Chinese Regulator Takes Over Anbang Insurance Group

Chinese Regulator Takes Over Anbang Insurance Group

Anbang Insurance Group has been taken over by the Chinese government for violating laws and regulations that may put the entire insurance group at risk of collapse.  The group Chairman, Wu Xiaohui was arrested in June 2017 and had been prosecuted for fundraising fraud and abuse of his position.

” Anbang Insurance Group Taken Over by Chinese Regulator “

Anbang Insurance Group will be managed by a group of officials from the China Insurance Regulatory Commission (CIRC) for one year.  The regulatory intervention is one of China’s recent moves to stop Chinese conglomerates on aggressive overseas acquisition and to reduce financial risk.  The insurance conglomerate have significant stakes in banks and property developers including China Minsheng Banking Corp Ltd, China Merchants Bank Co Ltd, developers China Vanke Co Ltd and Gemdale Corp.

Anbang Insurance Group is a global insurance company with total assets of nearly CNY 1,9 trillion ($304 billion).  The group employs over 30,000 employees and has a customer base of 35 million worldwide.  Anbang Insurance Group was established in 2004,

In 2004, Anbang Property & Casualty Insurance was established and opened its first branch in Beijing.  In 2011, CIRC approved the restructuring of Anbang Property & Casualty Insurance for the establishment of Anbang Insurance Group.  Chairman Wu Xiaohui had transformed the group over the 10 years into one of the world’s largest insurance company.  He is married to Zhuo Ran, the granddaughter of Deng Xiaoping, China’s leader between 1978 to 1989.

 

Sources: Reuters, Bloomberg

 

 

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About Anbang Insurance Group

Anbang Insurance Group is a global insurance company with total assets of nearly 1971 billion RMB. With over 30,000 employees and a customer base of 35 million worldwide, Anbang stands out as one of the most profitable insurance companies in China. Its business covers life insurance, P&C insurance, health insurance, pension insurance, banking, asset management, etc. With a “customer-centric” strategy in mind, Anbang Insurance is dedicated to creating value for its worldwide customers.

Visit: Anbang Insurance Group

 

 


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Deutsche Bank Securities Agreed to Repay Customers More than $3.7 Million for Misleading Clients

Deutsche Bank Securities Agreed to Repay Customers More than $3.7 Million for Misleading Clients

Deutsche Bank Securities has agreed to repay more than $3.7 million to customers and a penalty of $750,000.  The $3.7 million repayment to clients includes $1.48 million as disgorgement, in other ways, repay the earned income of $1.48 million from “illegal or wrongful acts.”

” Deutsche Bank Securities to Repay $3.7 Million for Misleading Clients “

Investigations by the Securities and Exchange Commission (SEC) have found that traders and sales people had made false and misleading statements while negotiating sales of commercial mortgage-backed securities (CMBS), resulting in customers overpaying for the CMBS.  Deutsche Bank failed to have compliance and surveillance procedures in place to reasonably prevent and detect the misconduct, and had increased the firm’s profits at the expense of clients.

Former head trader of Deutsche Bank’s CMBS trading desk, Benjamin Solomon did not take appropriate actions, despite being made aware of the misrepresentation.  Benjamin has agreed to pay a penalty of $165,000 while Deutsche Bank has agreed to pay $750,000.  The SEC investigation was conducted by the Complex Financial Instruments Unit and the New York Regional Office.

Sources: SEC, Bloomberg

 

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About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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Credit Suisse Investigated in United States for Asian Hiring Practices

Credit Suisse Investigated in United States for Asian Hiring Practices

Credit Suisse is under investigation by the Department of Justice and the US Securities and Exchange Commission (SEC) in the United States for hiring children and relatives of influential Chinese policymakers.  The bank is being investigated if they had hired referrals from government agencies or state owned entities in exchange for investment banking business, which is violation of the US Foreign Corrupt Practices Act and related civil statutes.

“ Credit Suisse investigated for hiring children & relatives of influential Chinese policymakers “

The investigation was disclosed in Credit Suisse 2017 results announcement.  In 2016, JP Morgan Chase had agreed to pay US$264 million to the US government to settle allegations that it had hire relatives (sons & daughters) of officials and to increase their chance of gaining businesses.  In 2017, HSBC also disclosed that it was being investigated by SEC in its result announcement.

Sources: SCMP, Reuters, SEC

 

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About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


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India 4th Largest Bank Punjab National Bank Uncovered $1.77 Billion of Fraudulent Transactions

India 4th Largest Bank Punjab National Bank Uncovered $1.77 Billion of Fraudulent Transactions

India’s 4th Largest Bank, Punjab National Bank (PNB) had uncovered $1.77 billion of “fraudulent and unauthorised” transactions for the benefit of a few account holders that are alleged to include billionaire jeweller Nirav Modi.

” Billionaire Jeweller Nirav Modi Linked to India’s 4th Largest Bank $1.77 Billion Fraud “

Nirav Modi founded global diamond jewelry house Nirav Modi (named after him) in 2010 and Nirav Modi was the first Indian jeweler to have been featured on the covers of Christie’s and Sotheby’s Catalogue.  He is estimated to have a personal fortune of more than $1.7 billion.

