Former employees of Bernard L. Madoff who are on trial on charges they aided the convicted con man’s $17 billion Ponzi scheme were unaware of the fraud and were duped into helping him keep it going, lawyers told a jury.
U.K. lenders may face a 100 billion- pound ($161 billion) capital shortage under a proposal by the country’s Prudential Regulation Authority, which could force banks to postpone dividends and depress their returns, according to Exane BNP Paribas analysts.
Britain’s Independent Commission on Banking will recommend a Swiss-style increase in banks’ capital holdings and may force Lloyds Banking Group Plc to sell more branches, according to Jonathan Pierce, a banking analyst at Credit Suisse Group AG.
Barclays Plc , Standard Chartered Plc and HSBC Holdings Plc , three of Britain’s biggest lenders, are toning down threats they made last year to leave London as pressure to break up commercial and investment banking eases.
Credit Suisse Group AG hired four bank analysts and two equity salespeople from JPMorgan Chase & Co. in London as it rebuilds a team weakened by departures, according to two people with knowledge of the moves.
Nationwide Building Society, the U.K.’s biggest customer-owned lender, said profit margins will come under pressure this year and next amid “aggressive” competition for deposits from state-owned banks.
European stocks declined from a one- month high as an unexpected increase in U.S. jobless-benefit claims and concern that banks may have to raise more capital overshadowed better-than-estimated company earnings.