NEW YORK/LONDON (Reuters) – Barclays Plc (BARC.L: Quote, Profile, Research, Stock Buzz) urged the dismissal on Thursday of a lawsuit from the New York attorney general alleging the bank lied to clients about its high-speed trading venue, saying the complaint had “fatal flaws” because Barclays’ customers were never misled.
The bank’s motion to dismiss the lawsuit against its private trading venue – or “dark pool” – said the attorney general failed to identify any fraud, and did not establish material misstatements, identify victims or actual harm.
LONDON, July 24 (Reuters) – Asia-focused bank Standard
Chartered Plc rejected reports it had stepped up
succession plans for its chairman and chief executive, who are
under growing pressure from shareholders after a troubled two
Standard Chartered said its board was united behind both
Chief Executive Peter Sands and Chairman John Peace in restoring
the bank to profitable growth.
LONDON (Reuters) – An investigation into alleged manipulation of foreign exchange markets could pose a bigger problem for banks than the Libor interest rate rigging scandal, the boss of Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) said on Friday.
RBS paid $612 million last year to settle allegations that it manipulated Libor rates, one of several banks hit with big fines for rigging financial benchmarks. Regulators are now investigating allegations that traders manipulated key reference rates in the $5 trillion-a-day foreign exchange market.
LONDON (Reuters) – Britain’s big banks could be broken up after the country’s new competition watchdog said it plans to launch an 18-month investigation into services for small business customers and personal current accounts.
The Competition and Markets Authority (CMA) said on Friday there was a lack of competition among banks and proposals that lenders put forward to increase transparency and make it easier to switch did not go far enough to meet the needs of personal consumers or small and medium sized enterprises (SMEs).
LONDON, July 8 (Reuters) – British bank Barclays Plc
has appointed Reid Marsh as co-head of investment
banking in Asia-Pacific and promoted Gary Posternack to global
head of mergers and acquisitions, a person familiar with the
matter said on Tuesday.
Mark Warham, head of M&A in the Europe, Middle East and
Africa (EMEA) region, is leaving the bank, the source said.
LONDON (Reuters) – BNP Paribas (BNPP.PA: Quote, Profile, Research, Stock Buzz) said a record $9 billion fine slapped on it for avoiding U.S. sanctions would not force it to rush out and raise cash or sell assets, even though it will wipe out the French bank’s capital advantage over weaker rivals.
The fine will leave BNP with a core capital ratio of 10 percent – above minimum regulatory levels but the floor that investors now expect big banks to hold, and below the 11 percent average that Europe’s bigger banks now hold.
LONDON, July 1 (Reuters) – BNP Paribas said a
record $9 billion fine slapped on it for avoiding U.S. sanctions
would not force it to rush out and raise cash or sell assets,
even though it will wipe out the French bank’s capital advantage
over weaker rivals.
The fine will leave BNP with a core capital ratio of 10
percent – above minimum regulatory levels but the floor that
investors now expect big banks to hold, and below the 11 percent
average that Europe’s bigger banks now hold.
LONDON/WASHINGTON June 27 (Reuters) – Barclays Plc
has hired lawyers from the high-profile firm Wilmer Cutler
Pickering Hale and Dorr LLP to help the bank defend itself
against accusations that it deceived investors in its “dark
pool” trading venue, according to people familiar with the
Matthew Martens, formerly the chief litigator at the U.S.
Securities and Exchange Commission, is among the WilmerHale
lawyers working on the case, the sources said.
LONDON (Reuters) – Barclays Plc (BARC.L: Quote, Profile, Research, Stock Buzz) said it is bringing in outside help to speed up an investigation into alleged misconduct in its “dark pool” operations, which have rekindled concerns that the cost of past problems at its investment bank will rise.
More than 2 billion pounds ($3.4 billion) was wiped off Barclays’ market value on Thursday after New York’s attorney general filed a lawsuit against the British bank, accusing it of trying to grab extra profits from its alternative trading system while promising to get the best possible prices for customers.
LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research) warned profits would fall in 2014 for the second year in a row after first-half earnings dropped by a fifth due to tougher regulations and low market volatility in its trading business.
The bank also said on Thursday the head of its financial markets arm, Lenny Feder, would take a one-year sabbatical and would not return in the same role. An industry source had told Reuters earlier that Feder would take a sabbatical.