Punjab National Bank, listed on Bombay Stock Exchange (BSE), had seen its stock price declining more than 20% since the uncovering of the transactions.  The current market capitalisation is $4.72 billion (304 billion Rs; USDINR at 64.36).  The four largest bank in India are State Bank of India, HDFC Bank, ICICI Bank and Punjab National Bank.

Source: Times of India, CNN

 

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About Punjab National Bank

Punjab National Bank, India’s first Swadeshi Bank, commenced its operations on April 12, 1895 from Lahore, with an authorised capital of Rs 2 lac and working capital of Rs 20,000. The far-sighted visionaries and patriots like Lala Lajpat Rai, Mr. E C Jessawala, Babu Kali Prasono Roy, Lala Harkishan Lal and Sardar Dyal Singh Majithia displayed courage in giving expression to the spirit of nationalism by establishing the first bank purely managed by the Indians with Indian Capital.

During the long history of over 122 years of the Bank, 7 banks have merged with PNB and it has become stronger and stronger with a network of 6941 Domestic branches and 9753 ATMs as on 30th September 2017.

Visit: Punjab National Bank

 


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Former Credit Suisse Private Banker Sentenced to 5 Years Jail Term for Fraud in Switzerland

 

Former Credit Suisse Private Banker Sentenced to 5 Years Jail Term for Fraud in Switzerland

Former Credit Suisse Private Banker Patrice Lescaudron had been sentenced to 5 years jail term for serious fraud and forgery in his handling of former clients 8 years by a Geneva court in Switzerland.  Patrice had put in placed a fraudulent scheme that to earn himself tens of millions of swiss francs and causing losses totalling CHF 143 million ($152 million) between 2005 to 2015.  His clients who had suffered losses includes former Georgia Prime Minister Bidzina Ivanishvili (2012-2013) and Russian Billionaire businessman and former Senator Vitaly Malkin.

” Former Credit Suisse Private Banker Jailed for 5 Years, to Repay CHF 130 million “

Patrice was “considered as a star” on the bank’s Russia desk in Credit Suisse.  He had “copy-pasted signatures on documents to falsify transfer orders  falsified trades and hidden mounting losses.  He accumulated a personal net fortune estimated at CHF 32 million, including houses in Switzerland and the Italian seaside resort of Porto Cervo, a missing Picasso lithograph, a Rolex watch and jewels.

Lawyers representing former Georgia Prime Minister Bidzina Ivanishvili said that the fraudulent activities had caused hundreds of millions of dollars losses and Credit Suisse banker Patrice there should be other Credit Suisse accomplice.  After 2 years of investigation, there was no indication that the fraud was assisted by other Credit Suisse employees and senior management.

Patrice receive a 5 years jail sentence, house in Porto Cervo was seized and to make repayments totalling more than CHF 130 million.  He is allowed to keep his family home in Arzier, and was not barred from future work in banking n Switzerland.  He has already spent spent two years in pre-trial detention and may be able to to get out of jail on parole around April 2019.

Sources: Reuters, Bloomberg

 

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About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


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Credit Suisse Fined $5 Million for Multiple Breaches in Hong Kong

Credit Suisse Fined $5 Million for Multiple Breaches in Hong Kong

Credit Suisse had been fined $5 million (HKD 39.3 million) for numerous breaches including not separating clients’ assets and the bank’s assets, failed internal controls in multiple areas and mismatching product recommendations to clients.

“ Credit Suisse fined $5 Million and to Compensate Client of almost $1 Million “

The fine of around $5 million was determined after Hong Kong’s Securities and Futures Commission (SFC) took into account Credit Suisse co-operation in the investigation, implementing internal controls and to fully compensate clients of around $7.6 million (US$970K).  The breaches had occurred over between 2010 to 2017.

Source: Securities and Futures Commission

 

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About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


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Deutsche Bank Fined $70 Million for USD Swaps Manipulation

 

Deutsche Bank Fined $70 Million for USD Swaps Manipulation

The United States Commodity Futures Trading Commission (CFTC) have fined Deutsche Bank Securities $70 million in civil penalty for manipulating USD interest rate swaps. Deutsche Bank Securities had through its traders, manipulated the leading USD global benchmark referenced in a range of interest rate products, to benefit its derivatives positions, including positions involving cash-settled options on interest rate swaps.

” Deutsche Bank Securities Settles USD Swaps Charges with $70 Million “

Between 2007 to 2012, Deutsche Bank Securities had manipulated the USD ISDAFIX (U.S. Dollar International Swaps and Derivatives Association Fix) by bidding, offering, and executing transactions in targeted interest rate products, including swap spreads and U.S. Treasuries at or near the critical 11:00 a.m. fixing time.  The actions will affect the rates, increasing or decreasing the Swaps Broker’s reference rates and influence the final published USD ISDAFIX.

In issuing the order filing and settling charges, the CFTC has agreed to the settlement offer of $70 million by Deutsche Bank Securities taking into account the German bank had cooperated fully with the investigations, and had taken steps to implement and strengthen its internal controls and procedures.

