Two more men charged over Libor-rigging


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Two more men charged over Libor-rigging

Two more men charged over Libor-rigging
Two former RP Martin brokers yesterday became the latest traders to be charged as part of the global Libor rate-rigging investigation.
City AM London, p. 5
Also appeared in : The Times, p.36, International Herald Tribune, p.16, Daily Mail, p.63

Trial begins for ‘Fabulous Fab’ – poster boy for Wall Street greed
The trial of former Goldman Sachs trader Fabrice Tourre began yesterday. He is accused of misleading investors about mortgage securities before the financial crisis in 2007.
The Independent, p. 2
Also appeared in : Financial Times Companies and Markets, p.16, Daily Mail, p.65

Britain has 2,436 bankers earning more than €1m
The European Banking Authority has released figures showing that Britain has three times as many highly paid bankers than any other country in the European Union. There are 2,436 bankers earning more than £860,000 in the UK, in comparison to just 174 in Germany. Nearly three quarters of the UK’s high earners work in investment banking.
The Independent, p. 2
Also appeared in : City AM London, p.1

The Co-op Bank mulls cash offer to bondholders
Co-op Bank could give its small investors cash in return for their bonds instead of new debt instruments and shares. Campaigner Mark Taber, who has argued for a simpler deal for bondholders, has written to the Financial Conduct Authority to complain about the bank’s behaviour.
City AM London, p. 8

Co-op Bank will have to cut ‘hundreds’ of Jobs to survive
The Co-operative bank’s parent plans to announce a cost-cutting plan alongside further details of the restructuring in the autumn. Co-op Group is planning to inject £1 billion of new capital into the bank, but insiders said it expected bondholders to shoulder the rest of the pain and would not budge further.
The Times, p. 31

Citigroup profit climbs after US revival takes off
Citigroup revealed yesterday that it is benefiting from a burgeoning US economic revival, posting a sharp jump in profits as more loans are repaid.
City AM London, p. 6

Commerzbank offloads €5bn property book
Shares in Commerzbank rose yesterday after it said it had sold British property loans worth €5bn (£4.3bn) to US rival Wells Fargo and private equity firm Lone Star Funds.
City AM London, p. 8

The above articles appeared on 16/07/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.