Siena, the medieval city renowned for its Palio horse races, is home to the world’s oldest bank. Within its aging walls lies a distinctly 21st-century tale of devastation wrought by local politicians and global financiers.
Three former executives of Banca Monte dei Paschi di Siena SpA went on trial for allegedly obstructing regulators in the first case related to how the managers may have embellished the bank’s finances.
Banco Santander SA Chairman Emilio Botin said he gave Banca Monte dei Paschi di Siena SpA Chairman Giuseppe Mussari 48 hours to pay for unit Banca Antonveneta SpA, according to a document obtained by Bloomberg News.
Banca Monte dei Paschi di Siena SpA’s largest shareholder has decided to sue two of the Italian bank’s former managers including ex chairman Giuseppe Mussari as well as Nomura Holdings Inc. and Deutsche Bank AG over the alleged use of derivatives to mask losses.
U.S. Securities and Exchange Commission Chairman Mary Jo White, responding after system errors caused a three-hour halt on the Nasdaq Stock Market last week, said she will push to adopt proposed automated-trading rules.
The Italian Bank Association’s presidential committee resigned today in protest over new banking-fee rules included in the government’s legislation on boosting competition, ABI Chairman Giuseppe Mussari said.