Tuesday, July 31, 2012

RBS negotiating Libor settlement, sources say

Welcome to the morning roundup. Here's a look at today's banking and finance headlines.

RBS negotiating Libor deal. Royal Bank of Scotland Group is negotiating a settlement with authorities investigating attempted rate-rigging, the Wall Street Journal reports. The deal could be announced in the next few months, people familiar with the situation told the Journal.

Fed officials push for stimulus. Some Federal Reserve officials are trying to persuade colleagues to take new action to stimulate economic growth, arguing the economy's likely path itself is sufficient reason, the New York Times reports. Meanwhile, stocks opened flat ahead of the start of the Fed's two-day policy meeting, Reuters writes.

Job cuts. Deutsche Bank will eliminate 1,900 jobs, including 1,500 in its investment bank, Bloomberg reports. Germany's biggest bank is cutting the jobs in an effort to save nearly $3.7 billion as it grapples with declining revenue.

UBS profit falls. Profits at UBS fell 58 percent in the second quarter, largely due to a slide in investment banking income, the New York Times reports. The drop comes as the Swiss bank's CEO is scaling back investment banking and expanding wealth management operations.


Anonymous said...

Oh goodie a "settlement" to include a $36 fine and no admission of guilt, when in a just world every employee and regulator involved would be sent to the guillotine.