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The author discusses the trial of former financial services firm Citigroup Inc. trader Tom Hayes. According to the article, Hayes was accused of manipulating the benchmark loan rate known as the London interbank offered rate (Libor) in order to increase trading profits. It discusses Hayes's autistic condition known as Asperger's syndrome, the impact of the trial on Hayes's wife, Sarah Tighe, and the strategy of prosecutor Mukul Chawla. According to the article, Hayes was found guilty and sentenced to 14 years in prison.

The article states that former British bank trader Tom Hayes was sentenced to 14 years in prison on August 3, 2015, following his conviction by a London, England, jury for attempting to rig the interest rate known as the London interbank offered rate (Libor). According to the article, Hayes worked as a trader for financial services firms UBS Group AG and Citigroup Inc. The article presents remarks made during the sentencing by British judge Jeremy Cooke.

The article states that the German financial regulator known as BaFin sent a report written by BaFin large banks supervisor Frauke Menke to German bank Deutsche Bank AG on May 11, 2015, that accused Deutsche Bank executives, particularly former co-chief executive Anshu Jain, general counsel Richard Walker and chief risk officer Stuart Lewis, of failing to halt or inform regulators of attempted market manipulation within the bank.

The article states that the U.S. government agency the Commodity Futures Trading Commission (CFTC) was nearing an agreement with several banks and London, England, broker ICAP PLC as of mid-June 2015 that could result in hundreds of millions of dollars in fines regarding allegations that traders manipulated the financial benchmark known as the ISDAfix swap rate. The article states that bank Barclays PLC was the first bank to settle with the CFTC.

The article states that Frankfurt, Germany, banking firm Deutsche Bank AG co-chief executive officers (CEOs) Anshu Jain and Jürgen Fitschen planned to leave the firm in June 2015 and May 2016 respectively. According to the article, they were to be replaced by former financial services firm UBS AG finance chief John Cryan. According to the article, the resignations of Jain and Fitschen followed several financial mistakes and regulatory fines and criticism from German labor unions and media.

The article states that then-Bank of London chief currencies dealer Martin Mallett received emails that were part of an alleged effort to fix benchmark interest rates known as the London interbank offered rate (Libor). According to the article, such evidence was presented in the London, England, trial of former Bank of England trader Tom Hayes on May 27, 2015.

The article states that the Libyan government filed legal claims in Malta in an attempt to extract tens of millions of dollars from the Maltese Bank of Valletta PLC deposited by former Libyan national security advisor Mutassim Gadhafi, son of the late Libyan dictator Moammar Gadhafi. According to the article, the Libyan government alleges that the money was stolen from the state and that the bank illegally profited from the Gadhafi accounts.

The article states that Frankfurt, Germany, financial institution Deutsche Bank AG paid a settlement of $2.5 billion in order to settle allegations made by the U.S. Justice Department and British regulators that it manipulated the London Interbank Offering Rate (Libor). According to the article, Deutsche Bank admitted that it failed to police employees who were manipulating Libor and other rates to bolster their trading positions.

The article discusses reciprocity agreements in which banks agree to give each other business. Deutsche Bank AG' s selection of 25 banks to help it raise capital in the summer of 2014 was based, in part, on a desire to reward certain banks including Nomura Holdings Inc. for past business they had given Deutsche. Reciprocity is said to be more common among European Banks than U.S. ones. Great Britain's Financial Conduct Authority is looking into the practice.

The article discusses dissatisfaction with chief executive Peter Sands of Standard Chartered PLC. Some of the bank's largest shareholders reportedly want new leadership, a view said to be shared by certain unnamed Standard Chartered executives. The bank initially prospered as Sands led an expansion into emerging markets, but has since had to deal with a growing volume of bad loans and penalties assessed it for violating U.S. sanctions against Iran.

The article reports that the European Central Bank (ECB) has advised many of the largest banks in the euro zone to increase their capital levels. Carlo Messina of banking company Intesa Sanpaolo SpA is among bank chief executives who believe banks wishing to pay dividends will need to have capital ratios higher than 11%. In January 2015 Banco Santander SA raised $8.4 billion by selling stock, while Deutsche Bank AG is considering moves to boost its own capital.

The article discusses banking company UBS AG's 2012 restructuring and its differing characterizations of it. At the time UBS said the overhaul, which involved divesting much of its investing banking business, was major and far-reaching. In 2015 as a defendant in a suit filed by investment company Decura IM Investments LLP, though, UBS has downplayed its magnitude.

