FRANKFURT (Reuters) – The European Central Bank has dropped Citigroup (C.N: Quote, Profile, Research, Stock Buzz) from its experts’ working group on foreign exchange, days after the U.S. bank was fined by U.S. and UK regulators for failing to stop traders from trying to manipulate the currency market.
A source familiar with the matter said the ECB’s decision seemed to be related to the fine.
China whirl. Euro zone bank stocks +3% today, the biggest rise in a month and 5th biggest this year, after China cuts rates.
Goldman changes $/yen forecast. Now sees 130 in a year vs 120 previously.
Goldman goes more bullish on the dollar. Now expects 6.4% appreciation over the next year vs G10 FX, compared with 4.9% previously.
LONDON, Nov 21 (Reuters) – Senior banking executives would
favour criminal prosecutions and jail time if necessary for
employees suspected of serious market misconduct, one of
Britain’s most influential fund managers told Reuters.
Anne Richards, chief investment officer at Aberdeen Asset
Management, with more than $500 billion of assets under
management, said more must be done to change the culture of an
industry whose image has been tarnished by scandal after