Continuing a wave of recent senior level hirings and management changes, Copenhagen based multi-asset trading and investment firm Saxo Bank has announced the appointment of Ulrik Ross as Head of Group Treasury, effective March 1, 2018. In his new role Mr. Ross replaces former Head of Group Treasury Henrik Andersen, who decided to resign from his…
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The Financial Times is reporting that several of the world's leading banks are heading towards final negotiations on a financial settlement (read:fines) with the European Commission, following a more than four year long probe into allegations they formed a cartel to rig the $5 trillion global FX market. The FT named UBS, RBS, JPMorgan, Citigroup, Barclays,…
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The CEOs of two major international banks made similar warnings at the Davos World Economic Forum on Wednesday, that they will likely be shifting thousands of financial services jobs out of London over the next few years thanks to Brexit. Axel Weber, Chairman of Switzerland based UBS AG (SWX:UBSN), said at Davos that as many…
Read moreThere is an interesting piece of news confirming the growing interest in Chinese yuan trading. According to a report in the Financial Times, HSBC Holdings plc (LON:HSBA) is about to become a market-maker for trading the renminbi and the Swiss franc in the country's interbank Forex market. HSBC, known as a long-standing advocate of the…
Read moreThe bill over FX market manipulation keeps growing for big investment giants, with three of the UK's biggest banks - Barclays PLC (LON:BARC), HSBC Holdings plc (LON:HSBA), and Royal Bank of Scotland Group plc (LON:RBS), agreeing on Thursday to pay a total compensation of £600 million ($924 million) to victims of Forex manipulation in the…
Read moreAntonio Simoes succeeds Alison Brittain, former Group Director of Retail at Lloyds Banking Group, who announced in May that she is leaving the financial services sector, and therefore the Panel, to join Whitbread plc as Group CEO
Read moreHSBC, Barclays, BNP Paribas and Goldman Sachs have signed agreements to settle civil litigation relating to FX rate manipulation, bringing the total to almost $2 billion
Read moreThe Bank of England's head of press leaked a memo in error to a British newspaper, stating that a taskforce has been set up, led by Sir John Cunliffe, to investigate the implications of Britain leaving the EU, making the possibility of a Brexit appear more likely than ever
Read moreThe rights of customers cannot be subordinated to the self-interest of trader profit. The duties of financial institutions to those who entrust them with their investments must be respected. Where there is a failure of this responsibility, it must be clear that there will be accountability” - Michael D. Hausfeld
Read moreHSBC is set to review its domicile after tax scrutiny surrounds its Swiss private bank, and further FX manipulation fines arise. Could a Labour win at the polls be the final deciding factor?
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