Banking and Finance News
Clifford Chance and Sullivan & Cromwell have taken lead roles on advising Barclays in relation to its $2.3bn (£1.4bn) foreign exchange manipulation penalty fine – the largest fine of the six global banks to settle with global financial regulators on Wednesday (20 May).
Gibson Dunn & Crutcher has advised UBS on its $545m (£351m) settlement to US authorities to close investigations into the Swiss bank relating to the alleged rigging of foreign-exchange rates and Libor manipulation.
Allen & Overy (A&O) has persuaded banking and projects partner Bruno Soares to stay at the firm, two months after it was announced he was leaving for US outfit Paul Hastings.
Outgoing Nomura International CEO Jeremy Bennett said in-house lawyers should aim at taking on more influential roles in an interview kicking off The Lawyer General Counsel Strategy Summit this morning (14 May).
Barclays has lost another three senior lawyers following a tumultuous first quarter that has already seen a raft of top level exits from the bank’s legal team.
Birmingham law firm Gateley is set to become the first firm in the UK to float on the London stock exchange.
The Royal Bank of Canada (RBC) has hired Freshfields Bruckhaus Deringer commercial litigation partner David Onorato as its new general counsel.
Sullivan & Cromwell client BNP Paribas (BNPP) has been sentenced to five years’ probation by a US district court on Friday (1 May) in connection with its $8.9bn (£5.88bn) payout ordered last July.
Ropes & Gray has hired a structured finance specialist from rival US firm Chadbourne & Parke.
Banking and Finance Briefings
InVest, May 2015: new third-country CCPs; guidance on MTF rulebooks; and more download subscription
This month’s roundup of developments affecting banks, wealth managers, brokers and funds.
Deposits and property transactions – the basics download subscription
In property transactions a deposit is usually paid by the buyer. In the event that the buyer does not complete its purchase the seller is usually able to keep the deposit and any interest accrued on it.
Bermuda public companies update: three new US listings download subscription
Since our last edition three Bermuda companies have completed listings on the NYSE and Nasdaq.
Banking and Finance Analysis
Tax evasion allegations and the uncapping of the Swiss franc have kept the country in the headlines recently, but it’s all good for lawyers.
The pressure on in-house lawyers in the financial services sector is growing as banks face up to new challenges such as greater regulatory scrutiny.
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.