The article reports several large banks reached settlements related to manipulation of foreign-currency markets with the U.S. Commodity Futures Trading Commission, the British Financial Conduct Authority, and Swiss regulator Finma. Citigroup Inc. and J. P. Morgan Chase & Co. agreed to pay over $1 billion apiece. Other banks settling included UBS AG, Royal Bank of Scotland Group PLC, and HSBC Holdings PLC.

The article reports that regulators in the U.S., Great Britain, and Switzerland are set to announce settlements with large banks of alleged wrongdoing in foreign-exchange markets. Britain's Financial Conduct Authority is expected to announce its terms with several banks including UBS AG, Barclays PLC, and Citigroup Inc. The Swiss financial regulator known as Finma (Finanzmarktaufsicht) will also disclose a settlement with UBS. The Commodity Futures Trading Commission is among U.S. regulators to be heard from as well.

The article reports that banking company Deutsche Bank AG will replace chief financial officer Stefan Krause. In May of 2015 Krause will take a newly-created job at the bank and be succeeded by Marcus Schenck, who is a partner at financial firm Goldman Sachs Group Inc. Schenck had faced criticism stemming in part from the bank's need to raise capital two years in a row.

The article reports that all but 13 of the 150 European banks subjected to stress tests by the European Central Bank (ECB) and European Banking Authority passed those exams. Four Italian banks including Banca Monte dei Paschi di Siena SpA were found to be collectively short 3.3 billion euros in bank capital. ECB official Vitor Constâncio said the results should strengthen public confidence in the banks.

The article discusses a loan given by investment banking firm Goldman Sachs Group to Portuguese lender Banco Espírito Santo SA through a financing vehicle named Oak Finance Luxembourg SA. It presents information on accounting problems within Banco Espírito Santo, its relationship with Venezuela's state oil company Petróleos de Venezuela SA (PdVSA), and the current status of the debt following Banco Espírito Santo's collapse.

The article discusses allegations that the auditor KPMG LLP was negligent in its audit of the Portuguese central bank, Banco Espírito Santo SA, which was bailed out in August 2014. Topics include KPMG's work auditing Top Renda and EuroAforro Investments which purchased debt from Espírito Santo, why the bank had registered registered these entities in the Jersey tax haven, and KPMG employee Andrew Quinn.

The article discusses the decline of the Portuguese Espírito Santo business empire. Dating back to 1869, the commercial interests of the Espírito Santo family have grown to include a wide range of businesses including those in mining and real estate, as well as Portugal's second-largest bank, Banco Espírito Santo SA. The bank failed in the summer of 2014, and particular attention is paid to the activities of financing firm Eurofin Holding SA leading up to that outcome.

The article discusses an investigation into the U.S. regulatory reporting procedures of the banking company Deutsche Bank AG as of July 2014, reporting that the U.S. Federal Reserve Bank of New York has released a letter criticizing the bank for its practices. Topics include issues involving filings and the classification of assets. The finance executive Stefan Krause is mentioned.

The article discusses efforts by Swiss brokerage firm Tradition Financial Services to win business from Libyan sovereign-wealth funds during the regime of Libyan leader Moammar Gadhafi that have prompted investigations by the U.S. Securities and Exchange Commission, the U.S. Justice Department, and the City of London police in England. At issue is whether the company used improper means of ingratiating itself with Libyan officials including Mustafa Zardi of the Libyan Investment Authority.

The article discusses a U.S. sanction violation investigation, reporting that the financial services provider BNP Paribas SA will sell bonds worth billions of euros in June 2014 as part of a settlement and may face an additional suspension in dollar-clearing activities. According to the article, BNP also will reduce its dividend as part of the settlement.

The article discusses concerns among European banks about a penalty of up to $9 billion that French bank BNP Paribas is expected to pay to settle U.S. allegations that it violated sanctions against Sudan and other countries. Banks including Deutsche Bank AG and UniCredit SpA suspected of similar wrongdoing fear they will be forced to pay fines bigger than previously expected.

The article discusses disagreement among chief executive Jean-Laurent Bonnafé and other top executives at French banking company BNP Paribas SA stemming from the firm's violation of U.S. sanctions law that could result in a large fine. Some believe the bank should have been more cooperative with U.S. investigators, while other says Paribas has been unfairly targeted. Also at issue is whether chairman Baudouin Prot should resign.

The article discusses concerns among European banking regulators over the ability of European banks to sustain large fines levied against them by U.S. regulators including a potential fine of $10 billion or more against BNP Paribas SA. The European Central Bank is checking to see if banks have enough money to cover such fines. The European Banking Authority is asking national regulators to assess the impact of large fines on banks' stability.

