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US Penalizes Credit Suisse, Deutsche Bank $12 Billion For Toxic Debt

US Penalizes Credit Suisse and Deutsche Bank ZURICH/FRANKFURT Credit Suisse and Deutsche Bank have been hit with a combined penalty of more than $12 billion over the sale of U.S. toxic debt, further hampering two of Europe's leading investment banks as they grapple with falling profits. The penalty puts them at a further disadvantage to larger U.S. rivals. Credit

By |2023-12-06T05:17:56-05:00Dec 23, 2016|Categories: Banking And Finance, Europe, Government, Industry, North America, Politics, Regions|

Credit Suisse agrees $5.3 billion U.S. mortgage settlement

ZURICH Credit Suisse (CSGN.S) had agreed in principle to pay US authorities $2.48 billion to settle claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, the Swiss bank said on Friday. Credit Suisse will also provide $2.8 billion in consumer relief over five years from the settlement, it said in

By |2018-04-11T07:38:00-04:00Dec 23, 2016|Categories: Banking And Finance, Europe, Government, Industry, International Trade, North America, Politics, Regions|

Deutsche Bank agrees to $7.2 billion mortgage settlement with U.S.

NEW YORK/FRANKFURT Deutsche Bank has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis. The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was hit hard

By |2018-03-29T21:29:34-04:00Dec 22, 2016|Categories: Banking And Finance, Europe, Government, Industry, North America, Politics, Regions|

Volkswagen reaches deal with 80,000 U.S. 3.0-liter vehicle owners

WASHINGTON A federal judge said on Thursday that Volkswagen AG (VOWG_p.DE) has reached an agreement in principle to provide "substantial compensation" to the owners of about 80,000 3.0-liter polluting diesel vehicles, a key hurdle to resolve the German automaker's emissions scandal. U.S. District Judge Charles Breyer did not disclose the amount of owner compensation, which is not included in a

By |2018-03-30T12:00:14-04:00Dec 22, 2016|Categories: Automobile, Europe, Industry, International Trade, Politics, Regions|

U.S. sues Barclays, ex-executives for mortgage securities fraud

NEW YORK The U.S. Department of Justice on Thursday sued Barclays Plc (BARC.L) and two former executives on civil charges of fraud in the sale of mortgage-backed securities during the run-up to the 2008-09 financial crisis. The lawsuit was filed after Barclays resisted a penalty the U.S. government had sought in settlement negotiations, a person familiar with the matter said.

By |2018-03-30T11:23:59-04:00Dec 22, 2016|Categories: Banking And Finance, Europe, Government, Industry, International Trade, North America, Politics, Regions|

Services bring new opportunities for banks

As the dollar value of global merchandise reduces, the value of cross-border services is rising, creating new opportunities for banks to innovative by embracing the change. In an analysis of bilateral trade between 25 key trading nations, Global Trade Forecast, HSBC and research partner Oxford Economics found that growth in services exports has outstripped growth in goods trade since the

By |2018-03-05T01:23:13-05:00Dec 21, 2016|Categories: Banking And Finance, Europe, Government, Industry, International Trade, North America, Politics, Regions|

How Do Banks Use Your Money? Morgan Stanley Fined $7.5M For Mishandling Depositors’ Funds

Morgan Stanley faces a $7.5 million fine from the Securities and Exchange Commission, the SEC announced Tuesday, for using illegal levels of customers’ cash and securities in swap trading. From March 2013 to May 2015, the megabank used its affiliate, Morgan Stanley Equity Financing Ltd., to serve as a client to its U.S. securities brokerage, the SEC said. In doing

By |2018-03-30T11:48:07-04:00Dec 20, 2016|Categories: Banking And Finance, Europe, Government, Industry, International Trade, North America, Politics, Regions|

Immigrants In Europe 2016: Swedish Police Hire Immigrants Amid Growing Ethnic Diversity In The Country

The police force in Sweden wants hire a greater number of immigrants to adjust to the increasingly diverse population in the country. Law enforcement authorities are optimistic Swedes seeing more immigrants in police uniforms will give the force new “street cred.” The initiative called the World Integrated into Swedish Police Project aims to increase ethnic diversity in every level of

By |2018-03-30T10:53:31-04:00Dec 20, 2016|Categories: Europe, Immigration, Middle East, Politics, Regions, Terrorism|

Exclusive: U.S. proposed $5 billion – 7 billion penalty on Credit Suisse on toxic debt – source

ZURICH/NEW YORK The U.S. Department of Justice has asked Credit Suisse to pay between $5 billion and $7 billion to settle a probe over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, a source with knowledge of the matter said, but the bank has resisted settling for that amount. The size of the suggested settlement

By |2018-03-30T11:12:19-04:00Dec 19, 2016|Categories: Banking And Finance, Europe, Government, Industry, International Trade, North America, Politics, Regions|

Climate Change: Global Alliance To Fight Ocean Acidification Formed

Carbon emissions have a clear impact on Earth’s atmosphere, trapping heat and contributing to global warming, which is one of the various facets of climate change. However, a lot of that carbon also gets absorbed by the water bodies on Earth, especially the oceans, where it contributes to increasing the acidic component of their waters. Oceans cover 70 percent

By |2018-03-30T11:01:12-04:00Dec 14, 2016|Categories: Climate Change, Europe, International Trade, North America, Politics, Regions|
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