05/09/2019
‘World-Renowned’ Whistleblower Sues Kevin Costner, Estée Lauder Billionaire for Alleged Fraud
The action stems from a dispute over Birkenfeld’s book, Lucifer’s Banker: The Untold Story of How I Destroyed Swiss Bank Secrecy.
Legal, Regulation & Compliance
05/08/2019
Criminals and kleptocrats will find it harder to launder money in U.S. if bill passes
That’s one reason the U.K.-based Tax Justice Network last year named the United States the globe’s second most financially secretive jurisdiction, behind Switzerland and ahead of the Cayman Islands.
05/08/2019
How the International Monetary Fund is waking up to the financial risks of the climate crisis
The paper stresses that mitigation instruments other than carbon taxes can have an important role if, for example, higher fuel prices are politically difficult or have limited impacts in countries that do not consume coal.
05/07/2019
1MDB scandal: Malaysia sends ex-Goldman banker Roger Ng to US to face charges
Huge sums of public money were stolen from Malaysian state fund 1MDB and used to buy everything from yachts to artwork
05/07/2019
Morgan Stanley to shut down its Russian banking business in first quarter 2020
Morgan Stanley is planning to send a formal notice to the Russian central bank that it will close down its banking operations in the country in the first quarter of 2020, its Russian unit said in its annual report.
05/07/2019
Stevens First Principles Investment Advisors to Join Focus Partner Firm Benefit Financial Services Group
They will have access to the additional resources and infrastructure of BFSG to further enhance their clients’ experience and ensure continuity of service by joining a like-minded organization.
05/07/2019
Citi closes CitiCross 'dark pool' amid equities unit review
Last month Citi reported a 24 percent drop in equities trading revenue in the first quarter due in part to lower market volumes, pressuring the bank’s overall revenue.
05/07/2019
Investors start to sue broker-dealers that sold GPB private placements
Clients allege lack of suitability and due diligence by B-Ds
05/06/2019
AMG Takes Stake in Alternative Fixed Income Manager Garda Capital
Garda has teamed up with the firm, which buys equity stakes in asset managers, to incentivize its next generation of leaders.
05/03/2019
Billionaire paid $6.5 M bribe to get daughter into university: Report
The deal was brokered through a Morgan Stanley money manager and voila, Yusi became a sailing recruit guaranteeing her acceptance, according to accusations.
05/03/2019
Wall St. watchdog proposes plan to boost oversight of firms with tainted brokers
The proposal would further promote investor protection and market integrity
05/02/2019
MAS, BOC conduct successful experiment for cross-border payments using Blockchain
Central Banks of Canada and Singapore conduct successful experiment for cross border payments using Distributed Ledger Technology
05/02/2019
'We're very aggressive': Andrés Lozano ramps up risk in $11.5bn pension fund
In a nutshell, the change is an effort to give younger savers a shot at achieving higher returns.
05/02/2019
Central Banks of Canada and Singapore conduct successful experiment for cross-border payments using Distributed Ledger Technology
The Bank of Canada and MAS have been collaborating in the use of Distributed Ledger Technology and central bank digital currencies to make the cross-border payment process cheaper, faster, and safer.
05/02/2019
US Justice Department Publishes Guidelines for Corporate Compliance Cases
Prosecutors should consider a host of factors, including the methodology underpinning a company’s risk management process
05/01/2019
European regulators fear Deutsche Bank U.S. stress test failure
Deutsche Bank's future in the United States, where it opened 40 years ago with just 76 employees before expanding rapidly in 1999 by buying Bankers Trust, is already in doubt.
04/30/2019
Citi Reorganizes Law Firm Banking Business as Legal Industry Leans on Finance
The changes give the law firm group a direct line to the global head of Citi Private Bank.
04/30/2019
UBS Cites Multiple Reasons for Ousting a Top Broker
The terse explanation of Findley’s dismissal was sent to state regulators in a summary of the firm’s U-5 termination notice that was reviewed by AdvisorHub.
04/30/2019
Big loss for Morgan Stanley as $6B team goes indie
Morgan’s retention rates have also benefited from a reduced recruiting environment: the wirehouse and rivals Merrill Lynch and UBS have cut back on hiring initiatives in recent years.
04/30/2019
Macquarie to cut some of its Canadian operations
However, Macquarie’s asset management unit and others including commodities trading, hedging, corporate finance, and advisory units are not believed to be affected.