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.”
Whither Europe: Greeks are withdrawing $1 billion daily and hording dry foods ahead of June 17 elections that may hasten the country’s exit from Europe’s monetary union.
An ill-timed acquisition has made Credit Agricole the foreign bank with the most to lose in the Greek crisis.
Despite Spanish Prime Minister Mariano Read More
Wall Street executives like calling boardroom intrigue Shakespearean, but it isn’t. Motives are knotty in Shakespeare’s tragedies; psyches are scrambled, and even ravenousness gets convoluted. Banking is purer. There is allegiance, betrayal, revenge, failure, power and money.
So while it might have seemed that something intricate and theatrical must have happened last week, when JPMorgan’s Read More
Faced with ramped-up capital requirements, Morgan Stanley may elect to peck at Smith Barney over a long stretch of time rather than gobble the brokerage all at once, according to The Wall Street Journal.
The thinking goes that a deal for Morgan Stanley to buy the remaining 49 percent of Smith Barney it Read More