Attempts to manipulate Libor, an important interest rate (at which banks can borrow funds from other banks), originated on the trading floors of some of the biggest and oldest banks in London, like Barclays, and government officials on both sides of the A
Investor confidence has weakened further, led by a sharp decline in expectations of corporate profit growth, according to the BofA Merrill Lynch Survey of Fund Managers for July.
Markets will be erratic in the third quarter as policy indecision in the U.S. and a deepening recession in Europe overshadow virtually every aspect of the world economy, said John Hailer of Natixis Global Asset Management (NGAM).
Echoing their colleagues in investment banking, private bankers in Emerging Europe see the middle segment of their market being squeezed, with only the biggest and the boutiques surviving. That has some casting around for new strategies in the region.
Vikram Pandit is the quiet man of Wall Street. Or at least he'd like to be. But as chief executive of Citigroup, once the world's biggest bank which fell from grace further and faster than any other major lender in 2008, he can't expect to
But behind the scenes lies a tacit agreement that the largest member states with the most resources take the lead. Three of those states are in a category of their own: France, Germany, and the United Kingdom.