Banks

Trading in HMV stock suspended on the London Stock Exchange ahead of HMV Group appointing administrators. Troubled UK retailer entertainment HMV (LSE:HMV) has announced it will appoint administrators Deloitte after being “unable to reach a position where it feels able to continue to trade outside of insolvency protection”. In recent days suppliers, including major music […]

BBC reported today that Royal Bank of Scotland plc (LSE:RBS) (NYSE:RBS) is now in the final stage of negotiations as to how much fine it will pay over its alleged participation in the London Inter-Bank Offer Rates or LIBOR, which may also claim one executive’s seat at the bank. According to Robert Peston, BBC’s Business […]

That’s right.  UBS is “too arrogant” and “corrupted.”  Hold on now.  We didn’t say that (yet). It was UBS CEO Andrea Orcel who said that UBS and other major banks have been “too arrogant.”  The other was that financial guru, the Archbishop of Canterbury, who called the bank a “corrupted” organization.  Wow!  What a surprise! […]

Barclays shares (LSE:BARC) are in a bullish mode, and will continue as such. Along the way, bulls will make mincemeat of bears. When it comes to this, bulls are not nice. They got a bad mind against the bears. The toad says he has a bad mind; who will see his rough skin and not […]

Lloyd’s stock (LSE:LLOY) has been experiencing a good rally in recent times. Below is what is expected of the price movement for the most of this year. On the chart, 4 Exponential Moving Averages are used. They are EMAs 10, 20, 50 and 200 (the color that stands for each EMA is indicated at the […]

Bank of America (NYSE:BAC) has agreed to pay $10.35 billion USD to settle claims for loans originated by the bank and sold to Fannie Mae between 2000 and 2008. The loans in question were actually originated by Bank of America N.A. and Countrywide Financial, which Bank of America acquired in 2008.  $3.6 billion of the […]

Wegelin, the oldest Swiss bank, is about to close permanently after pleading guilty in a New York court to helping Americans evade taxes. The bank, established in 1741, has agreed to pay $57.8m (£36m) in fines to US authorities. Wegelin admitted that it helped more than one hundred Americans to hide $1.2bn from the Internal […]

The Swiss bank UBS has agreed to pay $1.5bn (£940m) to US, UK and Swiss regulators for attempting to manipulate the Libor inter-bank lending rate. It is the second major bank to be fined over Libor after Barclays’ was ordered to pay £290m to UK and US authorities in the summer, where CEO Bob Diamond […]

Chronicle of a Job At Barclays Foretold The following is an extract from my new eBook, Lessons From The Financial Markets For 2013 covering Barclays. In fact, as it was written a few weeks before it was announced that former FSA Chief Hector Sants was joining Barclays in a compliance role. The paragraph highlighted in […]

Hard times for big banks. In the US they are making a last minute push to ease the new global liquidity requirements, that would force them to come up with an additional $800bn in easy-to-sell assets under the proposed standards. On the other hand, UK banks are facing the threat of a break-up if they […]