BNP returns to profit after crippling US fines
BNP Paribas has returned to profit in the third quarter after a record fine for violating US sanction controls in Sudan, Iran and Cuba.
Regulation & Compliance
HSBC’s historic RMB transaction overshadowed by forex scandal at home
Last week, HSBC cemented its position in Asia as a leader in cross-border RMB settlements - but things look less bright back in the UK, where the bank admitted to making an alarmingly small provision for FCA fines.
New Bank of England leverage ratios welcomed with open arms
By 2019, UK banks will have to hold a maximum of 4.95p in capital for every £1 they lend, according to new proposals released today by the Bank of England (BoE).
LG to overhaul Korea’s online payments industry
South Korea may be a technology powerhouse, but where online payments are concerned, it has lagged behind due to draconian authentication methods. All that is about to change.
FCA to cut red tape for finance startups
The Financial Conduct Authority (FCA) may be willing to relax rules to help new financial firms get off the ground, according to regulator Martin Wheatley.
HSBC and First Trust Bank get stern telling off from watchdog
Two leading UK banks have been put on the proverbial naughty step by the Competition and Markets Authority (CMA) following a “serious” breach of industry rules.
11 European banks failed stress test, says EFE
On Sunday, the European Banking Authority (EBA) will publish the results of its stress test – but the Spanish news wire EFE has already reported that 11 of the 123 banks have failed.
JP Morgan hack was not Russian revenge plot, says FBI
The FBI and US Secret Service have put to bed rumours that a recent cyber attack on JP Morgan & Chase, America’s largest bank, were sponsored by the Russian government.
Tesco’s black hole due to lies, not mistakes, say investigators
“Inappropriate” behaviour, not an accounting error, is to blame for Tesco’s £250m profit overstatement, according to those tasked with looking into the black hole scandal.
Regulators crack down on shadow banking sector
From the end of 2015 non-banking institutions such as hedge funds and private equity firms will have to provide a minimum level of collateral, such as stocks or bonds, when borrowing money from banks.
