123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL » Business >> View Article

Banking Sector Roundup July 30th 2013 – A Difficult Day For A Number Of Banks

By Expert Author: Harver Group

Jul. 31, 2013 - CHUO-KU, Japan -- Major banks across the global are having legal and financial difficulties including; JP Morgan, Barclays, and Deutsche Bank. A division of JP Morgan Chase & Co. known as JP Morgan Ventures Energy Corporation has been fined $410 million by Federal Energy Regulatory Commission for allegedly manipulating electricity markets. The firm will pay $285 million in civil penalties and a disgorgement of $125 million in unjust profits. As per the terms of the agreement the division admits to the facts but does not admit or deny the violations. The charges are related to markets in the Midwest and California from September 2010 to November 2012. Investigators alleged that JP Morgan Ventures Energy Corporation was involved in 12 manipulative bidding strategies.

Britain´s second largest bank, Barclays PLC is contesting charges from the Financial Conduct Authority. The regulator is investigating fees that the bank paid to Qatar during a $10.7 billion fund raising effort that helped the bank avoids a bailout. The Financial Conduct Authority is investigating if Barclays legally disclosed fees paid to the Qatar Investment Authority. Four current and former employees are being investigated including Finance Director Chris Lucas.

The largest bank in continental Europe, Deutsche Bank AG´s profit was nearly halved due to setting aside $796 million for legal costs. The bank is involved in a number of court cases, it is a defendant in civil suits as an issuer of mortgage-backed securities, it is also charged with tax evasion in carbon markets, and they have been accused of manipulating the interbank lending rates. Deutsche Bank along with three other firms were convicted in Milan of fraud in the sale of derivatives. CEO Anshu Jain stated that he expects settlements to accelerate in coming quarters but declined to elaborate.

Total Views : 81Word Count Appx. : 296See All articles From Author

Business Articles

1. Communicate Anywhere And With Anyone Using A Best Satellite Phone
Author: Tim Austin

2. The Importance Of Safety Handrails
Author: Duraslide Pte Ltd

3. Air Conditioning Repair Los Angeles – Basic Points To Focus On
Author: coryfrank

4. A Regular Eye Exam Is The Key To A Healthy Eyes
Author: Cory Frank

5. Finding A Suitable Moving Company For Your Move
Author: Cory Frank

6. The Wl-250 Tower
Author: Leslie WaterWorks® offers the largest array of bottleless purification and filtration water coolers

7. Properties In Noida
Author: Sanjay Sirohi

8. Find Bgc Condo For Sale With Ease Through This Tips
Author: rokyfernandis12

9. Find Condo For Sale The Easier Way
Author: rokyfernandis12

10. Things To Bear In Mind While Searching For Condo For Sale Fort Bonifacio
Author: rokyfernandis12

11. Fort Bonifacio Condo For Sale At Budget Friendly Rate
Author: rokyfernandis12

12. The Benefits Of Using Iridium Satellite Phones During Emergencies
Author: Tom Austin

13. Find Right Condo For Sale Fort Bonifacio With Ease With This Guide
Author: rokyfernandis12

14. How To Make Life Easier With Edinburgh Taxi Tours
Author: Gordon Gill

15. Signage Melbourne, Australia Offers Affordable Services To Promote Your Brand Through Signage Advert
Author: jackricklomas

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: