EU fines JPMorgan, HSBC and Credit Agricole $520 MILLION for rate manipulation

And who is (not) going to jail this time???


JP-Morgan

EU fines JPMorgan, HSBC and Credit Agricole $520mn for rate manipulation:

After a five-year investigation, the European Commission has fined three major banks €485 million for rigging the crucial Euro Interbank Offered Rate (Euribor).

The Commission said on Wednesday they were part of a seven bank cartel that colluded on setting the euro interest rate instead of competing with each other between September 2005 and May 2008.

JPMorgan was fined €337 million and Credit Agricole €114 million for five-month involvement in the conspiracy. HSBC got a €33 million penalty for its one-month participation.

Read moreEU fines JPMorgan, HSBC and Credit Agricole $520 MILLION for rate manipulation

RBS fails Bank of England stress test:

H/t reader squodgy:

“I think we should all pool our savings and help these poor people.”


RBS fails Bank of England stress test:

Standard Chartered and Barclays would also need more capital if the economy deteriorated

The Royal Bank of Scotland (RBS) has failed key hurdles in a Bank of England stress test, forcing the lender to draw up new plans in case of a financial crisis.

The toughest stress test yet assessed how the UK’s seven biggest lenders would cope with hypothetical scenarios including a recession, a housing crash and a halving of the oil price.

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

More Banker Layoffs: RBS To Cut Another 900 Jobs

More Banker Layoffs: RBS To Cut Another 900 Jobs:

Bank layoffs are now coming at a rapid pace in what is a clear sign of desperation by the firms to cut costs enough to keep shareholders happy as NIRP continues to hammer bank profits.

On the heels of Bank of America announcing that 8,000 employees would be fired last week, we now learn that RBS will be cutting 900 jobs as well, in areas such as IT and other back office positions that support the commercial, retail and private bank will be cut in Britain. The latest round of cuts takes the total number of layoffs in the last four months to roughly 5% of the bank’s british workforce, as at least 2,700 staff across the country have been let go since the beginning of March according to Reuters.

Read moreMore Banker Layoffs: RBS To Cut Another 900 Jobs

RBS Is Cutting 14,000 Investment Banking Jobs

rbs

RBS is cutting 14,000 investment banking jobs (Business Insider, Feb 4, 2015):

According to a report in the Financial Times, RBS will cut about 14,000 investment bank jobs in the US and Asia by 2019. This is about three-quarters of the total investment bank workforce, which stands at 18,000. However, the bank employs 118,000 people worldwide across all units.

S&P Downgrades Numerous European Banks, Warns Deutsche Bank May Be Next

S&P Downgrades Numerous European Banks, Warns Deutsche Bank May Be Next (ZeroHedge, Feb 3, 2015):

Just hours after apparently settling its suit with the USA (not at all retaliation for downgrading them), S&P has taken the big red marker out on a slew of European banks:

  • Downgrades: Credit Suisse, Barclays, Lloyds, Bank of Scotland, RBS, HSBC, and Ulster Bank
  • On Watch Negative: Raiffeisen Zentralbank, MBank, Unicredit, Commerzbank, and Deutsche Bank

The driver of the shift in perspective is the apparent removal of the ‘bailout put’, as the prospect of “extraordinary government support” appeared less likely under recently passed bail-in legislation.

RBS Abandons Japanese Bond Trading, Cuts 200 Jobs; Stocks, USDJPY, JGB Yields Are Re-Plunging

RBS Abandons Japanese Bond Trading, Cuts 200 Jobs; Stocks, USDJPY, JGB Yields Are Re-Plunging (ZeroHedge, Dec 10, 2014):

The Nikkei 225 has fallen over 300 points from the v-shaped recovery close at the end of the US day session and is now trading below the lows of the day at 2-week lows. USDJPY has plunged over 100 pips having briefly neared 120.00, now back below 119.00. JGB Futures are trading near record highs prices as yields collapse to near-record lows (30Y -23bps since QQE, 20Y -15bps) only seen during last year’s yield-crash. No surprise then with the bond market “dead” according to market participants and yields negligible, that RBS has decided to exit the Japanese fixed-income business, slashing 200 jobs, and surrendering its primary bond dealership.

