Search Results for: barclays

Barclays fires CEO Antony Jenkins

Barclays CEO Antony Jenkins

It’s shaping up to be a rough year for CEOs at Europe’s most notorious rate rigging, scandal-laden investment banks. Just three months after Brady Dougan left Credit Suisse and barely 30 days since Anshu Jain and Jürgen Fitschen tendered their resignations at Deutsche Bank, Barclays has shown CEO Antony Jenkins the …

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Six banks fined $5.8 billion for market rigging

Citi JPMorgan Barclays RBS UBS

Editor’s note: these banks made billions more from their crimes, let alone received billions of $ in bailouts which the tax payers funded. So will we receive this money? Will any of these bankers ever go to jail for their crimes? If you or I committed the crimes that these bankers are guilty of we would …

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Saudi firm sues Barclays for $10bn

Barclays

A property company controlled by one of Saudi Arabia’s richest men, Sheikh Mohamed bin Issa al Jaber, is suing Barclays for $10bn (£6bn). The company alleges that Barclays stopped pursuing lease payments on military complexes from the Saudi government so the bank could get a lucrative banking licence to operate …

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UK’s top 4 banks under major investigation

Barclays bank

Barclays, Royal Bank of Scotland, HSBC and Lloyds may be forced to break up following a finance watchdog’s inquiry. The watchdog claims Britain’s banking sector is characterized by anti-competitiveness and a failure to meet ordinary citizens and small business’ needs. Outlining its proposals for a sweeping 18-month investigation into Britain’s …

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British bank Barclays to cut 3,700 jobs

Barclays Bank

Barclays, the third largest bank in Britain, is to cut at least 3,700 jobs as part of chief executive Antony Jenkins’ plan to overhaul the bank’s culture and reduce annual costs by £1.7 billion. Seeking to rebuild its reputation and boost profitability after a series of scandals, Barclays said it …

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Three arrested in UK over Libor rate fixing scandal

hang the bankers

The UK anti-fraud agency has arrested three men in connection with the Libor interest rate manipulation scandal that broke earlier this year. According to Britain’s Serious Fraud Office, the three British men are aged 33, 41 and 47 and are all currently living in the United Kingdom. They have been …

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‘Big five’ bank customers vent anger by taking their money elsewhere

Customer cuts up Barclays bank card

Angry bank customers have been voting with their wallets and bombarding co-ops, building societies and credit unions with applications for current accounts over the past week, after the NatWest computer meltdown and the Barclays rate-rigging scandal. Data compiled by the campaign group Move Your Money UK shows an explosion in requests to switch from …

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Poor thieves go to jail, rich thieves don’t

Rachael Claire Martin

From the Mail: A bank clerk who dreamed of becoming a model stole £46,000 from the tills — and spent it on plastic surgery and shopping sprees. Rachael Claire Martin, 24, used the cash to fund a boob job, dental work and liposuction, as well as hair extensions and nights …

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Barclays fined £26 million for manipulating price of gold for a decade

Barclays capital gold price rigging

It was almost inevitable: a week after we wrote “From Rothschild To Koch Industries: Meet The People Who “Fix” The Price Of Gold” and days after “Barclays’ Head Of Gold Trading, And Gold “Fixer”, Is Leaving The Bank“, earlier today the UK Financial Conduct Authority finally formalized what most in …

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RBS and UBS traders to face arrests over Libor scandal within a month

RBS

RBS and UBS traders accused of manipulating the Libor face arrests within a month, Bloomberg’s Lindsay Fortado reports. In case you’ve forgotten, the Libor is the London Interbank Offering Rate, a benchmark rate for financial products worth $360 trillion world wide. This summer, traders were found allegedly colluding with Libor submitters to manipulate …

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Banking scandal: how document trail reveals global scam

banking scandal how document tray reveals global scam

It’s not a comfortable weekend for the men heading some of the world’s biggest banks. Barclays has already been hit by a £290m fine for rigging interest rates but that could be dwarfed by a series of global lawsuits which could cost banks billions. The interest rate rigging scandal that …

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RBS traders boast of making major $$$ by rigging interest rates

RBS libor

Senior traders at Royal Bank of Scotland boasted about operating a “cartel” that made “amazing” amounts of money by rigging interest rates, it has been disclosed. Internal messages revealed in court documents apparently show how traders claimed they could manipulate Libor, which is used to set borrowing costs for millions …

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The Libor scandal explained

Libor Scandal

According to news reports, UK banks fixed the London interbank borrowing rate (Libor) with the complicity of the Bank of England (UK central bank) at a low rate in order to obtain a cheap borrowing cost. The way this scandal is playing out is that the banks benefitted from borrowing …

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Swiss open major bank probe into precious metals market rigging

Precious metals gold

The Swiss competition regulator has opened an investigation into possible collusion in the precious metals market by several major banks, it said on Monday, the latest in a string of manipulation probes. Switzerland’s WEKO watchdog said its investigation, the result of a preliminary probe, was looking at whether UBS, Julius …

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The Great Revealing: US Marshals expose biggest scandal in history

The Department of Justice — home of the US Marshals — has now blown the lid off of the biggest financial scandal in human history… after a highly covert three-year investigation. The LIBOR scandal has started the Great Revealing of Financial Tyranny. Mass arrests must begin with mass charges, and …

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UBS given immunity in precious metals manipulation probe

UBS precious metals manipulation

UBS Group AG won immunity from criminal fraud charges in a Justice Department investigation into misconduct in the trading of precious metals. The Swiss bank’s main UBS AG unit won’t be charged by the department’s criminal division for information the firm disclosed to prosecutors about precious-metals transactions, according to the …

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China’s plan to dominate the global gold market

China dominate global gold market

Status as one of the world’s biggest bullion importers, participation in the gold fix at the London exchange and a plan to establish a jewelry gold investment center in Shanghai has turned China into one of the leading players in the global gold market in 2016. Gold entered the New …

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