Financial Biz Rewind: Bob Diamond Forgoes BONUSES, JPMORGAN Reveals SECRET
Barclays (NYSE:BCS) Chairman Marcus Agius, in his testimony before Parliament, said that the former CEO Bob Diamond will voluntarily forgo any deferred bonuses, worth a maximum of approximately £20 million ($31 million). In his comments, Agius also acknowledged to the PMs that his bank has “strained relationship” with the regulator Financial Services Authority. Meanwhile, the Bank of England’s Paul Tucker said that it’s more and more obvious that the Libor-manipulation was really an open secret in the ranks of central bank officials for years. Further, the Federal Reserve Bank of New York said that it was aware of problems concerning Barclays and the lending rate as far back as late 2007.
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Bank of America Merrill Lynch reduces its second quarter profit expectations for asset managers by an additional 4 percent, due to their equity funds losing money and inflows slowing down. AllianceBernstein (NYSE:AB), BlackRock (NYSE:BLK), and Legg Mason (NYSE:LM) are among those in the group.
JPMorgan Chase’s (NYSE:JPM) now infamous multibillion-dollar trading loss brought an industry practice to light: Banks keep investors uninformed regarding how they calculate trading risks, says a Bloomberg report. Regulators will likely take a dim view towards this revelation.
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