Standard Chartered’s lawyers believe there's a case to sue DFS over reputational damage, reports The Financial Times.

Add Bank of England governor Mervyn King to the list of Brits tweaked by DFS chief Ben Lawsky's decision to file an order against Standard Chartered without coordinating with other U.S. authorities. King asked regulators to "refrain from making too many public statements until the investigation is completed," at his quarterly news conference.

Knight Capital says malfunctioning trading software cost the firm $270 million after taxes, compared with Knight's previously reported pretax loss of $440.

Knight might have accepted a $500 bailout from Citadel if not for mistrust between the two market-making wholesalers and their respective CEOs.

U.S. prosecutors agreed to a leniency deal for junior UBS employees said to be involved in the Swiss bank's efforts to manipulate interbank lending rates, according to The Wall Street Journal.

Morgan Stanley is seeking to replace some highly-paid bond traders with computers and technicians, The Journal reports.

Goldman Sachs cut its exposure to Italian sovereign debt by 92 percent in the second quarter, according to Bloomberg.

Shockingly, Mariano Rajoy’s efforts to implement austerity measures in Spain have not done wonders for the prime minister's popularity.

In 2008, Goldman Sachs employees contributed $6.1 million to political campaigns, 75 percent of which went to Democrats. This year, Goldman employees have donated $4.9 million, 70 percent of which found its way to Republican coffers.

Banks are taking advantage of low interest rates to stretch profit margins on mortgages, says The New York Times.

The initial public offering for British soccer club Manchester United is oversubscribed, sources tell Reuters. One investor asks: why is the club going public in the U.S., where investors don't know anything about the soccer business?

Buyout specialist Al Tapper spent $200,000 to produce a musical about baseball for which he wrote music and lyrics. The Washington Post called the show "syrupy"; Mr. Tapper said that the show has since undergone extensive rewrites.