The European Commission (EC) stunned the foreign exchange (FX) world with the news yesterday that five major banks — Barclays, the Royal Bank of Scotland (RBS), Citigroup, JPMorgan, and Mitsubishi UFJ Financial Group (MUFG) — have been fined a total of €1.07 billion ($1.19 billion) on charges that they took part in cartels that monopolized… Read More >>
Ops Gets on the Blockchain Revolution Bus
Bitcoin, a so-called crypto-currency, may fade before anyone really understands what it was or how it could actually have prevailed in financial services. However, out of Bitcoin’s ashes has risen the humbly named Blockchain technology. The distributed ledger technology that has been propping up Bitcoin has come to the attention of major industry players. This… Read More >>
The Fed Hits Six Banks with Record Fines
The Federal Reserve has imposed $1.8 billion in fines, “among the largest ever assessed,” against UBS, Barclays Bank, Citigroup, JPMorgan Chase & Co., the Royal Bank of Scotland (RBS) and Bank of America Corp. (BofA) for what Fed officials call “their unsafe and unsound practices in the foreign exchange (FX) markets.” The dollar amounts for… Read More >>
RBS Luxembourg to Deploy RiskMetrics
MSCI Inc., a provider of risk management and investment-decision support tools, reports that RBS (Luxembourg), has chosen MSCI as its vendor for regulatory risk reporting. RBS (Luxembourg) is part of the Royal Bank of Scotland’s wholesale banking arm. The bank uses two products available on the RiskMetrics platform, according to MSCI: RiskManager for managed services… Read More >>
RBS Job Cuts Coming for the U.S.
The Royal Bank of Scotland Group (RBS) will be pulling out of key trading businesses in the U.S. over the coming 12 to 18 months, and anticipates reducing headcounts likely to come from front, middle and back office staffs as a result of a major shift in strategy, says a source familiar with the situation…. Read More >>
