SINGAPORE/ZURICH – Singapore’s central bank has fined Credit Suisse and United Overseas Bank (UOB) a total of S$1.6 million ($1.2 million) for breaching anti-money laundering rules in transactions related to Malaysia’s scandal-ridden state fund 1MDB. The Monetary Authority of Singapore (MAS) said on Tuesday it had fined UOB S$900,000 and Credit Suisse S$700,000 as it wrapped up its two-year probe into banks involved in 1MDB-related transactions, which revealed several breaches of anti-money laundering (AML) requirements…"Singapore fines Credit Suisse, UOB over 1MDB-linked dealings, wraps up review"
LONDON – A group representing Royal Bank of Scotland investors has accepted an out-of-court deal to settle a lawsuit that aimed to call disgraced former CEO Fred Goodwin to account over a 12 billion pound ($15 billion) cash call in 2008. Organisers of the RBoS Shareholder Action Group, that had vowed to see the bank and its former bosses in court, have told their members they will accept last week’s revised, out-of-court offer after days…"RBS investor group accepts offer to end lawsuit over 2008 cash call"
NEW YORK – French bank BNP Paribas on Wednesday agreed to pay $350 million to New York’s banking watchdog to resolve a probe of misconduct in its foreign exchange business, which the regulator said enhanced the bank’s profits at customers’ expense. More than a dozen traders and salespeople in New York and other trading hubs manipulated foreign exchange rates and engaged in other illegal activity while the bank failed to properly supervise the business, the…"BNP Paribas to pay $350 million to settle New York currency-rigging probe"
LONDON – A judge has given Royal Bank of Scotland and thousands of investors until June 1 to agree a deal that would avert a trial over the bank’s 12 billion pound cash call in 2008. RBS has already offered almost 1 billion pounds ($1.3 billion) to settle investor allegations that it misled them. If it reaches a deal, RBS will avoid a trial that would rake over its near collapse and force former chief…"Judge gives RBS a week to end investor suit or face trial"
TOKYO – Mitsubishi UFJ Financial Group Inc said Takashi Oyamada, chief executive of its core banking unit, would step down for health reasons, disrupting a well-planned succession plan at Japan’s largest lender by assets. Oyamada, 61, took over the helm at Bank of Tokyo-Mitsubishi UFJ (BTMU) in April last year and was widely seen as successor to MUFG CEO Nobuyuki Hirano. “Oyamada made a very firm request to resign, saying his health conditions were getting…"Head of core MUFG unit to resign for health reasons"
NEW YORK – Morgan Stanley, the biggest U.S. brokerage by head count, told brokers Tuesday that it is standing down from the expensive recruitment wars, following similar steps taken earlier this month by competitor Bank of America Merrill Lynch. Morgan Stanley, which has more than 15,000 brokers, will “significantly reduce experienced adviser recruiting,” according to a staff memo from Morgan Stanley co-heads Shelley O‘Connor and Andy Saperstein that was viewed by . The news was…"Morgan Stanley to curb veteran adviser recruiting"
TOKYO – The head of the Bank of Tokyo-Mitsubishi UFJ (BTMU), the core business of Japan’s biggest “megabank,” has decided to step down for health reasons barely a year into the job, sources told on Tuesday. President and CEO Takashi Oyamada’s departure disrupts parent Mitsubishi UFJ Financial Group’s (MUFG) meticulous succession planning but is not expected to have an immediate impact on the management of Japan’s largest lender by assets. The MUFG board is expected…"CEO of Bank of Tokyo-Mitsubishi UFJ to step down for health reasons: sources"
LONDON – BHP has hired Barclays to divest its U.S. Fayetteville shale gas assets as the miner seeks to fend off an attack by activist funds, two sources close to the matter said on Tuesday. BHP said last month the gas-rich Fayetteville field in Arkansas was under review and that it was “considering all options, including divestment”. BHP declined to comment and Barclays was not immediately available for a comment. The miner had tried to…"BHP hires Barclays to divest U.S. shale gas assets: sources"
LONDON – A trial in which Royal Bank of Scotland is accused by investors of misleading them over its 2008 fundraising is set to be delayed for a second day, as frantic settlement talks between the claimants and the bank continued in London on Tuesday. The Court has indicated that it will adjourn the trial for another day to Wednesday, a spokesman for the claimants said in an emailed statement late on Monday, as RBS…"Trial over RBS 2008 cash call faces further delay amid settlement talks"
NEW YORK – The U.S. Department of Justice and Citigroup Inc said on Monday that they have settled a criminal investigation into violations of anti-money laundering rules and the Bank Secrecy Act at the bank’s Banamex USA unit. The settlement includes a non-prosecution agreement and a forfeiture by Citigroup of $97 million, the department and the bank said in separate statements. The bank said it had it already reserved for the expense. Under the agreement,…"U.S. Justice Dept., Citigroup settle probe into Banamex USA"