UK Authority Fines ex-RBS Trader £250,000 for Manipulating Libor Rates

UK Authority Fines ex-RBS Trader £250,000 for Manipulating Libor Rates

UK Financial Conduct Authority (FCA), has fined ex-RBS interest rate derivatives trader, Neil Danziger, a sum of £250,000 for Libor misconduct.  Neil has committed the offences while he was working at the RBS trading products desk, referencing to JPY LIBOR.

” ex-RBS Trader fined £250,000 for Libor misconduct “

Between 2007 to 2010, he had made requests to RBS’s primary submitters, benefiting from the trade positions he and his fellow derivatives traders were responsible for.  He had also twice, secured the help of a broker to manipulate the JPY LIBOR submission of other banks.  Between 2008 and 2009, he had also entered into “wash trades” or transactions that cancelled out each other, to generate brokerage fees to brokers in return for receiving hospitality treats (dining & drinks).  In addition to the fine of £250,000, the ex-RBS trader is also prohibited from working in the financial services.

Since 1st April 2013, the FCA has became responsible for conduct supervision of all regulated financial firms, and imposed 7 penalties totalling £426 million in fines on firms for misconduct relating to LIBOR.

Source: Financial Conduct Authority

 

Video:

 

Video:

 

About Royal Bank of Scotland

Today’s RBS and its brands are made up of hundreds of past banks. They were all different – large and small, city and country, traditional and innovative – and grew to serve the banking needs of unique communities all over the United Kingdom. Each one has left its mark on our identity today.  The Royal Bank of Scotland was founded in Edinburgh in 1727. It went on to become one of the biggest banks in Scotland.

Visit: Royal Bank of Scotland

 

About Financial Conduct Authority

The Prudential Regulation Authority (PRA) is the prudential regulator of around 1,500 banks, building societies, credit unions, insurers and major investment firms. As a prudential regulator, it has a general objective to promote the safety and soundness of the firms it regulates.

We were established on 1 April 2013, taking over responsibility for conduct and relevant prudential regulation from the Financial Services Authority.

Visit: FCA


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

RBS Unveils £800m Cost Cutting Plans

RBS Unveils £800m Cost Cutting Plans

RBS is set to unveil a £800m cost cutting plan as it reports the ninth consecutive annual loss at the end of the month. The new cost cutting measures are going to be driven by closing of high street branches and cuts in staff numbers. The bank has closed nearly 200 branches in the past two years.  Last year, RBS had achieved nearly £700m of savings by the end of the 3rd quarter.

“RBS is set to unveil a £800m cost cutting plan as it reports the ninth consecutive annual loss at the end of the month.”

~ Financial Times

The CEO of RBS is under the spot light as it is expected to report a net attributable loss for shareholders of more than £5 billion last year.

Related Reports: Financial Times

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

UK Banks Recovery from Crisis is Behind European Banks

UK Banks Recovery from Crisis is Behind European Banks

UK banks are lagging behind their European rivals in recovery since the financial crisis and are not expected to close the gap for years. Analysis by the Financial Times found that annual profits at the UK’s five biggest banks were still running 63 per cent below their 2007 high in 2015, while profits at their European competitors were 34 per cent away from 2007’s levels.

“Annual profits at the UK’s five biggest banks were still running 63 per cent below their 2007 high in 2015”

~ Financial Times

The figures show the toll the financial crisis has taken on UK banking industry which has been forced to shrink and restructure in the aftermath of the global financial crisis. All of the so-called big five UK banks — HSBC, Barclays, Lloyds, RBS, and Santander — had 2015 profits that were far lower than in 2007

Related Reports: Financial Times, Business Insider

 

About United Kingdom

Ridding the world of poverty is not only morally right, but would make the world a better place for everyone. In pursuit of this goal, the United Kingdom and the World Bank Group work together to develop policies on a wide range of issues, such as conflict prevention, governance, health, and education — trying to enable millions in the poorest countries to be immunized, gain access to roads and clean water, and become teachers, among other benefits. The Bank Group’s expertise, knowledge, and ability to work across sectors and countries helps further the goals of human, economic, and sustainable development around the world.

The United Kingdom became a member of the International Bank for Reconstruction and Development (IBRD) — the World Bank—in December 1945 and played a crucial role in helping found the Bretton Woods institutions (World Bank and International Monetary Fund). Today, the United Kingdom remains a major shareholder and an important and influential partner in global efforts to reduce poverty.

Visit: World Bank on United Kingdom

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency