The U.S. economy added 171,000 jobs last month, more jobs than economists expected last month, in a report that may benefit President Barack Obama’s hopes for re-election.
The numbers, which have been closely followed in political circles, showed unemployment rising to 7.9 percent from 7.8 percent last month, hitting the average estimate of Read More
Barry Zubrow, JPMorgan’s head of regulatory affairs, will step down from the position by the end of the year, The Wall Street Journal says, as Jamie Dimon continues to shake up his inner circle. Four former members of the firm’s operating committee have left the bank or accepted lesser jobs in the last Read More
Royal Bank of Scotland managers and traders routinely sought to influence interbank lending rates between 2007 and 2010, and the wrongdoings extend beyond the four traders fired last year, according to Bloomberg. Manipulating the bank’s submissions for Libor and other interbank lending rates would have allowed traders to boost the value of derivatives positions held by RBS, which is 81 percent owned by the British government.
Goodbye Smith Barney: Morgan Stanley is rolling out a name-change for the 75-year-old brand, according to The New York Post. The brokerage, jointly-owned with Citigroup, will be called Morgan Stanley Wealth Management. In its heyday, Smith Barney was known for its advertising slogan: “They make money the old fashioned way: They earn it.”
bank or die
Two more banks are under investigation for violating U.S. sanctions against Iran, various sources reported today, as Royal Bank of Scotland and Germany’s Commerzbank joined Standard Chartered, HSBC, Lloyds Banking Group and ABN AMRO in facing scrutiny.
Faceplant: UBS saw profit fall 58 percent in the second quarter. The firm wasn’t helped by a $356 million loss connected to Facebook’s initial public offering, in which technical glitches at Nasdaq caused UBS to buy more shares than its clients had ordered. “We will take appropriate legal action against Nasdaq to address Read More
Daily Libor: Royal Bank of Scotland chief executive officer Stephen Hester told The Guardian that ”RBS is one of the banks tied up in Libor. We’ll have our day in that particular spotlight as well.” At least two banks have joined Deutsche Bank in cooperating with European investigations into the rigging of Read More