The threat of cyberattacks was prominent again in the news last week as the Department of Justice via the U.S. Attorney’s Office for the Southern District of New York unsealed grand jury indictments against seven hackers based in Iran charged with running coordinated cyber-attacks on U.S. financial services firms and securities exchanges. In fact, Justice… Read More >>
Barclays Proposes ‘Ice Breaker’ $94M Settlement for Euribor Case
Barclays has stepped forward and proposed a potentially trend-setting $94 million settlement with U.S. authorities over the antitrust case brought against it and 10 other banks over allegations they commandeered the European Interbank Offered Rate (Euribor) to their advantage. This proposed settlement for Sullivan et al v Barclays Plc, case number 13-02811, is before Judge… Read More >>
Does Markit Have a ‘Game-Changer’ for Mitigating Third-Party Op Risk?
(Editor’s note: Markit, a financial information services vendor, has launched a seminal offering, dubbed the Know Your Third Party (KY3P) service. It’s a centralized, cloud-based data hub intended to help financial services firms better manage the operational risk that comes with third-party risk providers. The service, hosted by Dell Cloud Services, can be used for… Read More >>
HSBC to Cut Up to 13,000 Ops Jobs
HSBC will be cutting up to 13,000 operations positions as part of its massive effort to cut 50,000 employees in a major overhaul of its businesses, which bank officials detailed this week in a presentation for investors and analysts. About half, or 25,000 positions will be eliminated because of business decisions by the bank and… Read More >>
No Pain, No Gain for KYC, AML Deployments
Increasing regulatory complexity and the massive fines, penalties and settlements levied against several of the world’s largest banks due to Know Your Customer (KYC) and anti-money laundering (AML) violations mean financial services firms take these aspects of compliance seriously even if implementing fixes is proving to be painful. “KYC compliance is still a major pain… Read More >>
FINRA Fills Two Public Governor Posts
The Financial Industry Regulatory Authority (Finra) has named two new public governors, Joshua S. Levine and Robert W. Scully, to its board of governors, officials say. Levine is currently a managing director at Kita Capital Management, and previously served as E*TRADE’s chief technology and operations officer. He also serves on the board of several non-profits…. Read More >>
HSBC Hires from BCG for Group COO
Andy Maguire will be joining HSBC Holdings as its new group chief operating officer (GCOO) and group general manager on Dec. 1, 2014, officials say. Maguire will be leaving his post as a senior partner and managing director for the London office of the Boston Consulting Group (BCG). Maguire will replace Sean O’Sullivan, who is… Read More >>
DOJ Slams JPMorgan with Criminal Charges
JPMorgan is acknowledging through a regulatory filing with the SEC that it is preparing to face criminal charges via the U.S. Department of Justice (DOJ) for the bank’s alleged role in a widespread manipulation of foreign exchange (FX) markets that came to light last year. By ratcheting up the charges to the criminal level, the… Read More >>
TMF Custom House COO from HSBC Unit
TMF Custom House Fund Services, a provider of fund administration services to the alternative investment sector, has named Dublin, Ireland-based Kevin Walsh as chief operating officer (COO) for fund services. Walsh, who started his career in the funds industry in 1995 at the Bank of Bermuda, joins TMF Custom House from HSBC Securities Services, where… Read More >>
Pyramis Global Advisors Picks a President
Pyramis Global Advisors, a Fidelity Investments company focused on institutional investors, has appointed Jeff Lagarce president, effective January 1, 2015. Lagarce, 59, will oversee Pyramis’ investment management and distribution divisions, and will report to Charlie Morrison, president of Fidelity’s asset management organization He succeeds Mike Jones. Lagarce has more than 30 years of experience in… Read More >>