What an epic farce the largest bond market in the world has become…

Europe Demands Banks Hand Over Their Lunch Money Following Swiss Franc Libor Rigging

Europe Demands Banks Hand Over Their Lunch Money Following Swiss Franc Libor Rigging (ZeroHedge, Oct 21, 2014):

…And don’t do it again!

Having confirmed that RBS, UBS, JPMorgan,,and Credit Suisse operated a cartell to manipulate bid-ask spreads of Swiss Franc libor, the European Commission has unleashed unmerciless vengeance on these law-breaking institutions:

JPMorgan fined EUR 72.2 Million, UBS fined EUR 12.7 Million, Credit Suisse fined EUR 9.17 Million, & RBS Nothing (for whistle-blowing).

Read moreEurope Demands Banks Hand Over Their Lunch Money Following Swiss Franc Libor Rigging

Frontrunning: July 23

Flashback:

This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied – THE SEQUEL


Frontrunning: July 23 (ZeroHedge, July 23, 2014):

  • Here come the gates which we predicted in 2010: SEC Is Set to Approve Money-Fund Rules (WSJ)
  • Dick’s cuts 400 jobs as golf now less popular (MW)
  • Kerry arrives in Israel, pushes for peace (Reuters) (Sure!)
  • Pay Penalty Haunts Recession Grads as U.S. Economy Mends (BBG)
  • Appeals Courts Issue Conflicting Rulings on Health-Law Subsidies (WSJ)
  • Rebel Stronghold Donetsk Holds Breath as Shellfire Mounts (BBG)
  • Business executive wins Georgia Republican runoff in U.S. Senate race (Reuters)
  • Five held in China food scandal probe, including head of Shanghai Husi Food (Reuters)
  • Jobs Hold Sway Over Yellen-Carney as Central Banks Splinter (BBG)

Overnight Media Digest

WSJ

* Two U.S. appeals courts issued conflicting rulings on subsidies for health coverage purchased on federal insurance exchanges, clouding a major part of Obama’s health law. (http://on.wsj.com/1pb81yo)

* The Federal Reserve Bank of New York found that Deutsche Bank AG’s U.S. operations suffer from a litany of serious financial reporting problems that the lender has known about for years but not fixed. (http://on.wsj.com/1jUoOXe)

Read moreFrontrunning: July 23

UK Bank RBS Has ‘£100 Billion Black Hole’ & In ‘Danger Of Failing’ – Bail-Ins Cometh

rbs

UK Bank RBS Has ‘£100 Billion Black Hole’ & In ‘Danger Of Failing’ – Bail-Ins Cometh (ZeroHedge, June 10, 2014):

British taxpayers risk losing their entire £45 billion stake in Royal Bank of Scotland (RBS), the parent company of Ulster Bank, which is in grave danger of failing within 10 years, according to an explosive new book.

According to The Independent on Sunday, a new study of the bank, which brought the UK to the brink of financial ruin, reveals RBS still has a £100 billion “black hole” in its finances due to “five broad areas of alleged criminality and wrongdoing”.

Financial journalist Ian Fraser, who wrote Shredded: Inside RBS, The Bank That Broke Britain, said: “The result has been that, at the time of writing, RBS is probably a worse bank than it was under Fred Goodwin.”

They include the mis-selling of financial products such as payment protection insurance, the alleged duping of investors who were persuaded to plough more than £12 billion into RBS shares just before the banking crash in 2008, further fallout from the Libor scandal, and current criminal investigations into the manipulation of the £3 trillion-a-day foreign exchange markets.

Read moreUK Bank RBS Has ‘£100 Billion Black Hole’ & In ‘Danger Of Failing’ – Bail-Ins Cometh

RBS Plans Dramatic Scaling Back, To Fire 30,000 Of Its 120,000 Workers

RBS

RBS plans dramatic scaling back, to fire 30,000 of its 120,000 workers (Financial Times, Feb 20, 2014)

Royal Bank of Scotland is preparing a dramatic retrenchment that would see it become a much smaller UK retail and commercial bank in a move that is expected to slash staff numbers by at least 30,000 in the coming years.

The bank, which is 81 per cent owned by the government, is next week expected to announce its withdrawal from many of its riskier investment banking activities alongside a plan to offload much of its international business.

Read moreRBS Plans Dramatic Scaling Back, To Fire 30,000 Of Its 120,000 Workers