. small-business lender CIT Group Inc said Chief Executive John Thain will retire effective March 31, and will be replaced by board member Ellen Alemany. Sixty-year-old Thain, who headed Merrill Lynch before it was sold to Bank of America Corp at the height of the financial crisis, was appointed CEO in February 2010 to get CIT back on track after its...

  • BoE restricts 'stress tests' to largest UK banks Wednesday, 21 Oct 2015 | 6:23 AM ET
    A man sits on a bench outside the Bank of England in London.

    Britain's smaller lenders will avoid the Bank of England's 'stress tests' of their resilience to shocks, the central bank said on Wednesday.

  • Oct 16- JPMorgan Chase& Co, Morgan Stanley and Barclays Plc will pay over half of a more than $1.86 billion settlement resolving investor claims they conspired to fix prices and limit competition in the market for credit default swaps, according to a court filing. The defendants in the case include Bank of America Corp, BNP Paribas SA, Citigroup Inc, Credit 0 Suisse...

  • Barclays chief wants European banking champions Monday, 12 Oct 2015 | 12:25 AM ET
    Barclays

    Barclays' chairman said European investment banks should merge to create a regional champion to compete with US peers, the FT reports.

  • Oct 11- A senior player in HSBC's push to improve the way it polices transactions for criminal activity left the British bank late last month, creating a possible gap in leadership as it seeks to satisfy compliance demands from U.S. regulators and the U.S. Department of Justice. Wager was HSBC's top U.S. anti-money laundering executive until early this year when...

  • By a 7-0 vote, the Connecticut Supreme Court on Monday said a 2006 U.S. Supreme Court ruling that narrowed First Amendment free speech protections for whistleblowers does not apply to claims by private sector workers under Connecticut law. The decision could embolden whistleblowers in Connecticut, long a stronghold for insurers, and more recently a popular...

  • First brokers stand trial over Libor Sunday, 4 Oct 2015 | 8:33 AM ET
    Thomas 'Tom' Hayes, 35, a former trader at banks including UBS Group AG and Citigroup Inc., left, and his wife Sarah, arrive for his trial at Southwark Crown Court in London, U.K., on Friday, July, 24, 2015.

    The first brokers to face prosecution in the global Libor investigation over allegations they helped traders to manipulate the rate will go on trial this week in London, the FT reports.

  • NEW YORK, Oct 1- The U.S. Department of Labor on Thursday said it granted Credit Suisse Group AG an exemption from certain restrictions stemming from its guilty plea to helping Americans evade taxes, effectively allowing the bank to continue to manage $2 billion in U.S. retirement money. Credit Suisse had received a temporary waiver beforehand.

  • Oct 1- JPMorgan Chase& Co plans to bid for about 12 billion pounds of mortgages being sold by the British government's "bad bank," Bloomberg reported on Thursday. JPMorgan is preparing to bid for a portfolio being offered by UK Asset Resolution Ltd, a state-run "zombie bank" charged with winding down the assets of two failed British lenders, Bloomberg said, citing five...

  • WASHINGTON, Sept 24- A gauge of U.S. business investment plans fell slightly in August while the number of Americans filing new applications for jobless benefits barely rose last week, signs that global economic headwinds were doing little to impede U.S. growth. A separate report from the Labor Department showed initial claims for state unemployment benefits...

  • Has the market gone loco for CoCo bonds? Thursday, 24 Sep 2015 | 3:07 AM ET
    Government bond markets sell off, bond rout continues German bund

    The post-financial crisis regulatory push has fueled a wave of contingent convertible or "CoCo" bonds, but do either investors or issuers really understand the risks?

  • European stocks close under pressure; Fed in focus Monday, 14 Sep 2015 | 11:30 AM ET
    A general view of the Federal Reserve Building in Washington, United States.

    European markets closed flat to lower on Monday, with investors cautious ahead of the U.S. Federal Reserve's interest rate decision on Thursday.

  • NEW YORK, Sept 11- Twelve major banks have reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps, a lawyer for the investors said on Friday. The defendants include Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche...

  • District Judge Jed Rakoff in Manhattan rejected a bid from former Euro Pacific Capital Inc traders Daryl Payton and Benjamin Durant to throw out U.S. Securities and Exchange Commission charges that they engaged in illegal trading ahead of an IBM Corp deal. Gregory Morvillo, a lawyer for Durant, declined to comment, as did a spokeswoman for the SEC.

  • LONDON, Sept 11- Markets usually pay little heed to opposition party leadership elections, but the emergence of hard-left Eurosceptic Jeremy Corbyn as the frontrunner to head Britain's Labour party is making investors twitchy. The key concern is that a victory for Corbyn, even if he were never elected prime minister, could increase the risk of "Brexit"-- a British...

  • Ross Shapiro, Michael Gramins and Tyler Peters entered their pleas to securities fraud, wire fraud and conspiracy charges before U.S. Magistrate Judge Donna Martinez in Hartford, Connecticut, a spokesman for U.S. Daly's office also handled Litvak's case, as well as a similar case against bond trader Matthew Katke, who pleaded guilty in March to cheating...

  • NEW YORK, Sept 4- Nomura Holdings Inc and Royal Bank of Scotland Group Plc have agreed to pay up to $33 million on top of $806 million that a U.S. judge ordered them to pay for making false statements in selling mortgage-backed securities. The agreement with the Federal Housing Finance Agency was disclosed in court papers filed on Friday in Manhattan federal court...

  • WASHINGTON, Aug 27- The U.S. Labor Department is leaning toward denying requests for regulatory relief by three big foreign banks that pleaded guilty to manipulating Libor interest rates but want to keep managing retirement accounts for clients. In letters to units of Deutsche Bank, UBS and the Royal Bank of Scotland, the department said it has "tentatively...

  • Aug 24- Royal Bank of Scotland Group Plc has lost a bid to escape a U.S. regulator's lawsuit accusing it of misleading Fannie Mae and Freddie Mac into buying $32 billion of mortgage-backed securities ahead of the financial crisis. The case against RBS is the biggest and last of 18 lawsuits the FHFA filed in 2011 over about $200 billion in mortgage-backed...