Round up of banking and financial news: 21/05/14.

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Posted in:Banking and Finance|May 23, 2014 | Join the mailing list

Credit Suisse pleads guilty to helping ‘tax cheats’

The Swiss banking giant Credit Suisse has pleaded guilty to helping some US clients avoid paying taxes to the US government and agreed to pay a $2.6bn (£1.5bn) fine.

Read more here.

Financial Ombudsman says ‘record’ year for financial disputes

The amount of consumer-related financial disputes reached a record in the year to March, according to the Financial Ombudsman. The body, which acts as an appeals service for customers who feel a claim has been turned down unfairly, settled 518,778 disputes,
more than double last year’s figure. In 58% of cases it found in the consumer’s favour.

Read more here.

Deutsche Bank chairman leads battle for the bulge bracket

Paul Achleitner, the chairman of Deutsche Bank, believes Europe needs a global investment bank to support the region’s companies that can measure up to rivals in the United States.

For that reason, Deutsche on Monday asked shareholders for 8 billion euros ($10.98 billion) to help the bank keep its place in the shrinking "bulge bracket" of big investment banks that includes JP Morgan, Goldman Sachs, Citi and Morgan Stanley.

Read more here.

Does The Death Of Investment Banking Kill The Case For Barclays PLC?

When Barclays announced it will cull 7,000 more investment banking jobs this year, merciless markets leapt for joy. The share price rose 7.2% to 260p as chief executive Anthony Jenkins announced he was looking to build a “leaner, stronger bank”, but the euphoria
didn’t last.

Barclays has since shed all its gains, falling back to 236p. The bank will certainly be leaner following the job losses, and it may even be stronger. But will it be a better investment?

Read more here.

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