Barclays named Antony Jenkins, head of retail and business banking at the British lender, as its new chief executive. Mr. Jenkins, who started his career at Barclays in 1983, replaces Bob Diamond, who resigned last month in the days after the bank agreed to a $450 million settlement over its alleged attempts to manipulate interbank lending rates such as Libor. Mr. Jenkins has no investment banking experience, a source pointed out to Bloomberg, which may make the boys and girls at BarCap a bit nervous.
Citigroup agreed to pay $590 million to settle a class-action lawsuit with shareholders who said the bank misled them regarding its exposure to subprime mortgage debt. The plaintiffs said Citi used improper accounting practices to conceal the size of its faltering portfolio in credit default swaps. In a statement, Citi denied the allegations and insisted, of course, that it is “fundamentally a different company today than at the beginning of the financial crisis.”
Louis Freeh, trustee for MF Global’s holding company, called for a global settlement that would end his feud with James Giddens, the trustee for MF Global’s brokerage company, according to The New York Times.
Chinese banks appear to be among the coterie of global lenders to have flouted U.S. sanctions against Iran, The New York Times reports.
Shares in Yelp jumped yesterday in what The Wall Street Journal is confident in labeling a short squeeze.
The Journal sees Wall Street regulators throwing “sharp elbows” at each other in the competition for big cases and big headlines.
Latvia is a “Swiss-style” banking center for ex-Soviet cash, according to Bloomberg.
France’s prime minister Jean-Marc Ayrault says the 75 percent tax against high wage earners would be part of a collective national recovery effort. Business leaders said…the tax would hurt business.
German chancellor Angela Merkel said that Europe had an “absolute political will” to stabilize the euro. Italy’s successful bond offering today indicates that investors believe the European Central Bank will intervene in sovereign debt markets.