Banking

Bloomberg Two whistle-blowers are set to share a record $61 million award from the Securities and Exchange Commission for helping make the case that JPMorgan Chase & Co. failed to disclose to wealthy clients that it was steering them into investments that would be most profitable for the bank. The SEC issued letters notifying six whistle-blower applicants of the preliminary ...

Bloomberg In October 2015, Credit Suisse Group AG Chief Executive Officer Tidjane Thiam and the head of its markets unit, Timothy O’Hara, laid out their vision for a business they said would be key to overhauling one of the world’s biggest investment banks. “Credit Suisse has consistently been a top-three trader of global stocks since 2010,” O’Hara, a 27-year veteran ...

Bloomberg Barclays Plc’s clients may have to pay as much as 350,000 pounds ($455,000) to get the top service package from its equities analysts once free research is banned in Europe, the first price for stocks coverage to emerge from a major bank. The firm is proposing three levels of service — bronze, silver and gold — with the premium ...

Bloomberg A London judge rejected an application by a group representing 46 million consumers to pursue a lawsuit against Mastercard Inc. that would have been the largest of its kind since U.S.-style class actions were introduced in the UK. The 14 billion-pound ($18 billion) lawsuit initiated by Walter Merricks, a lawyer who once led the UK organization that handles consumer ...

Abu Dhabi / Emirates Business The UAE Banks Federation (UBF), a professional body representing 48 member banks operating in the UAE, announced that it has secured support of the Central Bank for its initiative which aims at developing a unified framework for handling complaints of bank customers in the country. “The proposed framework was developed as part of UBF’s continued ...

Bloomberg Bank of America Corp. (BofA) has picked Dublin to locate its main European Union hub in preparation for Britain quitting the bloc in 2019, the latest global bank to finalize its contingency arrangements after Brexit. The bank will move some roles from London to the Irish capital and other cities across the EU, it said in a statement. Bank ...

Bloomberg Andbank, the Andorran private bank with $26 billion under management, is joining the rush to grab market share among wealthy Brazilians living in Miami. The micro-state’s largest bank has hired seven people for its Latin America private-banking business in Miami in 2017, bringing the total to 22, and could add as many as eight more by year-end, Carlos Moreno ...

Bloomberg Credit Suisse Group AG is planning to hire more relationship managers in Saudi Arabia, joining rivals including Deutsche Bank AG in designating the country as a priority for their wealth management business. The recruitment drive comes after the Zurich-based bank established a platform allowing it to offer private banking services and products in the country, according to an emailed ...

Bloomberg Lloyds Banking Group Plc is in talks to lease a new London office with room for about 1,000 workers in an effort to consolidate its locations in the capital and help save 100 million pounds ($130 million), two people familiar with the plan said. The UK bank is in discussions with law firm CMS Cameron McKenna LLP to lease ...

Bloomberg One of Sweden’s biggest banks is targeting growth in the UK as uncertainty surrounding the country’s future amid Brexit talks proves no deterrent at all. The chief executive officer of Svenska Handelsbanken AB, Anders Bouvin, told Bloomberg TV’s Francine Lacqua he is “very firmly committed” to the U.K. market. Management will probably continue to add branches, though the CEO ...