Brendan McNamara News
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After being rigged by some of the world’s biggest financial institutions, the London interbank offered rate, the benchmark for more than $300 trillion of securities and loans, is now increasingly being set by a smaller group of banks.
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Swiss banks are turning over thousands of employee names to U.S. authorities as they seek leniency for their alleged role in helping American clients evade taxes, according to lawyers representing banking staff.
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Bankas Snoras AB’s former owners siphoned away money through transfers to personal accounts, collateral for loans, and fake real estate deals using a web of offshore entities, the bank said in a London court filing.
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HSBC Holdings Plc, Europe’s largest bank, said it’s in talks to sell operations in Pakistan and South Korea, part of the lender’s plans to exit businesses that aren’t large or profitable enough.
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Former Credit Suisse Group AG broker Eric Butler had his securities-fraud conviction overturned by a federal appeals court, which ruled that Brooklyn, New York, was the wrong venue for the trial on the charge.
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Coca-Cola Co. , Cisco Systems Inc., Volkswagen AG and other global companies are curtailing operations in Egypt as protesters take to the streets for the seventh day to demonstrate against President Hosni Mubarak .
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HSBC Holdings Plc, Europe’s largest bank, said it has no plans to leave any countries in Asia, following a report it may sell or close some consumer units in the region.
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HSBC Holdings Plc , Europe’s biggest bank, pushed back employee bonus payments until after its full- year financial results, the Daily Telegraph reported, citing a person it didn’t identify.
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BP Plc , seeking cash to help pay for the worst U.S. oil spill, is moving ahead with asset sales by hiring HSBC Holdings Plc to sell its stake in a natural-gas field in Vietnam valued at about $1.3 billion, according to two people with knowledge of the matter.
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UniCredit SpA and HSBC Holdings Plc withdrew from the bidding for Bank Zachodni WBK SA , the Polish lender that Allied Irish Banks Plc aims to sell this year, a person with knowledge of the negotiations said.
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