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Credit Suisse ‘cloak-and-dagger’ tactics cost US taxpayers billions

Posted by Anton Murray Consulting on . Posted in News

Dominic Rushe

Credit Suisse used “cloak-and-dagger schemes that belong in a spy novel” to help 22,000 US customers hide billions of dollars from US tax inspectors, top senators said Tuesday as they released their latest report into offshore tax schemes.

Senators Carl Levin and John McCain had harsh words for the Justice Department and the Swiss government, too, as they released a 178-page permanent subcommittee on investigation (PSI) report into offshore tax avoidance. McCain said US authorities had done too little to prosecute bankers, and accused the Swiss government of trying to “close the door” on misconduct.

Barclays pulls down shutters on European, U.S. power trading desks

Posted by Anton Murray Consulting on . Posted in News

Jeanine Prezioso

Britain’s Barclays Plc said on Tuesday it has closed its power trading desks in London and New York, joining a string of global investment banks that are paring down their commodity market activities as increased regulations bite.

Barclays, a top-five banking player in commodities trading which is in the process of shrinking its investment banking activities, said its “core commodities franchise continues to operate business as usual”.

“We will continue to actively manage our existing books to minimize any impact on our clients’ business,” the bank said in a statement.

AXA Investment Managers strengthens Asian fixed income team

Posted by Anton Murray Consulting on . Posted in News

The Asset

AXA Investment Managers (AXA IM) has appointed Jim Veneau as head of credit Asia and Christy Lee as a portfolio manager within its Asian fixed income team. Both are based in Hong Kong and report to Rob Andrew, head of fixed income Asia.

Veneau joins AXA IM from HSBC GAM where he was most recently an Investment director in their Asian fixed income team responsible for managing both high yield and investment grade credit mandates as well as the team’s risk budgeting and analytics. Jim’s focus will be managing Asian fixed income credit portfolios and developing AXA IM’s Asian Fixed Income credit strategy.

RBS to shrink investment bank, cut 30,000 jobs: sources

Posted by Anton Murray Consulting on . Posted in News

Matt Scuffham

Royal Bank of Scotland is to shrink its investment banking and international operations as part of a revamp in which the group could shed up to a quarter of its 120,000 workforce, sources familiar with the matter said.

The part-nationalised bank has given in to demands from politicians that it focuses on lending to British households and businesses and maintains only a downsized investment banking business to service corporate clients, one source said.