Citigroup Sued in New York by Norway's Central Bank for Stock, Bond
Norway’s central bank sued Citigroup Inc. along with Chief Executive Officer Vikram Pandit and Chairman Richard Parsons over $835 million in losses in Citigroup stock and bonds. Citigroup misrepresented its financial condition and failed to disclose material information, leading Norges Bank to buy Citigroup stock and bonds at inflated prices between January 2007 and January 2009, the central bank said in the Sept. 17 lawsuit filed in U.S. District Court in Manhattan.
http://jlne.ws/cWT8ES
Breaking Up Banks Can Create More Risk, Says HSBC CEO
HSBC’s chief executive said breaking up banks could create more risk and lawmakers should not set out how lenders work, a day before a UK panel steps up a probe into whether banks are too big and powerful.
http://jlne.ws/aBbgCZ
FSA Cracks Down On Financial Press
The Financial Services Authority (FSA) has ordered a clampdown on contact between the City and the press that threatens journalists' ability to shine a spotlight on the world of finance.
http://jlne.ws/ddKhIg
HSBC's Gulliver Said to Become CEO as Geoghegan Quits
BusinessWeek
HSBC Holdings Plc, in its biggest management shakeup in decades, will promote the head of the bank's fastest-growing division to chief executive officer after Michael Geoghegan resigned.
http://jlne.ws/dyM3ay
HSBC makes a drama out of a crisis
eFinancial News
HSBC may be the world s local bank, with 288,000 staff working in 87 countries, generating 79bn in revenues with a balance sheet of 2.4 trillion. But it doesn t seem to be able to manage 20 people sitting round its boardroom table.
http://jlne.ws/drpcY1
HSBC boss 'to step down in boardroom shake-up'
RTE News
HSBC CEO Michael Geoghegan is to step down by the end of the year in a major boardroom shake-up, reports say.
http://jlne.ws/945zgc
HSBC chief executive to quit: UK reports
Brisbane Times
HSBC chief executive Michael Geoghegan is to step down at the end of the year as part of a major shake-up of the bank's top management, UK reports say.
http://jlne.ws/drYZ1l
HSBC set to hire chairman from within: For and against internal promotion
Daily Telegraph
The news that HSBC is set to promote an internal candidate to the board comes just weeks after Barclays announced it would hire an outsider as its chief executive. What factors should companies consider when hiring from within?
http://jlne.ws/dpQTOk
Bank of America Gets Into the Derivatives Clearing Business
The New York Observer
Bank of America Merrill Lynch today announced that it's getting into the business of clearing derivatives, which it expects will be quite lucrative. The new business segment will be called Global Futures and Derivatives Clearing Services (GFDCS), which will be part of the Global Markets Financing and Futures platform (GMF&F). The company said it will conduct "agent-clearing services for rates ...
http://jlne.ws/csRPOd
BofA Forms Clearing Services Group for Derivatives
BusinessWeek
Bank of America Corp., the largest U.S. bank, formed a futures and derivatives clearing services group in anticipation of greater demand in the $615 trillion over-the-counter derivatives market.
http://jlne.ws/9pda3z
BAML forms futures and derivatives clearing group
Bank of America Merrill Lynch (BAML) is to form a new clearing function, the Global Futures and Derivatives Clearing Services (GFDCS) group, in anticipation of an expected increase in OTC derivatives clearing following proposals in the US and Europe to centrally clear the majority of OTC derivatives trades.
The Trade News
http://jlne.ws/cZzSGb
UK to mull splitting big banks
LONDON (AFP) - The British government on Friday announced an inquiry into possible reforms of the banking sector, including the thorny question of whether their retail and investment operations should be split.
http://jlne.ws/9Grq0M
European Central Bank: Results Of The Euro Money Market Survey 2010
Press Release
Today the European Central Bank (ECB) is publishing the results of a survey entitled "Euro Money Market Survey 2010", which highlights the main developments in the euro money market in the second quarter of 2010, in comparison with the second quarter of 2009.
http://jlne.ws/cxgbC5
British Bankers' Association Welcomes Independent Commission On Banking Paper
Press Release
http://jlne.ws/cxgbC5
Broker 'failed to disclose in-built charge'
Business Day
Derivatives broker CWA Global never disclosed the company's in-built charge of 25¢ for every dollar of risky financial product it sold, a former customer said yesterday.
http://jlne.ws/cyRaKy
Ex-Goldman Sachs Banker Denies Interest In Becoming UniCredit CEO
Dow Jones
http://jlne.ws/9PQXzd
Goldman Sex Discrimination Lawsuit: Bad Habits Die Hard
Naked Capitalism
Three women filed a sex discrimination suit against Goldman seeking class action status. It has gotten some attention in the press and on the Web for not the best reasons, namely, the complaint recounts in some detail how one of the plaintiffs, Christina Chen-Oster a convertible bonds sales rep, had had a colleague force himself [...]
http://jlne.ws/deB7jd
Goldman Sachs Involved In Anglo Irish Bank Bailout Shenanigans
Business Insider
But there is one part of this deal in which Goldman Sachs may have a slight conflict of interest. Anglo Irish is planning on buying the Quinn Insurance Group. Quinn owes Anglo Irish Bank 2.7 billion, and Anglo Irish believes the acquisition of Quinn is the best way to recoup that cash.
http://jlne.ws/9u1zti
UBS taps arch rival for Swiss wealth head
eFinancial News
UBS has appointed a new head of its wealth management business in Switzerland from its arch rival Credit Suisse, reversing a recent trend of its own private bankers moving the other way.
http://jlne.ws/bLT8s8
Santander to add 400 jobs in Britain
Interactive Investor
LONDON (Reuters) - Spanish bank Santander said its British unit planned to hire 400 call centre staff to maintain customer service levels following a period of steady expansion.
http://jlne.ws/aGJ9or
Santander Likely to Prove Skeptics Wrong
Smart Money
The Spanish bank's expansion plans will pay off in the long run.
http://jlne.ws/9XtiZN
Citigroup CEO: Working To Expand Services To Underserved Communities
Dow Jones
WASHINGTON -(Dow Jones)- Citigroup is working to expand access to financial services in traditionally underserved communities, the company's chief executive said Thursday after receiving an award for its philanthropic work.
http://jlne.ws/cUaoVJ
Citigroup Welcomes Skeptical Analyst
TheStreet.com
Citigroup CEO Vikram Pandit meets CLSA analyst Mike Mayo on Oct 1. Mayo has complained he's been "frozen out."
http://jlne.ws/bLmuJF
Former SGX CEO appointed non-executive director of ICAP
By Jonathan Peeris
SINGAPORE: Former Singapore Exchange (SGX) CEO Hsieh Fu Hua has been appointed as a non-executive director of UK-based interdealer broker ICAP.
channelnewsasia.com
http://jlne.ws/9bcVZl
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