The article reports that U.S. prosecutors including the Justice Department are seeking a $10 billion fine from BNP Paribas SA to end an investigation into claims that the bank evaded U.S. sanctions against Iran, Sudan, and other countries. A point of contention in settlement talks has been whether BNP would be allowed to continue processing U.S. dollar transactions, with Benjamin Lawsky of the New York Department of Financial Services seeking a temporary suspension of that privilege.

The article reports that while coping with charges from U.S. prosecutors that banking company Credit Suisse Group AG helped U.S. citizens evade taxes, the firm's directors considered asking the Swiss government for permission to release information about its U.S. clients to the U.S. government, a move that likely would have forced the resignation of chief executive Brady Dougan. In negotiating a settlement with the bank U.S. regulators reportedly did not seek penalties against Dougan himself.

The article reports that on May 18, 2014 co-chief executives Anshu Jain and Jürgen Fitschen of banking company Deutsche Bank AG said the bank would raise $11 billion through a rights offering. One-fifth of the shares to be sold will be bought by Paramount Holdings, an investment unit of Qatar's royal family. Deutsche Bank is selling the stock to strengthen its Tier 1 capital level.

The article discusses retrenchment by banking company Barclays PLC. On May 8, 2014 the bank said it would downsize its investment-banking staff by nearly 50% and sell its retail-banking businesses in several countries including France and Italy. Barclays deputy chairman Michael Rake said it was not longer feasible for the company to function as a global bank.

The article discusses efforts by officials in Libya to recover assets from associates of former Libyan leader Moammar Gadhafi. Particular consideration is given to former Libyan government agency head Ali Dabaiba, who in 2011 bought a stake in Chesterton Humberts, a British real-estate company controlled by Libyan businessman Salah Mussa. The Libyan government suspects both men of having acquired ill-gotten gains during Gadhafi's rein.

The article discusses circumstances leading up to Italian banking company UniCredit SpA's March 2014 announcement that it would report a $20.86 billion loss for the fourth quarter of 2013. In response to a request from the Bank of Italy, UniCredit examined its loan book and found collateral backing some of the loans to be worth much less than originally thought. UniCredit chief executive Frederico Ghizzoni decided substantial write-downs were appropriate.

The article reports that on March 5, 2014 the Bank of England suspended an employee amid an internal investigation into possible knowledge of or participation by bank staff in efforts to manipulate foreign-exchange markets. The bank said it had thus far found no evidence of wrongdoing. Of particular interest to investigators is the behavior by traders leading up to when benchmark foreign-exchange rates are set each trading afternoon.

The article reports that on February 17, 2014 Great Britain's Serious Fraud Office (SRO) filed fraud charges against Peter Johnson, Jonathan Mathew, and Stylianos Contogoulas, three former traders at banking company Barclays PLC the SFO says participated in a scheme to rig the London interbank offered rate (LIBOR). Details are presented about parallel investigations in Europe and the U.S. into rate-rigging.

The article discusses actions some European banks with operations in the U.S. are considering to circumvent stress tests and stricter capital rules from the U.S. Federal Reserve (Fed). UBS AG and Deutsche Bank AG are thinking about strengthening the capital positions of their U.S. subsidiaries by purchasing debt from them. Rabobank says it will sell assets down to below the minimum level at which the new Fed rules take effect.

The article reports that some European banks are looking to expand into foreign markets via acquisitions. Spanish bank Banco Bilbao Vizcaya Argentaria SA has held buyout talks with Chilean counterpart CorpBanca SA. Italian bank Intesa Sanpaolo SpA has scouted buyout candidates in Poland and Turkey. Polish bank PKO Bank Polski SA is said to be seeking an acquisition outside Poland.

The article discusses action by several European banks to improve their capital positions in advance of bank examinations to be administered by the European Central Bank (ECB) in 2014. Italian bank Intesa Sanpaolo SpA has expedited full repayment of a $49 billion loan it got from the ECB. Raiffeisen Bank International AG and Bank of Ireland PLC are among institutions that have raised capital by selling stocks or issuing bonds.

The article discusses frustrations voiced in January 2014 by chief executive Sergio Ermotti of Swiss banking company UBS AG. He said it was not helpful that certain parties including politicians and regulators have frequently questioned banks' ethics and integrity. He also said some of UBS' critics held the bank to a higher standard than they set for themselves. Problems besetting UBS have included scandals involving securities trading and manipulation of interest rates.

