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Banks Face Two Further Unfair Dismissal Cases The pressure on the banking industry from the raft of unfair dismissal cases continues to ratchet up with two more claims slated for the next two weeks, one a discrimination claim. Citi is facing a pay and sexual discrimination claim ...
CLS Records 2016 Highs During BIS April Survey Month The latest figures from CLS show that April was the busiest month this year for the settlement system. Both volumes and values were up compared to March. Daily average value submitted to CLS recorded at $4.96 trillion, up 5.7% from the previous ...
Dudley Welcomes Reserve Currency Diversity In remarks delivered yesterday, William Dudley, president and CEO of the Federal Reserve Bank of New York, welcomed the addition of more reserve currencies to the international monetary system, provided they meet certain criteria. “Although a reserve currency can formally ...
Goldman Loses its Head

16:01 May 11th 2016 in News, Banks

Goldman Loses its Head

Jon Pierce, the long-serving co-head of EMEA FX spot trading at Goldman Sachs in London, has left the bank. Goldman declined to comment, but market sources say that he has decided to retire “to count his money’. Few will begrudge ...
To Be or Not to Be: What’s Up at Scotiabank? Well-placed sources suggest that Scotiabank has closed its FX sales and trading desks in London. A call to the bank in London last week elicited the strange response that it was still providing an FX service, but that HR could ...
Saxo Looks to Capitalise on Content One of the fallouts from the so-called FX chatroom scandal is that many banks are now petrified of providing their clients with information. This may well get worse as new rules and regulations, such as the EU’s looming Market ...
Seven Banks Settle ISDAfix Claim Seven banks have settled a private US lawsuit accusing them of rigging the ISDAfix interest rate benchmark, and agreed to pay $324 million. The settlement comes five weeks after a US District Judge refused to dismiss the lawsuit. The settlement requires ...
BNP Hires Goldman Face

12:56 April 28th 2016 in News, Banks

BNP Hires Goldman Face

BNP Paribas has hired Cyril Cottu from Goldman Sachs, where he was head of the FICC EMEA sales middle market initiative. Starting in July, Cottu will assume a senior role in the bank’s eCommerce business, reporting to Rudi Collin, ...
Traders 2 Banks 0 as McWilliams’ Judgement Focuses on Lack of Reasonable Investigation The past 10 days has seen two FX traders successfully win their cases for unfair dismissal against their former employers. As reported exclusively by Profit & Loss, on April 15, Paul Carlier won his case against Lloyds and on Friday Profit & Loss broke ...
Turkey Sizzles on Rate Cut

12:34 April 20th 2016 in News, Banks

Turkey Sizzles on Rate Cut

Turkey’s new central bank governor Murat Cetinkaya has, as expected, started life in his new job by cutting rates. The Central Bank of Turkey (CBT) has cut its overnight lending rate by 50bps to 10%. The market appears to have ...