BoE’s Tucker Will Testify on Barclays, Libor
Paul Tucker, deputy governor of the Bank of England, was to appear before Parliament to give his version of events described in a memo written by Bob Diamond, former CEO of Barclays.
Barclays’ Chief Quits as Outcry Over Libor Grows
A day after he insisted he had no intention of stepping down, Bob Diamond resigned as head of Barclays Bank effective immediately, bowing to pressure from lawmakers outraged over the manipulation of Libor rates on his watch.
Diamond Pressured as Barclays’ Agius Steps Down
Barclays Chairman Marcus Agius resigned from his post after a LIBOR-rigging scandal resulted in a fine of 290 million pounds. CEO Bob Diamond remained at the helm despite calls for his ouster.
European Banking Union Not Enough: Investors
Investors, apparently, not only lack faith in officials to take decisive action on the debt crisis but also do not seem to believe that a bold solution proposed by some can work—because it does not go far enough.
France, Germany Talk Growth as Greece Teeters
The newly elected French president, Francois Hollande, met with Chancellor Angela Merkel of Germany to discuss the possibility of growth measures as they sought a way out of the Greek debt debacle.
London’s ‘Whale’ Loses $2 Billion for JPMorgan
CEO Jamie Dimon said that the office suffered an “egregious” failure and that losses from volatile synthetic credit securities could mount by another $1 billion in this quarter or the third.
Top 5 Business Women Who Tweet About Wall Street
AdvisorOne lists the top 5 business women who tweet based on number of followers, frequency of tweets, quality of posts, professional credentials and what our gut tells us.
Diamonds Rise, but Not Enough for Rio Tinto, Billiton
Both Rio Tinto and BHP Billiton are looking to sell their diamond mines in a realignment of business that would see them abandon gemstones for baser ores.
RBS Talks Sale With Abu Dhabi Royals
The Abu Dhabi ruling family is in talks to purchase a stake in the government-owned Royal Bank of Scotland, according to sources close to both sides of the potential deal.
Nigeria Calls for Non-U.S. World Bank Head
Nigerian Finance Minister Ngozi Okonjo-Iweala praised the current World Bank leader, but said it was time to give someone from the developing world a chance.