The article discusses an earnings report for the fourth quarter of 2013 for banking company Deutsche Bank AG that is said to be a possible harbinger for earnings releases from other European banks. Deutsche's unexpected $1.35 billion loss was due in large part to money it set aside for future loan losses. It is noted that bank examinations being conducted by European regulators could prompt other banks to similarly boost their loan-loss provisions.

The article discusses an initiative of the Financial Conduct Authority to investigate suspected financial violations and insider trading in Great Britain as of January 2014, focusing on the potential damage that can be caused to hedge funds such as Lodestone Investment Partners LLP when investors such as Carl Linderum and Carl Esprey are investigated. The U.S. Securities and Exchange Commission is mentioned.

The article reports that on December 4, 2013 several large financial institutions including Deutsche Bank AG, Citigroup Inc., and Royal Bank of Scotland Group were fined a total of $2.32 billion by the European Union (EU) for their involvement in efforts to manipulate interest rates including the London interbank offered rate (Libor). EU competition commissioner Joaquín Almunia said investigations continue into several other firms as well.

The article reports that an immunity deal struck by banking company UBS AG with the European Union (EU) in November 2013 will enable it to avoid EU penalties in connection with alleged manipulation of the London interbank offered rate (Libor). UBS, which joins rival Barclays PLC in gaining immunity, has been cooperating with EU authorities. Other banks including Deutsche Bank AG are said to be angry that Barclays and UBS have escaped the substantial fines they could face.

The article discusses banking company UBS AG's investment banking operations. During 2013 UBS executives have considered getting out of investment banking entirely, and entering an investment-banking joint venture with Japanese counterpart Sumitomo Mitsui Financial Group Inc. Those developments are said to indicate the bank's posture toward investment banking remains flexible, even though executives say that restructuring of the unit is complete.

The article reports that several large banks including J. P. Morgan Chase & Co., Credit Suisse Group AG, and Royal Bank of Scotland Group PLC are considering either a ban on the use of electronic chat rooms by traders or new procedures for monitoring and controlling them. Regulators' investigations into market manipulation and other alleged wrongdoing have turned up incriminating chat-room conversations.

The article reports that six large banks including Deutsche Bank AG, HSBC Holdings PLC, and Royal Bank of Scotland Group are expected to be fined hundreds of millions of euros apiece by European Union regulators for their role in manipulating the London interbank offered rate (Libor) and the euro interbank offered rate (Euribor). Banking company Barclays PLC has cooperated with regulators and is expected to avoid being fined.

The article reports that several large banks including Royal Bank of Scotland PLC, Standard Chartered PLC, and Citigroup Inc. have suspended over a dozen currency traders amid an investigation by regulators including Great Britain's Financial Conduct Authority into alleged rigging of foreign-exchange markets. Authorities have recovered transcripts of discussions among traders in online chat rooms that are suggestive of wrongdoing.

The article reports that on October 29, 2013 Dutch banking company Rabobank agreed to settles charge from prosecutors in several countries including the U.S. and Great Britain that it had tried to manipulate the London interbank offered rate (Libor) by paying $1.07 billion. That same day Rabobank chief executive Piet Moerland announced he was resigning.

The article reports that an investigation by Great Britain's Financial Conduct Authority into the possible manipulation of currency markets is focusing on the behavior of J. P. Morgan Chase & Co. trader Richard Usher when he was with his previous employer, banking company Royal Bank of Scotland Group PLC. Of particular interest are efforts to influence a set of prices for various currencies posted each day.

The article reports that in October 2013 Swiss markets regulator Finma said it is cooperating with authorities in other countries on an investigation into possible manipulation of foreign-exchange markets. The probe is said to focus on the daily simultaneous disclosure of exchange rates for multiple currencies. In June 2013 the British Financial Conduct Authority disclosed it was investigating the same issue.

The article discusses January 2013 testimony before a British parliamentary panel of Alex Wilmot-Sitwell, who at the time was an executive with banking company UBS AG. Wilmot-Sitwell denied having known about any effort by UBS to retain Tom Hayes, a trader who has since been implicated in a scandal involving manipulation of the London interbank offered rate (Libor). Email messages have emerged suggesting Wilmot-Sitwell's testimony was not accurate.

The article reports that in late September 2013 brokerage firm ICAP PLC is expected to pay a fine to under $100 million to settle investigations by the British Financial Conduct Authority and U.S. Commodity Futures Trading Commission into ICAP's alleged efforts to manipulate interest rates including the London interbank offered rate (Libor). ICAP continues to be investigated by the U.S. Justice Department.