Capital Markets

Mnuchin expected to be Trump’s Treasury secretary

Donald Trump has chosen Steven Mnuchin as his Treasury secretary, US media outlets reported on Tuesday, positioning the former Goldman Sachs banker to be the latest Wall Street veteran to receive a top administration post. Mr Mnuchin chairs both Dune Capital Management and Dune Entertainment Partners and has been a longtime business associate of Mr […]

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Financial system more vulnerable after Trump victory, says BoE

The US election outcome has “reinforced existing vulnerabilities” in the financial system, the Bank of England has warned, adding that the outlook for financial stability in the UK remains challenging. The BoE said on Wednesday that vulnerabilities that were already considered “elevated” have worsened since its last report on financial stability in July, in the […]

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Zoopla wins back customers from online property rival

Zoopla chief executive Alex Chesterman has branded rival OnTheMarket “a failed experiment”, and said that his property site was winning back customers at a record rate. OnTheMarket was set up last year, aiming to compete with Zoopla and Rightmove, the UK’s two biggest property portals. It allowed estate agents to list their properties more cheaply […]

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Hard-hit online lender CAN Capital makes executive changes

The biggest online lender to small businesses in the US has pulled down the shutters and put its top managers on a leave of absence, in the latest blow to an industry grappling with mounting fears over credit quality. Atlanta-based CAN Capital said on Tuesday that it had replaced a trio of senior executives, after […]

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BoE stress tests: all you need to know

The Bank of England has released the results of its latest round of its annual banking stress tests and its semi-annual financial stability report this morning. Used to measure the resilience of a bank’s balance sheet in adverse scenarios, the stress tests measured the impact of a severe slowdown in Chinese growth, a global recession […]

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Categorized | Banks

Barclays Milan office raided in Libor probe

Posted on July 31, 2012

Italian police seized documents at Barclays’ Milan offices as part of an investigation that seeks to see if Italian consumers were hurt by the British bank’s manipulation of Libor, the London Interbank Offered Rate, and its euro equivalent Euribor.

    The search, which took place on Friday, netted documents, emails and other digital material, according to two consumer groups that sparked the investigation by filing an initial complaint with investigative magistrates.

    US and UK authorities fined Barclays more than £290m for its role in the Libor scandal. At least 10 authorities around the world are investigating whether 20 companies rigged Libor, Euribor and Tibor, the Tokyo equivalent.

    Adusbef and Federconsumatori, the two Italian consumer watchdogs, estimate that 2.5m Italian families with mortgages linked to Euribor were damaged by the manipulation for a total loss of €3bn.

    “The rules must be there and they must be respected,” said Elio Lannutti, a senator for the Italy of Values party and chairman of Adusbef. “A market without rules is not sustainable so it is very important that something is done.”

    Barclays declined to make any comment.

    The Italian investigation is being led by Michele Ruggiero, a magistrate in the town of Trani in southeastern Italy. He was present when the police requisitioned the documents at Barclays offices in Milan and is part of a team that is investigating Moody’s, Standard & Poor’s and Fitch for alleged market manipulation over downgrades of Italy’s sovereign rating.