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 federal judge in Australia allowed an Australian bank payments consortium to move forward with its case against U.S. payment settlement startup Ripple Labs over the alleged misuse of its registered trademark, according to a court order unveiled Tuesday.
Hong Kong’s financial sector is seeing a rebound driven by a surge in fund inflows and initial public offerings, even as the city struggles to shake off the pandemic and controversy surrounding a new China-imposed security law.
Belgian prosecutors have launched an investigation to see if Credit Suisse helped around 2,650 Belgian residents and clients hide their money from tax authorities.
Democrats in the House and Senate banking committees unveiled legislation on Wednesday that would make unprecedented changes to the mission of the U.S. Federal Reserve, creating a mandate to reduce racial disparity across the economy.
Former Bridgewater Associates Co-CEO Eileen Murray is suing the company, claiming that the hedge fund is blocking her from receiving deferred compensation for publicly disclosing the existence of an ongoing dispute over allegations of gender discrimination.
HSBC has elevated a longtime regulatory veteran at the bank to chief compliance officer for U.S. operations, a key role as the federal government threatens to sanction banks seen as helping China crack down on personal freedoms in Hong Kong.
Hong Kong’s capital markets regulator said Sunday that it doesn’t expect China’s new national security law to impact how financial institutions do business in the city, even as reports emerge that banks are increasing scrutiny of clients in response to the statute.
President Donald Trump signed legislation on Tuesday that allows him to sanction banks, businesses and officials involved in helping China impose a controversial new security law on Hong Kong.
HSBC said Thursday that a digital version of the Chinese yuan, which it suspects will launch soon, could improve China’s payment systems and put the nation at the forefront of digital currency development.
Hong Kong Exchanges and Clearing has launched the first clearing service using an alternative to the Hong Kong Interbank Offered Rate, or HIBOR, reflecting local regulatory efforts to nudge banks away from the old reference rate regime.
The U.S. Senate unanimously passed legislation Thursday to impose sanctions on banks that do business with Chinese officials implementing Beijing’s new security law, which is viewed by many Western lawmakers as a violation of Hong Kong’s promised autonomy.
Asset manager Federated Hermes is the latest investor to denounce HSBC for its support of China’s controversial security law for Hong Kong, which many view as a threat to civil liberties in the city.
If the U.K. wants to tackle climate change and meet its target of achieving net-zero carbon emissions by 2050, financial institutions have a big role to play, and the government can help them out by, for example, offering regulatory capital relief to banks to encourage them to lend and invest in ways that help the transition, a group that includes regulators and major financial institutions said in a report published on Monday.
A bill that would punish groups, entities or banks for subverting the autonomy of Hong Kong unanimously passed the U.S. Senate on Thursday, in a response to China’s controversial national security law that critics say undermines the city’s partial independence.
Standard Chartered will issue $1 billion in securities next Friday on the Hong Kong stock exchange, the British bank revealed on Thursday, signaling its commitment to the Hong Kong market even after it has faced criticism for supporting a controversial Chinese law.
HSBC has been forced to pick a side — facing pressure from China to support its controversial security law and spurned by the West for doing so — and the bank appears to have chosen to protect its profit against the backdrop of an ongoing strategic overhaul that hinges on a “pivot to Asia.”
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.
The Libra Association, the group behind Facebook’s planned cryptocurrency, has nabbed another high-profile hire, announcing Wednesday that Credit Suisse executive Sterling Daines will serve as its new chief compliance officer.