Banking and Finance News
BBVA’s former UK head of legal Joanne Theodoulou has taken up the role of general counsel at NetOTC, an independent platform that deals with over-the-counter (OTC) derivatives transactions.
US firm Chadbourne & Parke has become the latest international player to launch in South Africa, opening a Johannesburg office with the hire of Bowman Gilfillan partner Lido Fontana.
Deutsche Bank’s litigation costs fell by over 80 per cent in the fourth quarter of 2014 compared to the same period in 2013, from €1.1bn to €207m (£155m), helping the bank to a surprise pretax profit.
Barclays’ managing director of litigation and investigations Jonathan Peddie is leaving his role at the end of February after nine years.
Greenberg Traurig Maher has hired Sidley Austin corporate partner Dorothee Fischer-Appelt to join its London office, following the growing trend of US to US partner laterals in the City.
Morgan Stanley has revealed an 80 per cent drop in legal costs in the fourth quarter of 2014 to $284m (£188m), down from $1.4bn in the same period last year.
Debevoise & Plimpton has hired JPMorgan Chase consumer bank general counsel Matthew Biben to join its white collar and regulatory defence group and banking and consumer finance practices.
Citigroup has reported $2.9bn (£1.9bn) in legal expenses during the fourth quarter of 2014 - an increase of 258 per cent from $809m for the same period of 2013.
JPMorgan has revealed that it ran up $1.1bn (£723m) of legal expenses during the fourth quarter of 2014, up 30 per cent from $847m the year before.
Banking and Finance Briefings
Plevin v Paragon — non-disclosure of the amount of PPI commission paid to the lender rendered its relationship with the borrower unfair subscription
The Supreme Court has ruled that non-disclosure of the significant amount of commission earned by a lender created unfairness in the borrower’s relationship with it.
New insolvency regime for Russian individuals to launch in July 2015 download subscription
In late December 2014, Russia adopted major changes to its insolvency (bankruptcy) law.
Financial reporting standards: all change download subscription
Companies in the UK are being urged to ensure that they are fully prepared for the effect that new financial reporting standards will have on their year-end accounts.
Banking and Finance Opinion
The revelation by Tesco that it had overstated its trading profits by £250m wiped £2bn off its market value in one day.
Have the magic circle firms squandered their lead in acquisition finance?