Account
Britain's fraud prosecutor on Tuesday charged former UBS and Citigroup trader Tom Hayes with eight counts of conspiracy to defraud as it laid the groundwork for what could be the first Libor trial.Hayes, 33, was arrested by London police and the Serious Fraud Office (SFO) last December as part of a global investigation, spanning North America, Europe and Japan, into the manipulation of benchmark interest rates.Libor, the London interbank offered rate, is a crucial benchmark affecting hundreds of trillions of dollars of mortgages and other loans worldwide.So far, U.S. and UK regulators have fined three banks, including Switzerland's UBS, a total $2.6 billion for their role in the scandal.The UK criminal charges will allow the SFO to stake a jurisdictional claim on Hayes, a Briton who has faced possible extradition since being charged by U.S. prosecutors last year.One day after his arrest on December 11, the U.S. Department of Justice lodged sealed charges of conspiracy, wire fraud and a...
Financial stocks jumped on Thursday in a late day rally after a report the Federal Reserve will use its meeting next week to try to calm market fears the central ban...
Shares of Safeway (NYSE:SWY) rallied 10% Thursday morning after the supermarket chain revealed a lucrative deal worth a hefty $5.7 billion to unload its profitable C...
Financial stocks were up on Thursday, after better-than-expected retail sales and jobless claims data lifted stocks in the sector. The Financial Select Sector SPDR F...
Royal Bank of Scotland shares fell seven percent on Thursday after the surprise ousting of CEO Stephen Hester left investors questioning who would steer the part-nat...
Royal Bank of Scotland shares fell more than 4 percent on Thursday as investors said the surprise exit of Chief Executive Stephen Hester was a big loss and there was...
American in Istanbul Steve Dorsey weighs in on conditions in Turkey and how it impacts investors.
Morgan Stanley Chief Executive Officer James Gorman presented the firm's new wealth management pre-tax margin goal as 20% or more, in a presentation on Wednesday. Th...
The U.S. stock market fell on Wednesday for the third straight session as investors continued to mull the timeline for the Federal Reserve to ratchet down its stimul...
JPMorgan Chase kept its top spot for investment banking in the first quarter after bringing in $6.9 billion in revenues, putting it ahead of four rivals tied for sec...
Crude-oil futures lost ground in late electronic trading Tuesday following weekly U.S. supply data from the American Petroleum Institute, out at 4:30 p.m. Eastern ti...
Financial stocks were down on Tuesday as concerns over euro-zone weakness weighed on the broader market. The Financial Select Sector SPDR Fund , which tracks financi...
FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.
Daniel Loeb revealed in a letter this week that his hedge fund Third Point has boosted its stake in Sony (NYSE:SNE) to $1.4 billion as the investor continues to push...
Britain's fraud prosecutor on Tuesday charged former UBS trader Tom Hayes with eight counts of conspiracy to defraud, as part of a global investigation into the mani...
June 17 - Britain's top fraud prosecutor is poised to bring criminal charges against former Citigroup Inc and UBS AG trader Thomas Hayes, who is alleged to have been...
Financial stocks were up on Monday after a better-than-expected manufacturing report and home-builder confidence rises to a seven-year high. The Financial Select Sec...
Financial stocks were down on Friday after consumer sentiment fell in June, dampening expectations for an economic recovery. The Financial Select Sector SPDR Fund , ...
European shares erased an early advance to trade flat on Friday as investors braced for a batch of U.S. economic data later in the session.The FTSEurofirst 300 trade...
Mainstay Capital Management CEO David Kudla and AverageJoeOptions.com founder Todd Horwitz on the outlook for the markets.
