Deutsche Bank has identified an additional $4 billion in suspicious trades involving its Russian operations, Bloomberg reported on Tuesday, citing several people with knowledge of the bank’s review of the matter.
The new findings are in addition to the $6 billion in mirror trades already identified by the bank this year, bringing the total count to up to $10 billion.
The mirror trades involved clients using Deutsche Bank to buy securities in roubles only to sell them shortly after in a foreign currency.
The transactions may have allowed Russian customers to move money from one country to another without alerting the authorities, potentially allowing them to breach the sanctions against Russia after its 2014 annexation of Crimea.
Deutsche Bank, which declined to comment on the size of the trades, said it is investigating certain equity trades in Moscow and London, adding the total volume of the transactions under review is “significant.”
I had an annoying surprise this weekend: an email from a bank telling me that Twitter had deleted two of my tweets for copyright violations. The email also contained a threat: If I continued to violate the bank’s rights, my Twitter account would be deleted.
Needless to say, I deny the allegation. Quoting from or posting a brief segment of a research document is not a violation of copyright.
The bank, Bank of America Merrill Lynch, did not return multiple messages requesting comment. Twitter declined comment other than to point me to the company’s copyright policy.
And while this is only two tweets, there is a principle at stake. Investment banks apparently have the power to censor journalists on Twitter, simply by asking.
A City trader who became the first man to be jailed for rigging Libor interest rates, receiving one of the longest sentences for white-collar crime in UK history, has had his jail term reduced.
Tom Hayes won a three-year cut in his 14-year sentence from the Court of Appeal – however, an attempt to get his conviction at Southwark Crown Court overturned was unsuccessful.
A panel of judges said the initial punishment handed to the 35-year-old, who was diagnosed with Asperger’s syndrome shortly before his trial began, was longer than necessary.
Posted in Uncategorized
Bankers’ misdeeds would be cataloged, by name, on a private registry for hiring managers under a proposal that’s gaining traction as Wall Street firms struggle to restore reputations damaged by the financial crisis and the Libor and foreign-exchange scandals.
When traders or bankers leave a firm, any instances in which they’ve violated the firm’s ethics or conduct rules would be listed on a central database, allowing prospective employers to see their records before deciding whether to hire them. The concept, promoted by Federal Reserve Bank of New York President William Dudley following a similar plan in the U.K., is aimed at stopping offenders from moving easily between banks.
From the “truth is stranger than fiction” file comes a real doozy from New York.
Here goes. A New York man is currently fighting to retain his ownership of a well-known building that he inherited from his mother, but not before allegedly threatening to go to extreme lengths to keep her from selling the building, reportedly telling her that the sale of the building would leave him homeless, drive him to commit suicide, or perhaps even worse, to become a journalist.
DNAinfo.com has the whole story, and it’s a head scratcher of the highest order.
Long the target of regulators and consumers due to its mortgage servicing practices,Ocwen Financial finds itself in a unique position in a new report from theConsumer Financial Protection Bureau.
The report is the CFPB’s latest snapshot report about its consumer complaint database, and Ocwen again sits in the top ten most-complained-about companies. That’s not what’s unique about Ocwen’s place in this month’s report.