Managers of Wealth Americas

U.K. Pressures BofA Unit on Risk Management

British Regulator Describes Current Practices at Bank’s European Arm as ‘Simplistic’

Swiss-based private banking arm to pay £10m over US charge

The unit failed to register with the S.E.C. before providing advice to American clients, an omission that allowed it to avoid scrutiny in Washington.

CFTC Pardons Family Offices from Registration as Commodity Trading Advisor

Wealth creators and preservers for America’s most affluent families will take heed of new measures that provide family offices exemption from registering with authorities as Commodity Trading Advisors.

Regulator Probes HSBC Info Leak To Hedge Fund Allegation

The alleged event is said to have taken place in March 2010, when HSBC advised British insurer Prudential PLC on a huge acquisition and was working on a related multibillion-dollar currency deal.

US Class Action suit claims Standard Bank and others rigged platinum price

Bill Murphy’s outspoken GATA organisation has been claiming for decades that the world’s major banking institutions have been manipulating the gold price.

Citigroup fined $15m for equity research failings

Citigroup, which settled the allegations with FINRA, neither admitted nor denied the charges, but consented to the entry of FINRA's findings.

Regulators Give Passing Grade to Wells Fargo Plan on Theoretical Bankruptcy

Fed Says Big Bank’s Bankruptcy Plan Is Better Than Peers

Banker says debt drove him to crime

The government has brought six prosecutions since 2013 related to the collapse of Wilmington Trust as an independent bank.

SFOS Win Regulatory Relief From US Commodities Watchdog

The relief comes after a successful campaign by the Private Investor Coalition for an exemption for single family offices.

JPMorgan Hacking Raises Alarm About Banks’ Cyber Defences

The hacking of JPMorgan has exposed the potential vulnerability of the global financial system to cyberattacks

Mayer Brown promotes 21 to partner worldwide

Mayer Brown, a leading global law firm, announced the promotion of 21 of its lawyers worldwide to partner. The appointments take effect January 1, 2015.

Bank of America granted penalty relief after SEC compromise

The U.S. Securities and Exchange Commission has resolved an impasse over punishing Bank of America Corp. in a mortgage case, clearing the way for the Charlotte lender to complete a $16.7 billion global settlement

AFL-CIO Asks Banks to Explain Payouts to Government-Job Takers

The AFL-CIO, the nation’s largest labor organization, called on seven Wall Street banks to explain why the firms pay additional compensation to some employees who leave for high-ranking government positions.

Houston wealth management firm must pay $3.8 mln to retirees -panel

The decision includes $853,000 in punitive damages

SEC Adopts Rules to Improve Systems Compliance and Integrity

The Securities and Exchange Commission today voted to adopt new rules designed to strengthen the technology infrastructure of the U.S. securities markets.

More Madoff money brings total to $10.3 billion going back to investors

Victims of Bernard Madoff’s Ponzi scheme will split another $500 million, bringing the total recovered to $10.3 billion.

Bank of Tokyo-Mitsubishi fined $315m for 'misleading regulators'

BTMU Pressured its Consultant, PwC, to Remove Key Warnings to Regulators on Bank’s Transactions with Sanctioned Countries, Including Iran, Sudan, Myanmar

Banks chase trading cheats with 'fuzzy' surveillance

Older systems to catch misconduct, still in use at some firms, pick through conversations for trigger words, but they can be easily circumvented.

JPMorgan settles with owners of Texas shale-rights

The trust beneficiaries accused the bank, which was supposedly working on their behalf

Credit Suisse Among Banks in Limbo Over Regulatory Waiver

Wall Street has hit an unexpected stumbling block in its efforts to move beyond government enforcement actions.

Legal, Regulation & Compliance