Banks, Scandal | featured news

Pope Francis has indicated for the first time that he may make changes to the Vatican's scandal-ridden bank as part of a broad review of the Holy See's troubled administration.

The fallout from an investigation into the attempted manipulation of global benchmark interest rates has again rocked Barclays Plc, as the bank recently ousted a top executive and a trader in New York for their roles in the scandal, according to regulatory filings obtained on Tuesday.

So just when we thought we had heard all about the threats the hazardous use of derivatives could unleash on to the economy, a leading bank [Morgan Stanley] apparently managed to find a new way to use them, this time to help gouge consumers of more than $150 million.

Standard Chartered is in talks with multiple law-enforcement officials, including New York's banking regulator, to resolve a probe into improper Iranian money transactions by the British bank, according to people familiar with the situation.

The investigation into the manipulation of the Libor benchmark interest rate has led banks to seek to implicate their rivals, according to government and bank officials.

Barclays Plc revealed a new regulatory probe and more U.S. lawsuits on Friday, making it harder for the British lender to rebuild its reputation damaged by the central role it played in the interest rate-rigging scandal shaking banks.

U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rate-rigging scandal.

Central bankers and regulators will hold talks in September on whether the troubled global Libor interest rate can be reformed or whether it is so damaged that the benchmark of borrowing costs should be scrapped.

Barclays alerted U.S. regulators as far back as 2007 to concerns that banks were rigging benchmark interest rates, according to documents released on Friday, but policymakers on both sides of the Atlantic did not appear to take decisive action, underscoring the chaos of the financial crisis.

The Bank of England confirmed on Friday it had received U.S. recommendations to overhaul the Libor benchmark at the heart of a global rate-rigging scandal, saying it had passed them on to the banking group responsible for the rate... The Bank of England confirmed on Friday it had received U.S. recommendations to overhaul the Libor benchmark at the heart of a global rate-rigging scandal, saying it had passed them on to the banking group responsible for the rate.