Source: Official Press Release

 

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About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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BNP Paribas Pleads Guilty, Pays $90 Million Fine for FX-Rigging

BNP Paribas Pleads Guilty, Pays $90 Million Fine for FX-Rigging

BNP Paribas has pleaded guilty and will pay a criminal fine of $90 million for foreign exchange price-rigging charges to the United States Department of Justice.  Between September 2011 and July 2013, BNP Paribas (USA) had conspired to suppress and eliminate competition by fixing prices in Central and Eastern European, Middle Eastern and African (CEEMEA) currencies, in violation of the Sherman Act.  They had manipulated prices on the electronic FX trading platform by creating non-bona fide trades, coordinating bids and offers and pre-fixing currency prices quoted to clients.

” BNP Parbas Pays $90 Million for FX-Rigging “

BNP Paribas will not be subjected to further probation, with the French European bank already focusing substantial efforts on compliance and remediation, and cooperating fully with the government’s ongoing criminal investigation into the FX market.  BNP Paribas is the 6th major bank to plead guilty to FX-rigging, with Citicorp, JPMorgan Chase, Barclays, RBS and UBS collectively paying more than $2.7 billion of fines.

Source: Department of Justice

 

 

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About BNP Paribas

BNP Paribas is a leading provider of banking and financial services in Europe. It is present in 75 countries with nearly 188,000 employees. The Group holds key positions in its 2 core activities: Retail Banking & Services, comprising Domestic Markets and International Financial Services; and Corporate & Institutional Banking

Visit: BNP Paribas

 


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Former Barclays FX Head Charged for Front-Running $8.5 Billion Hewlett Packard FX Orders

Former Barclays FX Head Charged for Front-Running Hewlett Packard $8.5 Billion FX Orders

Former Barclays Head of New York Foreign Exchange Operation, Robert Bogucki, had been charged for manipulating foreign exchange options, in advance of an exceptionally large trade of GBP 6 billion FX options to be placed by Hewlett-Packard (HP) in 2011.  This practice is known as front-running, using known information to place an order, before placing the client’s order.

” Barclays Traders Front-Run HP for $8.5 Billion FX Orders “

Between September and October 2011, he had misused information provided to him by HP to execute GBP 6 billion or $8.5 billion (XR: 1.42) foreign exchange options to acquire a UK-based company.  The GBP 6 billion transaction, was exceptionally large and would have a material impact on the GBP foreign exchange price.  Robert and other Barclays traders manipulated the volatility prices, that resulted in lowering the value of HP’s foreign exchange options.  As a result, the actions benefited Barclays financially, and was detrimental to HP.

Robert Bogucki, aged 45 was charged in the Northern District of California in United States on the 16th January 2018, with one count of conspiracy to commit wire fraud and six counts of wire fraud.  The charges are allegations, and the defendant is presumed innocent unless proven guilty.

Source: Department of Justice, Bloomberg, Reuters

 

 

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About Barclays

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.

Visit: Barclays

 


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JP Morgan CEO Jamie Dimon Earns $29.5 Million in 2017

JP Morgan CEO Jamie Dimon Earns $29.5 Million in 2017

JP Morgan Chase CEO Jamie Dimon earns a total of $29.5 million in cash and equity in 2017.  In 2017, $115.5 million were paid to him and his executive team ($86 million).  For the full year in 2017, JP Morgan Chase achieved a net profit of $24.4 billion.  A billionaire with an estimated net worth of $1.2 billion, Jamie Dimon had been the CEO and President at JP Morgan Chase since 2005, 12 years ago.  At the end of 2006, he became the Chairman of the Board of JP Morgan Chase.

“ JP Morgan Chase CEO Jamie Dimon Receives $29.5 Million in 2017 “

His JP Morgan Chase executive team were paid $86 million in 2017.

  • Daniel Pinto, Head of Investment Banking: $21 million
  • Gordon Smith, Head of Consumer Banking: $20 million
  • Mary Callahan Erdoes, CEO of Asset Management $19.5 million
  • Marianne Lake, Chief Financial Officer: $13.5 million
  • Doug Petno, Head of Commercial Banking: $12 million

Prior to JP Morgan Chase, he was Chairman and CEO at Bank One, and had held several executive roles at Citigroup, the Travelers Group, Commercial Credit Co. and American Express.  He is currently on the Board of Directors of Harvard Business School and Catalyst, Board of Trustees of New York University School of Medicine.  He does not serve on the board of any publicly traded company other than JPMorgan Chase.  Jamie Dimon graduated from Tufts University and received an M.B.A. from Harvard Business School.

Source: JP Morgan, Business Insider, Bloomberg

 

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About JP Morgan 

JP Morgan Chase (NYSE: JPM) is one of the oldest financial institutions in the United States. With a history dating back over 200 years, here’s where we stand today:

  • We are a leading global financial services firm with assets of $2.4 trillion.
  • We operate in more than 100 countries.
  • We have over 235,000 employees.
  • We serve millions of consumers, small businesses and many of the world’s most prominent corporate, institutional and government clients.
  • We are a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management.
  • Our stock is a component of the Dow Jones Industrial Average.

Visit:JP Morgan Chase & Co

 


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