Banking and Financial News 30/05/14

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Posted in:Banking and Finance|May 28, 2014 | Join the mailing list

Three former Barclays’ traders to appear in court accused of rigging
Libor interest rates

All three men worked for Barclays in the US.

 Barclays fined £26m for failings surrounding the London Gold Fixing and former Barclays trader
banned and fined for inappropriate conduct

The Financial Conduct Authority (FCA) has fined Barclays Bank Plc (Barclays) £26,033,500 for failing to adequately manage conflicts of interest between itself and its customers as well as systems and controls failings, in
relation to the Gold Fixing. These failures continued from 2004 to 2013.

 George Osborne to force banks to promote alternative lenders

The Government is preparing to force high street banks to refer small businesses to alternative lenders in landmark legislation to be included in the Queen’s Speech next week.

UK interest rate could settle at 3%, says Bank of England deputy governor

The rate has been at the historic low of 0.5% since March 2009 and the Bank’s governor has indicated it will not start rising before next spring.

But Mr Bean told BBC Radio 4’s The World This Weekend there were economic advantages to beginning earlier.

 Lloyds launches TSB float

TSB does not expect to pay its shareholders dividends until the 2017 financial year, as it puts money back into the business.

 Carney urges bankers to adopt ‘high ethical standards’

Bankers should see their job as a vocation and adopt higher ethical standards, the governor of the Bank of England has said. Speaking
at a conference on the future of capitalism, Mark Carney said financiers should be "custodians of their institutions".

 GlaxoSmithKline to be investigated by UK fraud body

Drugs giant GlaxoSmithKline is to have its "commercial practices" investigated by the Serious Fraud Office (SFO). The British company, which is already facing allegations of bribery in several countries, said it would "co-operate
fully" with the SFO.

 

Bank reforms not enough to curb risky behaviour, says Lagarde

Christine Lagarde, head of the International Monetary Fund, says tighter bank supervision and tougher regulation will not prevent the risky behaviour that triggered financial crisis.

Nationwide profits quadruple

Annual profits at Nationwide have quadrupled after mortgage lending at the building society increased by 31pc.

The mutual posted profits of £677m in the year ending April 4, up from £168m in the previous year. Nationwide said it had benefited from rising house prices, which had reduced impairment charges and its exposure to credit
risk.

RBS to axe hundreds of US jobs

Taxpayer-owned bank will shed up to 400 jobs in its US mortgage business in an effort to cut assets to less than $50bn.

Royal Bank of Scotland is planning to axe hundreds of jobs in America to help it escape new rules being ushered in by the US Federal Reserve.

 

 

 

 

 

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