Tags: Credit Suisse, gatherings, head-scratchers, Investigations, marriage, wtf
1. Is it standard practice at Credit Suisse to tell traders at other banks, “Hey, we might buy this stock”? Because Zoe Henderson has worked in a lot of offices and people do that all the time.
Credit Suisse has accused the trader, Zoe Henderson, of improperly sharing client communications with her husband, a London-based trader at a rival bank, via electronic chat rooms, the people said…At Credit Suisse, the examination of chat-room records revealed that Ms. Henderson, who has been at the bank since 2004, on multiple occasions during the past several years shared Credit Suisse communications with her husband, Toby Henderson, a London-based equities trader at Royal Bank of Canada, according to the people familiar with the probe. Some of the communications described Credit Suisse clients’ interest in buying or selling stocks, price ranges of upcoming public offerings, or updates on corporate mergers or other deals, the people said…Ms. Henderson has told Credit Suisse lawyers that it was normal practice for traders other than her to send messages indicating interest in certain stocks to traders at rival banks, and that the practice didn’t hurt clients, according to a person familiar with the probe.
2. Why were Credit Suisse traders (allegedly!) making viewings of adult videos a group activity?
2a. …in the office? Read more »
Tags: BlackRock, Brits, commuting scams, FCA, Investigations, John Burrows, London, oh btw the FCA might give you a call
One of the more unglamorous aspects of being an adult with a job outside the home is the matter of commuting. Whether you’re driving, taking the subway, or being chauffeured, the entire thing is a grind, a time-suck, a nuisance, and an opportunity to catch whatever the breeding grounds for bacteria violating your personal space are spreading, to say nothing of the fact that depending on how far you live from the office, the whole thing can cost a nice chunk of change, money that could be better spent on just about anything.
BlackRock exec Jonathan Burrows knew the evils of the daily commute all too well. He wanted to live outside of London, in East Sussex, but he still had to show his face around the office Monday through Friday, which meant spending an hour on the train each way. He couldn’t get rid of the 2+ hour slog, or the commoners with whom he had to interact en route, but he should, he told himself one day, be able to cut the cost. AND CUT COSTS HE DID. Read more »
Tags: FX, Investigations, UBS
…while the firm tries to figure out if the trio engaged in any currency rigging. Read more »
Tags: Anshu Jain, Deutsche Bank, Investigations, LIBOR, so that's good to know
Deutsche Bank has concluded co-Chief Executive Anshu Jain is clean after an internal investigation into the role of the bank into the manipulation of global interest rates, German newspaper Frankfurter Allgemeine Sonntagszeitung reported. Citing supervisory board sources, the paper reported that the internal probe had cleared Jain of involvement in the Libor scandal after scrutinizing bank documents and interviewing hundreds of Deutsche Bank employees. [Reuters]
Tags: challenges, Investigations, JP Morgan Chase, probes
In its latest corporate confession, the nation’s biggest bank disclosed that it’s facing more than a dozen civil and criminal investigations into its virtually every aspect of its business. Beyond the infamous “London Whale” debacle, the bank is also being investigated over mortgage-bond sales, improper foreclosure practices, interest-rate rigging and power market manipulation, according to JPMorgan’s latest quarterly filing with regulators. Although the bank didn’t reveal any new investigations, taken together they underscore the multitude of legal and regulatory challenges confronting JPMorgan boss Jamie Dimon. Indeed, earlier this month JPMorgan took the unusual step of disclosing that it had set aside a whopping $23 billion to tackle potential legal problems…Despite the wide-ranging issues, JPMorgan officials believe the bank is finally making headway on its raft of legal and regulatory woes after years of wrangling, according to sources. [NYP]
Tags: fat fingers, FERC, Goldman Sachs, Investigations, JPMorgan, SEC
Half of today’s financial news stories are about how some government enforcement agency is looking into something you already knew about. This is very boring for me! Remember when Goldman lost a bunch of money by fat-fingering some options trades?1 That still happened. Remember how JPMorgan did some naughty things with California electricity markets? Those historical circumstances continue to obtain. Remember the Whale? Still a thing.
You could wonder about the substance of some of these investigations. JPMorgan’s electric boogaloo, while intensely naughty, also seems pretty clearly to have followed FERC/ISO rules to the letter, so it’s hard to imagine charging anyone with a crime, as the FBI is apparently contemplating.2 And while I don’t know much about the SEC rules re: electronic options trading, the actual thing that Goldman did was sell options really cheaply, and it would be pretty weird if there were a rule against that, so I don’t know where the SEC is going with its enforcement investigation.3 (The Whale, I’ll give you, that stuff seems bad.) But basically, yeah, sure: bad things happened, rules might have been violated, market safeguards were shown to be less robust than had previously been thought, it is altogether fitting and proper that someone look into it. Or a lot of someones I guess.
Still the stories carry a whiff of looking for the keys under the lamppost: Read more »