A U.S. federal judge approved an aggregate $187 million settlement agreement resolving an antitrust class action against seven of the world’s largest banks that claimed the banks colluded to misreport and manipulate LIBOR rates, harming eurodollar investors.
The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.
A glitch in Bank of America’s system caused some online and mobile banking users to see an incorrect $0 balance on their accounts, stirring panic among some customers who claimed they also struggled to access their money from ATMs.
Seventy global investors controlling more than $16 trillion pitched a novel framework Wednesday that they say should enable asset owners and managers to heed intensifying calls to cut carbon out of their portfolios by 2050.
Deutsche Bank plans to boost the efficiency of messaging between its clients and employees by integrating the popular WhatsApp chat platform into its communication channels through an expansion of its partnership with Symphony Connect Solution, the bank said Thursday.
Swiss lender Credit Suisse named a chief executive officer to lead its new Saudi commercial banking business as it seeks to further establish its presence in the country.
MUFG Bank has become the first Japanese bank to win approval to act as a settlement agent in China’s interbank bond market, the bank said Tuesday.
Goldman Sachs is trying to avoid pleading guilty and paying a $2 billion-plus fine for its role in the 1Malaysia Development Berhad case, one of the largest foreign bribery and corruption scandals in recent history, the New York Times reported Thursday.
HSBC increased its footprint in China by becoming the first international bank in the country to offer Qualified Domestic Limited Partnership investments to its high-net-worth clients on Tuesday, in an expansion of the bank’s offshore investment options.
As Beijing looks to strengthen its hold on Hong Kong with a new security law, a growing number of multinational financial firms are considering scaling down their operations in the semi-autonomous territory, while others, including HSBC, have publicly backed the contentious legislation.
A lawsuit lodged by major institutional investors against more than a dozen of the world’s biggest banks -- including Bank of America, JPMorgan Chase and Citigroup -- will proceed, a federal judge ruled Thursday, declining to throw out claims that the banks conspired to rig foreign exchange rates.
The Reserve Bank of New Zealand said Monday it registered the Industrial and Commercial Bank of China, the world’s largest lender by assets, to operate as a branch as Chinese banks continue to expand in New Zealand.
Proxymity, a platform that supports online proxy voting, has attracted $20.5 million in funding from the likes of JPMorgan Chase, HSBC, Citigroup and Deutsche Bank, the company said Tuesday.