The Federal Reserve Bank of New York named TD Securities, the investment-banking unit of Canada’s largest lender by assets, a primary dealer in the first expansion of its roster of counterparties since 2011.
Julian Rifat, a former trader at Moore Capital Management LLC, faces eight insider-dealing charges over trades in companies including Barclays Plc and Volkswagen AG, making him one of the most-high profile suspects to face prosecution in a U.K. investigation.
Dresdner Kleinwort former Chief Executive Officer Stefan Jentzsch, who left the investment bank after last month’s takeover by Commerzbank AG, is forgoing his 2008 bonus as the industry grapples with the worst financial crisis since the Great Depression.
More than 100 bankers claim Commerzbank AG broke a pledge by Dresdner Bank, which it bought in 2009, to set aside about $516 million for bonuses and are asking a U.K. court this week to order that they be paid.
Bank of America Corp. is impeding an investigation of its loan modification practices by negotiating settlements with borrowers who must agree to keep them secret and not criticize the bank in exchange for cash payments and loan relief, Arizona officials say.