Japan Megabanks Break Glass Ceiling for Foreign Managers

by The Compliance Exchange on August 28, 2014

Japan’s biggest banks are breaking tradition by promoting foreigners to top management roles to retain and lure overseas talent as growth abroad buoys profit.

Among recent appointments: In July, Debra Hazelton became the first foreign general manager at Mizuho Financial Group Inc. (8411)’s Tokyo headquarters, where she leads a new … Read More »

RBS Sued by Bankrupt U.K. Student Housing Firm Over Libor

by The Compliance Exchange on August 28, 2014

The owner of a bankrupt student housing company sued Royal Bank of Scotland Group Plc, saying the lender sold hedging products linked to Libor while trying to rig the interest-rate benchmark.

Stuart Wall, owner of Opal Property Group Ltd., added the Libor allegations to an existing lawsuit, according to documents filed at a London … Read More »

Deutsche Bank fined over incorrect reporting

by The Compliance Exchange on August 28, 2014

Deutsche Bank AG London Branch has been fined £4,718,800 by the Financial Conduct Authority (FCA) for incorrectly reporting transactions between November 2007 and April 2013.

Deutsche failed to properly report 29,411,494 Equity Swap CFD (contracts for difference) transactions. The failure, which affected all Deutsche’s Equity Swap CFD transaction reports in this period, breaches FCA … Read More »

Swiss banks lose $383bn in deposits in offshore tax evasion crackdown

by The Compliance Exchange on August 28, 2014

Banks in Switzerland lost 350 billion Swiss francs ($383 billion) from foreign clients over the past six years amid an international crackdown on offshore tax evasion, according to PricewaterhouseCoopers AG.

Foreign clients withdrew as much as 100 billion francs to pay fines to governments in their countries of residence, PwC … Read More »

Compliance Roundup

by The Compliance Exchange on August 28, 2014

Sellers of bonds backed by mortgages, auto loans and commercial buildings will have to give investors more details to judge the quality of loans they have packaged under rules approved yesterday by the U.S. Securities and Exchange Commission.

The SEC’s five commissioners unanimously approved rules mandated by the Dodd-Frank Act after investors were burned … Read More »

SEC acts to restore compliance at ratings agencies

by The Compliance Exchange on August 28, 2014

The Big Three credit rating agencies — Standard & Poor’s, Moody’s, and Fitch Group — control about 95% of the market. They played a pivotal role in causing the 2008 financial meltdown. Rules adopted by the SEC Wednesday are intended to bring integrity back to the ratings process.

There’s a … Read More »

Insider trading suspect bolts—barefoot—from cameras

by The Compliance Exchange on August 28, 2014

That’s one way to leave court.

New York City investor relations executive accused of insider trading took off running when he spotted a CNBC camera and two still photographers outside federal court in Manhattan on Tuesday. Wearing a sleeveless shirt, 51-year-old Michael Lucarelli fled eastward on Worth Street upon seeing the cameras—continuing to … Read More »

SEC Wants More Detail on Loans Backing Securities

by The Compliance Exchange on August 28, 2014

U.S. regulators will take long-awaited steps to give investors more information about the quality of mortgages and other loans underpinning certain securities.

The Securities and Exchange Commission is expected to complete rules Wednesday that would require banks and other firms to provide investors with more details about loans pooled into … Read More »

JPMorgan and Other Banks Struck by Hackers

by The Compliance Exchange on August 28, 2014

A number of United States banks, including JPMorgan Chase and at least four others, were struck by hackers in a series of coordinated attacks this month, according to four people briefed on a continuing investigation into the crimes.

The hackers infiltrated … Read More »

War, Violence, Disease, and Bankers Can’t Stop This Surging Stock Market

by Jack J. Kelly on August 27, 2014

Sometimes it feels that we live in a surreal world.

Day-after-day we witness an onslaught of bombings in the Middle-East, newly emerging violent terrorist groups beheading journalists, planes disappearing, Russia practically invading the Ukraine, Ebola virus threatening to spread like a zombie plague, racial tensions at home, and a myriad of Wall Street outrageous … Read More »



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