Banking and Finance

A new financial scandal in the US: Hedgefonds CEO Mark Nordlicht has allegedly cheated about one billion dollars. Now the FBI has arrested the manager.

Bankers have cheated the state by more than ten billion euros with dubious dividends known as cum-ex transactions. The Federal Committee of Inquiry has now requested the Federal Court of Justice (BGH) the search of business premises of the firm Freshfields Bruckhaus Deringer and the confiscation of documents.

"Cum-Ex" affair: In the affair about monkey tax business of the banks, the Ministry of Finance is in need of explanation. There one should have relied for years on the advice of a man who took his salary from the money-houses.

Stock exchange manipulation: 2010 "Flash Crash" trader Navinder Sarao had crashed the US stock market. Now he has to go to prison for six and a half years.

Dubiose recruitment practices: JP Morgan has employed the children of rich Chinese and now has to pay 264 million. The US Department of Justice simply interpreted it as a special form of corruption.

Tesco case: Cyberint said it had found messages about Tesco Bank on several dark web forums. Hackers boasted of thefts from Tesco Bank months before the company reported losing £2.5m in an attack. The possibility of compromising NFC [near field communication] transactions was explored by academia years ago, and it appears that fraudsters have finally made progress in the area," the organisation's Internet Organised Crime Threat Assessment said.

HSBC revealed it faces another potentially damaging U.S. investigation, this time over hiring people linked to government officials in Asia, which combined with below-forecast earnings led to a sharp fall in its shares on Monday.

In the wake of the biggest scandal in the bank's 164-year history, distrustful customers are not opening as many checking accounts or applying for credit cards, and branch visits and meetings between customers and bankers are down, too.

The scandal over improper sales practices at Wells Fargo & Co extended to thousands of small-business owners, according to a U.S. lawmaker, raising questions about the scope the bank's issues with unauthorized accounts.

Wells Fargo & Co's Chief Executive John Stumpf returns to Capitol Hill on Thursday with his job still under threat and the bank facing rising political pressure over a sales scandal that has become a major issue in Washington and on Wall Street.