By Edward Taylor
FRANKFURT, Sept 9 (Reuters) – The head of U.S. bank Goldman Sachs said on Wednesday that anger over bankers’ pay was “understandable and appropriate”, and that greater scrutiny of trade in complex instruments was needed to keep banks in check. But with the banking sector bouncing back from the financial crisis, regulatory overkill could choke off economic growth, Lloyd Blankfein told an industry conference in Germany’s financial hub.
WASHINGTON, Sept 8 (Reuters) – The tiny city-state of Monaco, once on an international black list of the tax havens, signed a deal on Tuesday to abide by international norms in exchanging information about U.S. citizens who may be evading taxes by keeping money offshore. (more…)
By Kevin Drawbaugh
WASHINGTON, Sept 9 (Reuters) – Banking is supposed to be boring.
That’s the quip that lobbyists and congressional aides use, only half-jokingly, to explain what’s in store for the banking industry as governments crack down with tighter regulation.
From higher capital standards and tighter oversight, to slimmer profits and smaller bonuses, global banking promises to be a duller and less lucrative business in years ahead. (more…)
By Edward Taylor
FRANKFURT, Sept 8 (Reuters) – Top bankers defended their culture of bonuses on Tuesday against an onslaught of regulation that aims to put them on a tighter leash almost a year after Lehman Brothers collapsed. Executives from Credit Suisse Group AG, Morgan Stanley and Deutsche Bank AG said the global financial system needed reform but defended a bonus-driven system that critics say encouraged banks to take big risks.
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Sept 1 (Reuters) – A single regulator for all U.S. banks is not the solution to streamline the financial regulatory system, Federal Deposit Insurance Corp Chairman Sheila Bair wrote in an opinion column in the New York Times.
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By Deepa Babington
SAN MARINO, Aug 17 (Reuters) – San Marino has seen medieval intrigue and papal army invasions in its 1,708-year history, but a modern-day banking scandal and blitz on tax havens risks bringing the world’s oldest republic to its knees.
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By Christina Fincher and Huw Jones
LONDON, July 8 (Reuters) – Britain is to set out its blueprint for beefing up financial regulation later on Wednesday in a bid to prevent a re-run of the crisis that forced it to bail out banks with billions of pounds of taxpayers’ money. (more…)
LONDON, July 6 (Reuters) – A deadline is needed to ensure full switchover to a single pan-EU system of bank payments and help industry and public authorities plan ahead, a top European Central Bank official said on Monday. (more…)
