Tag Archives: bank
A new Morgan Stanley report looks at the potential for an acceleration of merger and acquisition (M&A) activity among mid-cap banks in 2015. Analysts give several reasons why they believe a recent modest increase in M&A activity in the financial sector could pick up next year.
Many banks have benefited from cost-cutting measures and reserve releases over the past few years, but analysts believe that the window to continue to benefit is closing.
Posted in Uncategorized
Tagged bank, Bank of America, cost-cutting measure, Deal Boom, Deal Market, interest-rate, investment banking, long-duration asset, M&A, Merge&Acquisition, mid-cap banks, Morgan Stanley, Private Equity
Wells Fargo & Co. (WFC), the largest U.S. mortgage lender, will pay $125 million and set up a $50 million assistance fund to settle U.S. allegations that it discriminated against minority borrowers.
The bank will also stop using outside brokers to create mortgages, according to a statement yesterday from Wells Fargo. The accord settles U.S. accusations in court filings that the bank put creditworthy Hispanic and African-American borrowers into more expensive subprime loans from 2004 to 2007, and that mortgage brokers through 2009 added charges that caused minority borrowers to pay higher fees, costs and interest than similar white borrowers.
Posted in Breaking news, Economy, Events, Financial Crisis, Libor scandal
Tagged assistance fund, bank, brokers, crisis, HOme morgages, Libor Scandal, london interbank offer rate, minority, Wells Fargo
Posted in Breaking news, Economy, European economy, Investment Banking, Libor scandal, Regulation, Value Investing, Venture Capital
Tagged bank, Bank of England, Barclays, Britain, corporate, FEC, Federal Reserve, Financial Services Authority, loans, Money, morgages, pau tucker, regulators, scandal.
The London Interbank Offered Rate, one of the world’s most important indices that is closely tied to roughly 360 trillion assets, is found to be manipulated by greedy individuals. However, the trouble doesn’t stop there. Britsh bank giants are facing numerous lawsuits that can drag them down to the abyss. Today, a report by James O’Toole from the CNN will give you a better picture of the scene.
The Libor interest-rate-fixing scandal has already cost Barclays more than $450 million. For the British banking giant and others, however, that could be just the beginning.
Two dozen lawsuits have been filed against banks involved in setting Libor by plaintiffs who claim they lost money as a result of the rate’s manipulation. And that’s just in the United States — given Libor’s global reach, investors around the world may have cases.
Libor — or the London Interbank Offered Rate — is the world’s most important benchmark for interest rates. Roughly $10 trillion in loans — including credit card rates, car loans, student loans and adjustable-rate mortgages — as well as some $350 trillion in derivatives are tied to Libor.
Posted in Breaking news, Commodities, Economy, Equity Markets, European economy, Financial Crisis, Hedge Funds, Investment Banking, Libor scandal, Private Equity, Regulation, Value Investing, Venture Capital
Tagged bank, Barlays, Benchmark, CNN, equity, Fraud, inveestment, Investor, Lawsuits, LIBOR, London, London bank, manipulation, mortgages, scandal., trade, trillion
As the mystery of LIBOR begin to unmask, it aroused more and more attention from the public. Expert from the Economist.com gives a detailed report today on this specific topic.
THE most memorable incidents in earth-changing events are sometimes the most banal. In the rapidly spreading scandal of LIBOR (the London inter-bank offered rate) it is the very everydayness with which bank traders set about manipulating the most important figure in finance. They joked, or offered small favours. “Coffees will be coming your way,” promised one trader in exchange for a fiddled number. “Dude. I owe you big time!… I’m opening a bottle of Bollinger,” wrote another. One trader posted diary notes to himself so that he wouldn’t forget to fiddle the numbers the next week. “Ask for High 6M Fix,” he entered in his calendar, as he might have put “Buy milk”.
What may still seem to many to be a parochial affair involving Barclays, a 300-year-old British bank, rigging an obscure number, is beginning to assume global significance. The number that the traders were toying with determines the prices that people and corporations around the world pay for loans or receive for their savings. It is used as a benchmark to set payments on about $800 trillion-worth of financial instruments, ranging from complex interest-rate derivatives to simple mortgages. The number determines the global flow of billions of dollars each year. Yet it turns out to have been flawed.
Posted in Breaking news, Commodities, Economy, Equity Markets, European economy, Events, Financial Crisis, Hedge Funds, Investment Banking, Libor scandal, Private Equity, Subprime mortgages, Uncategorized, Value Investing, Venture Capital
Tagged asset, bank, Barclays, Bob Dimond, Bollinger, British Bank, Compensation, debt, Disaster, economic, England, Equity management, finance, Financial engineering, Financial instruments, Fraud, Global recession, LIBOR, Money, Mortgage, Rent, Savings, scandal.