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9th October 2018 HSBC Settles Claims For Compensation Selling Mortgage Backed Securities

HSBC has agreed to pay 765 million dollars to settle claims connected to residential mortgage backed securities sold prior to the financial crisis.

HSBC chose to use a due diligence process it knew from the start did not work

HSBC settled the claims for compensation without admitting liability or wrongdoing.

Others have paid to settle claims against them

  • Wells Fargo 2 billion dollars
  • RBS 5 billion dollars
  • JPMorgan Chase 13 billion dollars
  • Bank of America 17 billion dollars

12th July 2018 Two Former Senior Bankers Convicted of Manipulating Euro Interbank Offered Rate Euribor Between 2005 to 2009

Phillipe Moryoussef was a trader with Barclays Bank and Christian Bittar was principal trader at Deutsche Bank.

The Serious Fraud Office SFO says the two convicted traders conspired together to submit false or misleading Euribor submissions to benefit their positions and change the published rate


21st June 2018 TSB Bank May Not Have Tested Its Technology Properly

TSB may not have carried out proper tests before transferring five million customers to a new IT system.

IBMs reported into the PR disaster suggests  TSB Bank may have failed to understand the risks involved or to carry out proper tests. TSB Bank said IBMs report was not a fair reflection of what happened. IBMs report has now been published by MPs on the Treasury Committee.

IBM has not seen evidence of the application of a rigorous set of go live criteria to prove production readiness IBM Report

Consumer group Which? said that TSB had clearly been unprepared for IT changes.

Hundreds of TSB Bank customers to lost money from their accounts as a result of fraud.

MPs on the Treasury Committee have previously called on Paul Pester the chief executive of TSB to resign.

Technology Risks

20th June 2018 Ex CEO Anglo Irish Bank Jailed For 6 Years

The former chief executive of Anglo Irish Bank has been jailed for 6 years for inflating the banks balance sheet. David Drumm was convicted of conspiracy to defraud and false accounting. His sentence took into account the 5 months he spent in custody in the USA before being extradited to Ireland to face trial.

5th June 2018 Australia Charges Former Citi Deutsche and ANZ Senior Executives

Australian regulators the Australian Competition and Consumer Commission ACCC charged former local bosses of Citigroup Inc Deutsche Bank with criminal cartel offences over a 2.3 billion dollar stock issue in 2015.

The regulator charged Citis former Australia chairman Stephen Roberts its current local head of capital markets John McLean and its London-based head of foreign exchange trading Itay Tuchman. In addition it charged Deutsches former local chief Michael Ormaechea and former local capital markets head Michael Richardson.

It said charges were also laid against ANZ treasurer Rick Moscati. ANZ Citi and Deutsche are defending charges.

If successfully convicted large fines can be imposed and guilty people face prison terms of up to 10 years. Those charged will appear in court on 3rd July 2018.

4th June 2018 French Banking Giant Agrees Fine

Societe Generale has agreed with USA and French regulators to a settlement on poor banking practices surrounding Libya and on its handling of the ‘IBOR’ money market rates.

Societe Generale agreed to pay a 250 million euro fine to french treasury as part of its settlement linked to Libya. It as accounted for 2.3 billion euros regarding those various probes.

SocGen has already agreed to pay 1 billion euros to settle dispute with the Libyan Investment Authority.

12th April 2018 Should Bank Of England BoE Panels Be Kept Apart

There are calls to merge the monetary and financial policy committees due to roles overlapping. However the BoE Deputy Governor Ben Broadbent thinks this would overload policymakers and raise the risk of the kind of mistakes that helped lead to the financial crisis in 2007-08.

31st March 2018 Barclays To Pay $2 Billion Penalty

Barclays bank has agreed to pay American government $2 billion over the sale of mortgage backed securities which is part of the financial crisis.

The USA justice department has been investigating allegations that Barclays bank caused billions of dollars of losses to investors with an alleged fraudulent scheme.

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