123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

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

Profile Picture
By Author: Harver Group
Total Articles: 26
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

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: 381Word Count: 297See All articles From Author

Add Comment

Business Articles

1. Lucintel Forecasts The Global Wall-mounted Ac Ev Charger Market To Grow With A Cagr Of 22.4% From 2025 To 2031
Author: Lucintel LLC

2. Technology Landscape, Trends And Opportunities In Global 3d Printing Photopolymer Market
Author: Lucintel LLC

3. Lucintel Forecasts The Global Smart Home Market To Reach $372 Billion By 2030
Author: Lucintel LLC

4. Second Marriage Matrimonial – Verified Matches & Free Registration
Author: Truelymarry

5. Core: Leading The Way In Managed It Services For Businesses Across London
Author: IT Management

6. The Role And Function Of A Collection Agency
Author: Bennett Carter

7. Understanding Debt Collection Agencies: What They Do And How They Affect Consumers
Author: Bennett Carter

8. How To Use An Smm Panel Effectively For Fast Social Media Growth
Author: Smm Panel

9. Essential Tips For Beginners And The Power Of Professional Editing
Author: Sam

10. How To Improve Field Staff Efficiency With Geolocation Tools
Author: TrackHr App

11. Building An Effective Energy Management System
Author: Jane

12. Internal Auditor Training: The Key To Effective Risk Management And Compliance
Author: Sqccertification

13. Why Accurate Accounting In Property Management Is The Key To Higher Roi
Author: Harsh Vardhan

14. Kaal Sarp Puja In Trimbakeshwar – Benefits, Process & Trusted Pandit Contact
Author: Pandit Milind Guruji

15. Data Entry Vs. Data Processing: What’s The Difference And Why It Matters
Author: Allianze BPO

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