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Home » Retail Banking 2020 Insights » Morning Briefing: Deutsche Bank's Libor settlement could be revisited

Morning Briefing: Deutsche Bank's Libor settlement could be revisited

US regulators could revisit Deutsche Bank's Libor settlement after it emerged that the bank's disclosures may have been incomplete because it had inadvertently failed to archive electronic conversations involving its employees.

The bank reached a $2.5 billion settlement with regulators over interest-rate rigging a month ago. Deutsche told regulators it was seeking to recover the records of conversations dating back to 2005 but might not be able to do so.

Top bankers pay should be linked to standards — G30

The Group of 30, an advisory group chaired by former ECB president Jean-Claude Trichet has slated banks' efforts to address "a multitude of cultural failures" and has recommended that there should be a clear link between chief executives' pay and cultural standards.

"Financial consequences for deficiencies of action or oversight should be material, and be perceived so internally," the G30 said.

Former US banking regulator Bair leaves Santander

Sheila Bair, the former head of the Federal Deposit Insurance Corporation (FDIC), is resigning from the board of Santander to focus on a new position as president of Washington College in Maryland, according to the Financial Times.

"Though I have very much enjoyed my service on the board of this historic banking institution, the frequent trips to Spain are time consuming and, I fear, would interfere with my responsibilities to the college," Ms Bair said in a letter to the Systemic Risk Council.

As FDIC head during the financial crisis, Ms Bair was an outspoken critic of big banks. Her departure becomes effective at the end of the third quarter.

Lloyds reports rise in first half profit

Lloyds has reported a rise in first-half profit, with net profit for the six months of £677 million, compared to £574 million for the first half of 2014. Revenue rose by two percent to £8.96 billion.

The positive results come despite a £1.4 billion provision to compensate customers who were mis-sold PPI.

BBVA posts 74% rise in net profit

Spain's Banco Bilbao Vizcaya Argentaria reported that net profit rose by 74 percent in the second quarter on the back of higher revenue and lower provisions.

The bank said that net profit was €1.22 billion ($1.33 billion), up from €704 million for the same period in 2014. Impairment charges fell to €164 million from €298 million.

Credit Suisse made $128 million legal provision in second quarter

Credit Suisse made legal provisions of 124 million Swiss francs ($128 million) in the second quarter, the bank revealed on publishing its full quarterly report today. Financial results were reported by the bank last week.

Russia's VTB gets $5bn state recapitalisation

VTB, Russia's second-largest bank, has announced in a regulatory filing that it has completed the placement of $5.15 billion of preference shares with the state corporation Deposit Insurance Agency.

The share issue will be included in the bank's core Tier 1 capital.

Three former Anglo officials including COO face sentencing

Three former Anglo Irish Bank officials spent last night in custody having been found guilty of trying to hide bank accounts from the Revenue Commissioners.

Former COO Tiarnan O'Mahoney, former company secretary Bernard Daly and a former assistant manager, Aoife Maguire, face sentencing today after a jury at Dublin Circuit Court delivered a unanimous verdict of guilty on all charges against them.


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